That actually brings me into my discussion that I would like to share with you, which is a question that a lot of people have asked the last two days, which is, how big is your embedded or your development pipeline?
Our pipeline for the next two years is very clears. Its $600 million is our pro rata share of our development pipeline and it’s comprised of three projects. One is a new outlet center that we are building in Rosemont which is right near the O’Hare Airport, Chicago, Fashion Outlets of Chicago. It is our share of the project once our final investment is in we will be about $200 million. We do have a construction loan that will help to fund that over $140 million.
And it’s a project that is under construction. It opens in August of next year. We have a loan that’s been led I think by Wells Fargo. The center is currently has full documented leases, approaching 50% adding in letters of intent that are in lease negotiations, leasing statuses closer to 90% and the retailers are extremely bullish about that opportunity as we are.
We also are currently in pre-leasing stages of a second project that’s in our pipeline, which is at our newly acquired, Fashion Outlets of Niagara, in Niagara Falls. That is a 200,000 square foot expansion and we are in the pre-leasing phase of that.We do anticipate that we will go forward. Delivery on that project will likely be two years from now, calendar 2014. The size of that project we have not decided on the ultimate scoop, but as a placeholder for this purpose let use a number of $100 million. We are under construction on the infrastructure at the third major component of our development pipeline, which is Tysons Corner and our pro rata share of that is half of a $600 million projects, so our share is $300 million. Read the rest of this transcript for free on seekingalpha.com