Tanger Outlet Centers and Peterson Companies Break Ground on Tanger
Outlets National Harbor
GREENSBORO, N.C.,
Nov. 29, 2012 /PRNewswire/
-- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) and Peterson
Companies hosted an official Ground Breaking Ceremony today to
announce that construction has commenced on Tanger Outlets National
Harbor. The center is located at National Harbor, the
Washington, DC area's premier
waterfront resort destination which includes fine restaurants,
distinctive retail, office and residences, and a number of
world-class hotels including the Gaylord National Resort and
Convention Center, the largest non-gaming hotel on the eastern
seaboard. Developed by Peterson Companies, National Harbor
comprises 350 acres of prime real estate along the scenic Potomac
River in Prince George's County,
Maryland.
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This Tanger Outlets National Harbor is located at the base of
the Woodrow Wilson Bridge and directly accessible from the Capital
Beltway (I-95, I-495), I-295 and Indian Head Highway (Rt
210). It will serve as a leading outlet destination for the 8
million residents in the surrounding Maryland, Virginia and D.C. communities. The center is
located only 8 miles southeast of the nation's capital which
welcomes 33 million annual domestic and international
visitors. The center's unique features will include a modern
design with a pedestrian friendly layout that will function as an
open-air mall with both covered and uncovered landscaped courtyards
and park-like settings throughout the complex. Tanger Outlets
National Harbor will introduce approximately 80 leading brand name
and designer outlet stores including Calvin
Klein, H&M, IZOD, Gap Factory Store, American Eagle
Outfitters, Tommy Hilfiger, Banana
Republic Factory Store, White House Black Market Outlet, Chico's
Outlet, Columbia, Brooks Brothers
Factory Store, Aeropostale, P.S. by Aeropostale, J. Crew Factory
Store, Le Creuset Outlet and many more.
This project features 340,000 square feet of GLA and represents
a private investment of almost $100 million
dollars. It is one of the largest economic development
projects in the County and will create an estimated 600 jobs during
construction and approximately 1,000 full and part-time retail jobs
upon completion. The center is estimated to create an
additional $6.5 million dollars in
annual sales tax revenue for the state.
The new outlet center will be co-owned by Tanger Factory Outlet
Centers, Inc. and Peterson Companies and will be branded as Tanger
Outlets National Harbor. Tanger and Peterson will each own a 50%
interest in the project and will jointly provide site development
and construction supervision services to the venture. Tanger Outlet
Centers will provide management services, leasing and marketing to
the joint venture.
"We are pleased to begin construction of Tanger Outlets National
Harbor in this dynamic lifestyle destination and to create new job
opportunities in Prince George's
County," said Steven B.
Tanger, President and Chief Executive Officer of Tanger
Factory Outlet Centers, Inc. "Our goal is to create an
exceptional outlet experience to serve this outstanding market area
and to attract domestic and international tourists visiting the
metropolitan D.C. area with great designer and brand name stores
with on trend, in season value priced merchandise. We look
forward to being a great partner to Prince George's County and the local community
and to bringing this world class Tanger Outlets fashion destination
to National Harbor," added Tanger.
"The Tanger Outlets brand is synonymous with quality and we are
thrilled to partner with them to bring these high quality retail
brands to Prince George's County,"
stated Milt Peterson, Chairman,
Peterson Companies. "This is an
exciting new chapter in the evolution of National Harbor and we
believe that Tanger Outlets National Harbor will be a tremendous
complement to our existing shopping, dining, entertainment and
hospitality offerings."
"Tanger Outlets National Harbor will be a game changer in terms
of retail options and opportunities in Prince George's County," said Prince George's
County Executive Rushern L. Baker,
III. "By this time next year, we are going to have
thousands of shoppers from around the region and state spending
money in Prince George's County
during the holiday season while supporting and creating jobs for
our residents. I am very excited to break this ground and
welcome Tanger Outlets to Prince George's
County."
Peterson Companies:
Peterson Companies is one of the largest privately-owned real
estate development companies in the Washington, DC region and offers
fully-integrated development and management services for commercial
office, residential and retail real estate. The company is
responsible for some of the most prominent and successful
mixed-use, residential and office developments in Northern Virginia and Maryland including National Harbor, Virginia
Gateway, Downtown Silver Spring,
Washingtonian Center, Fairfax
Corner, Fair Lakes, Burke Centre and Tysons McLean Office
Park. Founded by Milt Peterson over
30 years ago, the company has an extensive two million square foot
development pipeline throughout the Washington DC region. For more information
about the company please visit www.PetersonCos.com.
About Tanger Factory Outlet Centers, Inc.:
Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT
headquartered in Greensboro, North
Carolina that operates and owns, or has an ownership
interest in, a portfolio of 43 upscale outlet shopping centers in
26 states coast to coast and in Canada, totaling approximately 12.9 million
square feet leased to over 2,700 stores operated by more than 460
different brand name companies. More than 175 million shoppers
visit Tanger Factory Outlet Centers annually. For more information
on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's
web site at www.tangeroutlet.com.
Forward-Looking Information
This news release contains forward-looking statements within the
meaning of federal securities laws. These statements include, but
are not limited to, the development and opening of a new center,
the timing of the expected ground breaking event, the effect on the
local economy, the opportunities for employment, the success of the
centers, as well as management's beliefs, plans, estimates,
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that
are not historical facts. These forward-looking statements are
subject to risks and uncertainties, and therefore, actual results
could differ materially from those projected. For a more detailed
discussion of the factors that affect the operating results of
Tanger and The Peterson Companies, interested parties should review
each respective company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2011. Those
factors include, but are not limited to, the risks associated with
general economic and local real estate conditions, each company's
ability to meet its obligations on existing indebtedness or
refinance existing indebtedness on favorable terms, the
availability and cost of capital, each company's ability to lease
its properties or to meet its minimum pre-leasing hurdles on
proposed new developments, each company's inability to collect rent
due to the bankruptcy or insolvency of tenants or otherwise, and
competition.
Contact:
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Quentin
Pell
|
Angela
Sweeney
|
|
214-600-3838
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443-691-2957
|
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qnpell@tangeroutlet.com
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asweeney@petersoncos.com
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SOURCE Tanger Factory Outlet Centers, Inc.