Construction crews plan to break ground on Charlotte’s first outlet mall on Friday, and executives said Tuesday that the mall’s anchor tenant will be Saks 5th Avenue OFF FIFTH.
Charlotte Premium Outlets is being built as a joint venture by mall companies Simon Property Group and Tanger Factory Outlet Centers. The companies had originally announced plans to build competing outlet malls in the Charlotte region about 22 miles apart.
They ended up agreeing to build together at the Interstate 485 interchange with Steele Creek Road. Simon and Tanger are each 50 percent owners of the project. Tanger is developing the site and supervising construction, while Simon will manage the mall and provide marketing services.
The companies have said they will share leasing duties.
The mall is expected to be just under 400,000 square feet, and will have an estimated 90 retailers.
The mall is slated to open next summer. Executives said they expect it to generate $140 million in annual sales and employ about 800 full- and part-time workers.
The 82-acre, largely-wooded property in southwest Charlotte is bordered by Steele Creek Road, Shopton Road, Dixie River Road and I-485.
The outlet mall is Tanger’s first venture into Charlotte, though the company owns outlets in Mebane and Blowing Rock. Simon owns SouthPark mall and Concord Mills.
Portillo: 704-358-5041; Twitter @ESPortillo
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