Tanger Outlets plans to build a new outlet center in southwest Charlotte, on the scale of other major outlets in Mebane and Gaffney which have been drawing Charlotte shoppers for years.
The 350,000 square foot center, called Tanger Outlets Charlotte, will be built at the interchange of Interstate 485 and Steele Creek Road. There will be 90 stores at the outlets, and the company said it could expand the center by 50,000 square feet in the future.
“This project represents an approximately $80 million investment by Tanger in the growing Charlotte community,” said Steven Tanger, the company’s CEO, in a statement.
The proposed shopping center would be larger than the Tanger Outlets in Mebane, which are 318,910 square feet, and more than three times the size of the 104,154 square feet Tanger Outlets in Blowing Rock. The Charlotte outlets would be slightly smaller than the Simon Property Group-owned Gaffney Premium Outlets, which are 359,658 square feet.
The new center will still be significantly smaller than the Charlotte area’s other outlet shopping center, the 1.3 million square foot Concord Mills. Like SouthPark, Concord Mills is also owned by Simon.
In a statement Tuesday, Tanger said it will be developing the parcel between Steele Creek Road, Shopton Road, Dixie River Road and I-485, owned by Steele Creek Limited Partnership. That partnership was created by Sarah Belk Gambrell, a member of the Belk family and a major shareholder of privately-held department store company Belk, Inc.
Steele Creek Limited Partnership owns more than 100 acres of land in the area, including adjoining lots, and Gambrell plans to develop the area surrounding the new outlets as well, in conjunction with Childress Klein Properties.
“This is the caliber of development we have long envisioned for such a strategic location in our community,” said Gambrell, in a statement.
Tanger said it expects the new outlets to be open in 2014. The company wouldn’t say which retailers it is lining up for the new outlets, but said the mix will be similar to its existing centers.
Based in Greensboro, Tanger operates or has an ownership interest in 39 outlet centers, totaling almost 12 million square feet of retail space. The company reported profits of $11.7 million in its most recent quarter, up from $9.4 million in the same quarter a year ago.