EAST HARTFORD, Conn.,
March 12, 2014 /PRNewswire/
-- Horizon Group Properties, Inc. (OTC: HGPI.PK)
announced today that it has entered into an agreement to develop a
new outlet center in East Hartford,
Conn. The 350,000 square foot center, to be named The
Outlet Shoppes at Rentschler Field, is scheduled to open in the
summer of 2016 and will feature well-known brands and designer
outlets. The center will be built on the site of the former
airstrip, Rentschler Field, a historical source of pride for the
town of East Hartford and the
state of Connecticut.
Rentschler Field is centrally located between New York and Boston at the intersection of Interstates 84
and 91. It is located in close proximity to downtown Hartford and multiple Fortune 500
companies.
Rentschler Field is adjacent to Pratt & Whitney and the
United Technologies Research Center, and is home to the
University of Connecticut's football
stadium and Cabela's, a leading outdoor experience store.
Designed in a shopper-friendly configuration, the center will
feature covered walkways and landscaped courtyards to maximize
shopper comfort and convenience. Its design will blend traditional
architectural with a flavor of the history of the site and include
a children's play area and a center court designed to create a
festive atmosphere for shoppers and other visitors to the
center. The site will accommodate a 50,000 square foot
expansion.
"We look forward to developing this property," said Gary J. Skoien, chief executive officer of
Horizon Group Properties. "Rentschler Field has been a
recognized location and destination to the people of Hartford and Connecticut, New
York, Massachusetts, and
other surrounding states for many years."
The outlet center is a natural fit for this location and will
complement the existing entertainment and retail venues of the
mixed-use development. The Hartford metropolitan area has 2.2 million
residents with average incomes above the national average.
The market currently has no outlet shopping centers.
"The development and operation of the center will generate
substantial economic activity in East
Hartford and we look forward to working with East Hartford officials to make this
development a reality," said Skoien.
When completed, the center is projected to generate more than
$130 million in annual sales and
$1.2 million in property taxes and
$8.2 million in sales taxes.
Over the next 10 years, the development and operation of the center
are expected to generate a total of $100
million in sales and property taxes.
About Horizon Group Properties, Inc.
Based in
Norton Shores, Michigan with
executive offices in Rosemont,
Illinois, Horizon Group Properties, Inc. is an owner and
developer of factory outlet shopping centers and is the developer
of a master planned community in suburban Chicago. For more
information, please visit www.horizongroup.com.
SOURCE Horizon Group Properties, Inc.