Simon, Tanger Factory JV Opens $90M Outlet Mall, Charlotte’s First in 10 Years

Simon Property Group, also known as Simon, a global leader in retail real estate ownership, has announced the grand opening of Charlotte Premium Outlets, a 398,421 square-foot upscale outlet shopping center.
Simon Property Group, a global leader in retail real estate ownership, has announced the grand opening of Charlotte Premium Outlets, a 398,421 square-foot upscale outlet shopping center.

The mall, located on I-485 in Steele Creek, N.C., in the Greater Charlotte Area, features 100 outlet stores. According to The Charlotte Observer, the Saks Fifth Avenue-anchored development is the city’s first mall in nearly 10 years.

Charlotte Premium Outlets is a joint venture between Indianapolis-based Simon and Greensboro-based Tanger Factory Outlet Centers Inc. According to the Charlotte Business Journal, the mall was developed on a 40-acre greenfield at a cost of around $90 million. The partners have a 50-50 stake in the development.

As previously reported, the two entities initially planned separate projects, which were announced within a week of each other. Tanger’s Tanger Outlet Center was planned at the interchange of I-485 and Steel Creek Road, where Charlotte Premium Outlets has now opened. Tanger Outlet Center Charlotte was imagined as a 90-store, 350,000-square-foot outlet center with a planned 50,000-square-foot second phase. That project was helmed by a joint venture comprised of Tanger Factory Outlet Centers, Childress Klein Properties and Steele Creek Limited Partnership, a long-time landowner in Steele Creek.  Simon initially planned a 400,000-square-foot high-end outlet store at I-485 and Idlewild Road in Staling, N.C under the name Charlotte Premium Outlets. That development would have seen Simon partner up with Paragon Outlet Partners.

The now-opened Charlotte Premium Outlets comprises 100 high-end outlet stores, such as Converse, Quiksilver, Steve Madden, Cole Haan, Ann Taylor Factory Store, Brooks Brothers Factory Store, J.Crew, Michael Kors, Reebok and Tommy Hilfiger. The development is part of the global Simon Premium Outlets portfolio.

The project has generated more than 900 full and part-time jobs. According to the Charlotte Business Journal, Charlotte Premium Outlets is expected to generate in excess of $140 million in annual retail sales, resulting in annual sales tax revenues of around $10 million.

Click here for further Charlotte market data

Image courtesy of Charlotte Premium Outlets via Facebook