FORT WORTH, Texas, Oct. 6, 2016 /PRNewswire/ -- Tanger Factory
Outlet Centers, Inc. (NYSE: SKT) closed the transaction to
purchase the development site for Tanger Outlets in Fort Worth and today celebrated the official
Ground Breaking of its new outlet center serving the North Texas Community.
Tanger has surpassed its sixty percent leasing threshold and has
signed contracts with popular designer and brand name retailers
including H&M, Gap, Tommy
Hilfiger, Children's Place, Nike, Levi's, Banana Republic,
Express, Guess, and Restoration Hardware. Retailers are
responding strongly to the new site and Tanger is in lease
negotiations with leading designers and retailers seeking to secure
space in this dynamic location.
"We are proud to celebrate the Ground Breaking of Tanger Outlets
in Fort Worth and look forward to
bringing a world class shopping experience to residents and
visitors to the Fort Worth area,"
said Steven B. Tanger, President and
Chief Executive Officer of Tanger Factory Outlet Centers, Inc.
The new Tanger Outlet Center will be the signature outlet retail
component of Fine Line Diversified Development's Champions Circle,
a commercial mixed-use real estate development adjacent to the
Texas Motor Speedway. Tanger Outlets in Fort Worth will be home to approximately
350,000 square feet of retail space and feature more than 80
upscale brand name and designer outlet retailers.
"Tanger Outlets is known for creating lifestyle destinations
that uniquely celebrate local cultures," said Bill Boecker, President and CEO of Fine Line
Diversified Development. "We are so excited to officially kick off
this project with an ideal partner that shares our vision of
bringing a first-class retail experience to Texans and tourists
alike."
The Company closed on the sale of the land on September 30 and expects construction to conclude
in time to serve the Dallas-Fort
Worth area for the 2017 holiday season. During the
construction phase, the project will generate more than 400 full-
and part-time jobs. Once the Center grand opens, it is expected to
generate more than 900 full- and part-time retail
positions.
"We are pleased to welcome Tanger Outlets as our new neighbor
and look forward to future partnerships," said Eddie Gossage, President and General Manager of
Texas Motor Speedway.
"Tanger Outlets will be a win for our over one million visitors
each year seeking fast and fashionable savings."
The Ground Breaking Ceremony, which took place on site at
Champions Circle, featured remarks from Steven B. Tanger, President and Chief Executive
Officer of Tanger Factory Outlet Centers, Inc., Betsy Price, Mayor of Fort Worth, Dennis
Shingleton, Mayor Pro Tempore of Fort Worth, Andy
Eads, Denton County
Commissioner, and business and community leaders.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a
publicly-traded REIT headquartered in Greensboro, North Carolina that presently
operates and owns, or has an ownership interest in, a portfolio of
43 upscale outlet shopping centers and 2 additional centers
currently under construction. Tanger's operating properties are
located in 21 states coast to coast and in Canada, totaling approximately 14.7 million
square feet, leased to over 3,100 stores which are operated by more
than 490 different brand name companies. The company has more than
35 years of experience in the outlet industry. Tanger Outlet
Centers continue to attract more than 185 million shoppers
annually. For more information on Tanger Outlet Centers, call
1-800-4TANGER or visit the company's web site at
www.tangeroutlets.com.
CONTACT: Quentin N. Pell, Vice
President, Corporate Communications/Public Relations,
Quentin.Pell@tangeroutlets.com
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SOURCE Tanger Factory Outlet Centers, Inc.