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Tanger, Peterson Cos Break Ground on DC Outlet Center

Each Company Holds 50% Ownership In Outlet Center JV
December 3, 2012
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) and Peterson Companies have broken ground on Tanger Outlets National Harbor, a 340,000-square-foot, $100 million outlet center project.

The center is located at National Harbor, the 350-acre master development by Peterson along the Potomac River which includes restaurants, retail, office and residences, and hotels, including the Gaylord National Resort and Convention Center, the largest non-gaming hotel on the eastern seaboard.

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 (Route 210), the center will draw from a trade area that includes 8 million residents in the surrounding Maryland, Virginia and D.C. communities.

The center is eight miles southeast of the nation's capital which welcomes 33 million annual domestic and international visitors. The open-air mall will include both covered and uncovered landscaped courtyards and park-like settings throughout the complex.

Tanger Outlets National Harbor will introduce about 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, among others.

The project will create an estimated 600 jobs during construction and about 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.

Tanger Factory Outlet Centers, Inc. and Peterson Companies will each own 50% of the project and will jointly provide site development and construction supervision services. Tanger Outlet Centers will provide management services, leasing and marketing to the joint venture.
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