Home / Knowledge / News / Apparel/Garments / Outlet leaders to form JV in thriving Texas market
Outlet leaders to form JV in thriving Texas market
01
Jul '11
Tanger Factory Outlet Centers Inc, and Simon Property Group, Inc, announced that they have entered into a definitive 50/50 joint venture agreement for the development, construction, leasing and management of a Tanger Outlet Center south of Houston, Texas.

Tanger Outlets will be located approximately 30 miles south of Houston and 20 miles north of Galveston on the highly traveled Interstate 45 (100,000 vehicles per day), Exit 17 at Holland Road. Houston is currently the fourth largest U.S. city, the largest in the state of Texas, and is a major business, financial, science and technology center with a diverse economic base. Galveston is a popular Gulf Coast getaway destination with 32 miles of beaches, restaurants and top resort hotels, attracting over 5 million visitors each year.

When completed, the center will play host to over 90 brand name and designer outlet stores in the first phase of approximately 350,000 square feet. The center is on 55 acres with ample room for future expansion of approximately 120,000 square feet, for a total build out of approximately 470,000 square feet. It is anticipated that the announcement of tenants and ground breaking ceremonies will take place in July of 2011 with the Grand Opening taking place approximately 12 months after the start of construction.

"We believe that Tanger and Simon will jointly develop a successful outlet center on this highly visible location south of Houston," stated David Simon, Chairman and Chief Executive Officer of Simon Property Group, Inc.

Steven B. Tanger, President and Chief Executive Officer of Tanger Outlet Centers, Inc., commented, "The opportunity to build a Tanger Outlet Center south of Houston makes perfect sense. Our partnership with Simon will provide our retail partners with what we believe is the best location and strongest development. 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 values every day."

The joint venture will be co-owned by Tanger and Simon and will be branded as Tanger Outlets. Simon will provide site development, construction supervision, and asset management to the venture; Tanger will provide management services and marketing to the joint venture. Both companies will provide leasing services.

It is anticipated that this high-quality outlet shopping center will generate over 400 construction positions during the construction phase, and approximately 900 full-time and part-time jobs in the area when completed.

Simon Property Group Inc


Must ReadView All

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search