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Tanger Factory Outlet Centers Inc. and Simon Property Group Inc. entered into a definitive 50/50 joint venture to develop, build, lease and manage Tanger Outlet Center south of Houston, Texas. When completed, the center's first phase will include approximately 350,000 square feet of space housing more than 90 stores. There will also be room for 120,000 square feet of expansion. Tanger and Simon plan to break ground on the development in July of this year.
Simon will provide site development, construction supervision and asset management services. Tanger will be responsible for management and marketing. Both firms will provide leasing services.
"Our partnership with Simon will provide our retail partners with what we believe is the best location and strongest development," said Tanger Outlet Centers President and CEO Steven B. Tanger in a statement. "When built, we will offer residents and visitors to this region one of the nation's best brand name and designer outlet shopping centers with today's style and fashion trends at the best value every day."
The project is expected to create more than 400 construction jobs and approximately 900 permanent jobs for the area's residents.
Construction Starts on New Outlet Center in Grand Prairie, Texas
Paragon Outlet Partners started construction on Paragon Outlets Grand Prairie, a 420,000-square-foot outlet shopping center in the Dallas/Fort Worth region. The center is scheduled to open in August 2012.
When completed, Paragon Outlets Grand Prairie will feature more than 100 stores, including Saks Fifth Avenue OFF 5TH, J.Crew, Michael Kors and Banana Republic, among others. Currently the center is 70 percent pre-leased.
Paragon Outlets Grand Prairie will also create more than 1,700 permanent jobs and new tax revenue for the city of Grand Prairie.
"We are thrilled the outlet center is underway," said Grand Prairie Mayor Charles England in a statement. "This is a big opportunity not only for our local residents, but especially for my wife, who is already planning her visits. Paragon Outlets Grand Prairie will be a huge tourist attraction. Currently, the city sees about six million tourists a year and the addition of this world class outlet mall will improve that number considerably."
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