Tanger Factory Outlet plans a shopping center at National Harbor
- May 23, 2011
Add outlet shopping to National Harbor’s list of coming attractions. Tanger Factory Outlet Center Inc. in Greensboro, N.C., is partnering with The Peterson Cos. in Fairfax County in a joint venture to develop a 350,000-square-foot shopping center of 80 outlet designer and name brand stores at National Harbor.
Developed by The Peterson Cos., National Harbor is located on the Potomac River just across the Woodrow Wilson Bridge in Maryland. The 350-acre, waterfront project already is home to restaurants, hotels, residences and the Gaylord National Resort and Convention Center. “The addition of Tanger Outlet Centers is a significant milestone in the ongoing evolution of National Harbor,” Milt Peterson, founder and chairman of The Peterson Cos. said in a statement. “Their relationships with leading national brands and experience in creating first-class retail destinations are a tremendous complement to the existing retail, restaurant and resort offerings at National Harbor.”
Steven B. Tanger, president and CEO of Tanger Outlet Centers, said the project gives the company “the chance build a metro-specific, next-generation outlet shopping center … National Harbor not only has high visibility and easy access to major highways, it is also minutes away from three international area airports. We believe that our newest outlet shopping center will attract both domestic and international tourists visiting Washington, D.C. along with the residents of Maryland, Virginia and D.C.”
The joint venture expects to develop a 40-acre parcel. The project could create more than 400 construction jobs and, eventually, 900 new full-time and part-time jobs in Prince George’s County, according to county officials.
The Peterson Cos. and Tanger Outlet Centers. Inc. will own the project jointly. Together, the companies will provide site development and construction supervision services. Tanger Outlet Centers has agreed to provide management, leasing and marketing services. Construction won’t get underwayuntil the project achieves the minimum pre-leasing threshold of at least 50%, a milestone expected to be reached in late 2011. According to the companies, the project would take about 12 to 15 months to build.
Tanger Factory Outlet Centers is a publicly-traded REIT that owns and operates — or has interests in — a portfolio of 34 upscale outlet shopping centers in 22 states, totaling about 10.3 million square feet. The company reports that 2,100 stores operated by more than 370 different brand name companies lease space in the centers, visited by more than 160 million shoppers annually.