Welcome!

News Feed Item

Tanger Outlet Centers and Peterson Companies Break Ground on Tanger Outlets National Harbor

Construction has begun on this world class outlet center minutes from Washington, DC

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. 

(Logo:  http://photos.prnewswire.com/prnh/20120907/CL70706LOGO-b )
(Logo: http://photos.prnewswire.com/prnh/20121129/CL20697LOGO )

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:

Quentin Pell

Angela Sweeney


214-600-3838

443-691-2957


[email protected]  

[email protected]

 

SOURCE Tanger Factory Outlet Centers, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.