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Byline: Shonda Novak
Oct. 25--The owner of Austin's three largest shopping malls plans to expand its kingdom.
Indianapolis-based Simon Property Group Inc. has a letter of intent to buy 200 acres in Buda. The Indianapolis-based mall developer also is eyeing two other parcels in the Austin area for further expansion. Tom Schneider, Simon's senior vice president for development, declined to disclose the sites.
Simon is the dominant retail landlord in Austin and wants to stay that way, Schneider said. The company's Austin malls include The Arboretum, Lakeline Mall, Barton Creek Square and a 50 percent ownership in Highland Mall.
"We're very heavily invested in Austin, Schneider said. "We like the market. We …