Simon Property Group JV to develop two US outlets centres
Simon Property Group and Tanger Factory Outlet Centers plan to develop two new upscale outlet centres in Charlotte, North Carolina and Columbus, Ohio.
The announcement follows the opening of Tanger Outlets in Texas City last month. That centre was developed through a 50/50 joint venture between Simon and Tanger and is located approximately 30 miles south of Houston and 20 miles north of Galveston on highly-travelled Interstate 45.
The two companies intend to build the 350,000 square foot centre in Charlotte in a location previously announced by Tanger, eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160), the two major thoroughfares for the city. There is also the potential of a 50,000 square foot expansion from the first phase of the project.
This outlet will be branded as Charlotte Premium Outlets. Tanger will provide site development and construction supervision to the venture; Simon will provide management services and marketing to the joint venture. Both companies will provide leasing services, and expect the centre to have its grand opening in the spring of 2014. When completed, the centre will be home to more than 90 upscale brand name and designer outlet stores.
Simon and Tanger also plan to build an approximately 350,000 square foot centre in Columbus. The new outlet centre will be located off of the heavily travelled I-71, 20 miles north of downtown and 11 miles north of I-270 in a flourishing part of the expanding Columbus market.
This outlet will be branded as Tanger Outlets. Simon will provide site development and construction supervision to the venture; Tanger will provide management services and marketing to the joint venture. Both companies will provide leasing services, and expect this centre to have its grand opening in time for the 2014 holiday season. When completed, the centre will be home to more than 90 upscale brand name and designer outlet stores.
"We are pleased to partner with Tanger to bring great outlet shopping to both Charlotte and Columbus," says John R. Klein, president of Simon's Premium Outlets platform. "Both of these projects provide the most compelling locations for our merchants and our customers and will best serve the Charlotte and Columbus communities. Our recent joint venture in Texas City, Texas has gotten off to a great start and we look forward to developing two more successful projects together."
"Our focus remains to deliver the best outlet centre to our customers, tenants and shareholders," says Steven B. Tanger, president and chief executive officer of Tanger Factory Outlet Centre. "Our plans to enter into a joint venture with Simon in Charlotte and Columbus are strategic in delivering world class outlet centre to two new cities. Each will be a must visit value destination and an excellent experience for our shoppers."
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