In 1969, Phipps Plaza opened as the first multi-level mall in Atlanta, aiming to become the South's leading luxury shopping destination. The mall originally opened with two levels. Purchased by financier Ogden Phipps in 1966 for less than $600,000, the development was sold in 1992 to Simon Properties for $488 million. That year, in development as part of a $140 million renovation and expansion, Phipps added a third anchor, Parisian, a department store based in Birmingham, Alabama, owned by the parent company of Saks Fifth Avenue, to its original anchors Saks Fifth Avenue and Lord & Taylor. The expansion would also add an 14 screen AMC theatre, a new food court, new elevators, and the addition of one new level. Phipps Plaza remains Atlanta's only Saks Fifth Avenue venue. The Lord & Taylor store would close its Phipps Plaza location in 2004, due to financial issues that existed within the company. The store served as one of the original anchors for 35 years. The space was completely renovated to make way for Atlanta's third Nordstrom, which opened in March 2005. On August 2, 2006, it was announced that Belk was acquiring the Parisian chain of department stores, with the store being converted to the Belk name in the fall of 2007. The Belk store at Phipps Plaza has now been designated by Belk as one of four of their "flagship" stores and sells the company's signature couture.