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TheStreet Open House

Simon Property Group And Tanger Outlets Celebrate The Start Of Construction On Charlotte Premium Outlets® With A Groundbreaking Ceremony On September 20, 2013

INDIANAPOLIS and GREENSBORO, N.C., Sept. 20, 2013 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG) and Tanger Factory Outlet Centers, Inc. (NYSE: SKT), announced today that construction of Charlotte Premium Outlets will begin on September 20, 2013.  The first phase of the planned 400,000 square foot center will open in summer 2014. The project is a 50/50 joint venture between Simon and Tanger.

Charlotte Premium Outlets, an upscale, Premium Outlet Center serving the greater Charlotte market, will be located eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160), the two major thoroughfares for the city. More than 900 full and part-time jobs will be created once the center is completed plus there will be more than 400 local construction jobs to be filled during development.

The center will feature Saks Fifth Avenue OFF 5 TH and many other great brands. In total, over 90 high-quality outlet stores will be located at Charlotte Premium Outlets.

"We are pleased to partner with Tanger to bring great outlet shopping to Charlotte," said John R. Klein, President of Simon's Premium Outlets division. "Charlotte Premium Outlets will feature an outstanding collection of many of the finest brands, offering value, quality and selection all in one convenient location. The project will also create hundreds of new jobs and significant economic development for the area."

"We are happy to welcome Charlotte Premium Outlets to our region," said Charlotte Mayor Patsy Kinsey. "Simon and Tanger have come together to make a significant investment in our community, and we look forward to the hundreds of jobs the outlets are projected to create and the impact they will have on our local economy."

"The Ground Breaking will mark another new chapter in our long-standing investment in the State of North Carolina," said Steven B. Tanger, President and Chief Executive Officer of Tanger Outlets. "With our partners at Simon Property Group, we look forward to delivering a world-class outlet shopping experience to the local residents and visitors to the dynamic Queen City of Charlotte, North Carolina."

Tanger is providing site development and construction supervision to the venture; Simon is providing management services and marketing.

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