Two Major Retail Projects in Works for Charlotte Metro
- Oct 19, 2012
It seems this was the week to announce significant retail development for greater Charlotte, with not one, but two important players of the retail industry expressing their intent to build in the Queen City. Tanger Factory Outlet Centers Inc. was the first to make its announcement, stating that it plans to construct a dynamic 90-store outlet center.
Tanger Outlet Center Charlotte will be located eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160). The outlet center will have a total surface area of 350,000 square feet, with plans of a 50,000-square-foot future expansion. The store will be home to over 90 designer and brand name stores, offering value priced merchandise directly from manufacturers.
“This project represents an approximately $80 million investment by Tanger in the growing Charlotte community and the great state of North Carolina,” declared Steven B. Tanger, president and CEO of Tanger Factory Outlet Centers Inc.
Tanger will be developing its newest project in partnership with Childress Klein Properties and Steele Creek Limited Partnership. The latter is a long-time owner of land in Steele Creek and was founded by local Sarah Belk Gambrell, who will develop ancillary uses in the vicinity of the outlet center. The project will kick off upon receiving the necessary governmental approval and is slated to finish in 2014.
Tanger Outlet Center Charlotte will be the company’s fourth development in North Carolina. The retail center is expected to generate $10 million in annual sales taxes for Mecklenburg County. It will also add 900 full- and part-time jobs upon completion, as well as 300 construction jobs during development. The chosen site for the project, between I-85 and I-77, is located near the Steele Creek community, one of Mecklenburg County’s most rapidly growing residential areas and one of the most highly employed.
The second retail project to be announced was Charlotte Premium Outlets, a development that is the result of a partnership between leading retail real estate company Simon Property Group Inc. and Baltimore-based commercial real estate development firm Paragon Outlet Partners.
The planned 400,000-square-foot project will be home to some 100 designer and brand name stores. Charlotte Premium Outlets will be located at Interstate 485 and Idlewild Road in Stallings, N.C. The retail center will break ground in spring 2013 and is expected to open in 2014.
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Photo credit: Tanger Factory Outlet Centers, Inc. via PRNewswire
Chart courtesy of Marcus & Millichap