$100 Million Outlet Center Coming to National Harbor Next Year
By John Arundel
Okay, folks, in 2013 there will no longer be the need to burn up a tank of gas to drive to Leesburg or the Delaware beaches get a good deal on Calvins or Skechers: An outlet center is dropping into our backyard.
Tanger and Peterson entered into an agreement last May to form an exclusive joint venture for the development, management and leasing of the $100 million Tanger Outlets opening in 2013 at National Harbor, with more details on the deal leaking out last week.
“The addition of Tanger Outlet Centers is a significant milestone in the ongoing evolution of National Harbor” said Milt Peterson, the founder and chairman of The Peterson Companies. “Their relationships with leading national brands and experience in creating first-class retail destinations are a tremendous complement to the existing retail, restaurant and resort offerings at National Harbor.”
National Harbor already includes scores of fine restaurants, distinctive retail, office and residences, and a number of world-class hotels including the Gaylord National Resort and Convention Center. Developed by The Peterson Companies, National Harbor is 350 acres of prime real estate along the Potomac River in Prince George’s County.
Steven B. Tanger, the president and CEO of Tanger Outlet Centers, said the opportunity to build a Tanger Outlet Center at National Harbor was “extremely compelling,” as it “affords us the chance to build a metro-specific, next-generation outlet shopping center in this beautiful location.”
“National Harbor not only has high visibility and easy access to major highways, it is also minutes away from three international area airports. We believe that our newest outlet shopping center will attract both domestic and international tourists visiting Washington, DC, along with the residents of Maryland, Virginia and DC.”
It is anticipated that the joint venture will develop an approximately 40-acre parcel at National Harbor offering easy access to I-495, I-95, I-295 and the Woodrow Wilson Bridge. The resulting Tanger Outlet Center is expected to house approximately 80 outlet designer and name brand stores in a center measuring up to 350,000 square feet.
“This is a great announcement for the residents of Prince George’s County and the region,” said Prince George’s County Executive Rushern L. Baker, III. “Our residents have yearned for diverse shopping opportunities for years and this will boost their options. I want to thank the Peterson Companies and Tanger Outlet Centers for bringing high-quality outlet shopping and over 400 construction and approximately 900 full- time and part-time jobs to Prince George’s County.”
The joint venture will be co-owned by The Peterson Companies and Tanger Outlet Centers and will be branded as Tanger Outlets at National Harbor.
Tanger Outlet Centers is known as a leader in the outlet shopping center industry and their relationships with nationally recognized brand name and designer outlet stores, such as Saks Fifth Avenue OFF 5TH, Nike, Gap, Brooks Brothers, Tommy Hilfiger, Under Armour and J. Crew, is expected to make Tanger Outlet Centers at National Harbor a “highly successful, next generation, world class center,” said Senior Vice President of Retail for The Peterson Companies, Taylor Chess.
The Peterson Companies and Tanger Outlet Centers 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.
When the project achieves the minimum pre-leasing Phase I threshold of at least 50 percent for this joint venture development project, it is anticipated that ground breaking ceremonies will take place in late 2011.
The Grand Opening of the Tanger Outlet Center at National Harbor will take place approximately 12 to 15 months after the start of construction.