Coming on the heels of Tanger Outlet Centers’ announcement that it will open outlets in Charlotte, Simon Property Group - owner of Concord Mills and SouthPark - says it plans to open its own Charlotte Premium Outlets.
The Simon outlets will be in Stallings, at Interstate 485 and Idlewild Road. Simon plans to break ground in spring 2013 and open the 400,000 square foot center in 2014. The outlets, which will be larger than Simon’s Gaffney Premium Outlets, will have 100 stores, Simon said. Simon and developer Paragon Outlet Partners have signed a letter of intent to build the stores.
“We're pleased to be partnering with Paragon Outlet Partners to develop this project in a market that Simon knows so well,” said John Klein, Simon’s outlet division president, in a statement.
The news is the second major outlet announcement this week. Tanger, based in Greensboro, said Wednesday that it plans to develop and build Tanger Outlets Charlotte at I-485 and Steele Creek Road. That center will be 350,000 square feet, with possible plans to expand it to 400,000 square feet in the future.
Tanger owns and operates outlet centers in Mebane, Blowing Rock, and other locations in the Carolinas. Simon, in addition to owning and operating the massive 1.6 million square foot SouthPark and 1.3 million square foot Concord Mills, also owns and operates the 360,000 square foot Gaffney Premium Outlets.
The two new Charlotte outlet centers, both set to open in 2014, will be 22 1/2 miles from each other, at interchanges on the opposite ends of I-485. The announcements represent some of the most significant expansion of local retail square footage in recent years: The two centers will add between 750,000 and 800,000 square feet to the market.
Simon hasn’t said which stores will anchor its new Charlotte outlets, but the mix will likely be similar to its other properties. At its Gaffney outlets, Simon’s major tenants include Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Coach, Gap Outlet, J.Crew, Juicy Couture, Nautica, Nike and Polo Ralph Lauren.
Tanger operates or has an ownership interest in 39 outlet centers in 25 states and Canada, totaling almost 12 million square feet of retail space. Its Mebane outlets are about 319,000 square feet, while its Blowing Rock outlets are smaller, at just over 104,000 square feet.
Indianapolis-based Simon, the largest real estate company in the world, has 332 retail properties totaling 241 million square feet. The company operates 72 outlet centers.