Archive for Outlet Centers
Outlet Mall of Georgia at Augusta to Break Ground in December
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The long awaited date for when work will begin on The Outlet Mall of Georgia at Augusta has been set. Ben Carter Enterprises announced it will break ground on the 70 acre shopping center in December. The outlet mall will be next to Cabela’s and Costco and it’s scheduled to open in the spring of 2016.
The announcement came after the company reached an agreement with the owners of Georgia Theater Company, who agreed to reposition a 14-screen complex with a full service restaurant to accommodate the outlet mall.
“They said we’ll break ground once we hit a certain percentage of leases in hand,” said Walter Sprouse, Executive Director of Augusta Economic Development Authority.
The fashion mall will include top tier retailers that will put people to work. Sprouse said, “Somewhere in excess of a thousand jobs. We’re talking about 800 thousand sq ft of retail space, which is bigger than some towns.”
Savannah Outlet Mall Under Construction
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Premier Outlets, a division of Ben Carter Enterprises, has broken ground on the Outlet Mall of Georgia, a $200 million outlet development on Interstate 95 in Pooler, approximately 10 miles west of Savannah. The outlet mall will feature 500,000 square feet of restaurants, children’s play areas and retail outlet stores. The project is expected to open in spring 2015.
Savannah, located along the east coast of south Georgia, has more than 12 million visitors per year, according to Ben Carter, founder of Atlanta-based Ben Carter Enterprises. The site for the outlet mall has more than 25 million passing vehicles annually and its regional trade area encompasses more than 860,000 people.
The new outlet center will contain more than 80 outlet stores and is projected to create approximately 800 to 900 permanent jobs for the Savannah area. In addition to the main retail venue, The Outlet Mall of Georgia is also offering about 45 acres of adjacent land for retail, restaurant and hotel development. Upon completion, the overall project will consist of approximately 1 million square feet.
Outlet Center Planned for SW Charlotte
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A joint venture between Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. has closed on 42 acres of land in the Steele Creek area in southwest Charlotte, where the companies plan to develop a 350,000-square-foot retail outlet that is slated to open next year.
Charlotte Outlets, a limited liability company managed by Simon and Tanger, purchased the land at the Interstate 485 interchange at Steele Creek Road for $8.7 million.
Simon and Tanger announced they were teaming up on the project, previously a Tanger project, in late November.
$80 Million Outlet Center Planned for Charlotte
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Adding a new destination to the Queen City marketplace, Tanger Factory Outlet Centers Inc., Childress Klein Properties and Steele Creek LP plan to develop an $80 million outlet center in Mecklenberg County.
The development site sits at the Steele Creek Road interchange of Interstate 485, just eight miles southwest of uptown Charlotte. There is room to expand the 350,000-square-foot outlet center by 50,000 square feet down the road. The initial phase is penciled for a 2014 delivery.
Steele Creek was created by Sarah Belk Gambrell, a Charlotte civic leader who will be developing ancillary uses around the outlet center.
Outlook Brightens for Outlet Centers
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While economic indicators point to a continued, albeit slow, recovery, unemployment and consumer confidence remain the two main sources of concern for landlords and retailers, noted Cushman & Wakefield’s Richard W. Latella at VRN’s Fall Outlet Leasing & Marketing Conference Monday.
Consumer sentiment fell in August by 19.2 percent year-over-year, and stands just 40 basis points above the low set in November 2008, he noted. GDP growth is expected to total 1.6 percent in 2011, he said, quoting a Wall Street Journal article. Retail sales growth for the year will reach 3.8 percent, according to an ICSC report.
There are other more positive signs of recovery, though. Retail real estate transaction volumes in the U.S. reached $22.1 billion in the first seven months of 2011, marking a 184.4 percent increase over the same period in 2010. Retail cap rates averaged 7.56 percent in the second quarter of this year, according to Cushman & Wakefield, representing a year-over-year decrease of 39 basis points.
