CHARLOTTE, N.C. -- In a twist Wednesday evening, rivals Tanger Factory Outlet Centers and Simon Property Group announced they would team up to build one outlet mall in Charlotte, in Steele Creek.
The move means Indianapolis-based Simon won’t build its 400,000 project in Stallings. Local officials there had said the project, at I-485 and Idlewild Road, would be the biggest retail development to date in Stallings, and would have provided $175,000 to $200,000 in property and sales taxes.
Instead, the surviving mall project will be the one originally Tanger Outlets Charlotte, at the I-485 and Steele Creek road interchange. The mall will now be called Charlotte Premium Outlets, and will be 350,000 square feet with the option to expand to 400,000.
Simon and Greensboro-based Tanger also announced Wednesday that they’ll join forces to build a 350,000-square-foot outlet center in Columbus, Ohio, to be called Tanger Outlets.
“Our plans to enter into a joint venture with Simon in Charlotte and Columbus are strategic in delivering world class outlet centers,” said CEO Steven Tanger, in a statement.
Simon is the world’s largest commercial landlord, while Tanger is the nation’s largest outlet-only retail mall company.