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
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.