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Tanger Outlets Announces Plans To Develop New Center In Charlotte, North Carolina

Stocks in this article: SKT

GREENSBORO, N.C., Oct. 17, 2012 /PRNewswire/ -- (NYSE:SKT) Tanger Factory Outlet Centers, Inc. has announced plans to develop a dynamic new outlet center located in Charlotte, North Carolina.  When completed, residents and visitors to the Queen City area will have a new destination for fashionable savings on merchandise that is on trend, in season and value priced direct from the manufacturer.

(Photo:  http://photos.prnewswire.com/prnh/20121017/CL95144 )

(Logo: http://photos.prnewswire.com/prnh/20120907/CL70706LOGO-b )

There is great excitement and retail tenant interest around entering this vibrant community with the best location available in the market. Tanger intends to develop a new 350,000 square foot Tanger Outlet Center located 8 miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160).  There are future plans for a 50,000 square foot expansion as well.  Tanger is developing the outlet project in conjunction with Childress Klein Properties and Steele Creek Limited Partnership, a long-time owner of land in Steele Creek created by Charlotte civic leader Sarah Belk Gambrell, who will be developing ancillary uses surrounding the outlet center.  "I have enjoyed working with Tanger to plan what will be the premier shopping center of its type in this region.  This is the caliber of development we have long envisioned for such a strategic location in our community," said Mrs. Gambrell.

This section of I-485 is located between I-85 and I-77, the two major interstate thoroughfares for the city, and will have direct access from Steele Creek Road and Dixie River Road.  Steele Creek is a full interchange off I-485.  The Steele Creek community has been one of the fastest growing residential areas in Mecklenburg County.  It also contains one of the highest employment concentrations in the County and is home to several recreation sites.  "Plans for the Tanger Outlet Center in the Steele Creek area of Charlotte are exciting.  This type of upscale development will bring high-quality retail options and positive economic impact to our community," said LaWana Mayfield, Charlotte City Council District 3 Representative.

The project is slated for completion in 2014 upon receipt of governmental development approvals.  The new Tanger Outlets Charlotte will be Tanger's fourth outlet shopping center in North Carolina.  The company operates Tanger Outlets Blowing Rock along the Blue Ridge Parkway, Tanger Outlets Nags Head on North Carolina's scenic Outer Banks and Tanger Outlets Mebane which serves the Piedmont Triad and Research Triangle communities.  Tanger Outlets Charlotte will welcome shoppers with a collection of approximately 90 brand name and designer outlet stores. 

The economic impact of Tanger's presence in North Carolina is significant.  The three existing centers create approximately 2,700 full and part-time jobs and generate over $12 million in annual sales tax.  The new Tanger Outlets in Mecklenburg County is expected to create approximately 300 jobs during construction and over 900 full and part-time jobs once the center is open and operating.  The estimated annual sales tax generated for Mecklenburg County is estimated at over $10 million annually.

"We are very excited to begin creating one of the South's premier outlet shopping attractions," stated Steven B. Tanger, President and Chief Executive Officer for Tanger Factory Outlet Centers, Inc.  "This project represents an approximately $80 million investment by Tanger in the growing Charlotte community and the great state of North Carolina," he added.

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