Tanger Outlets Announces Plans To Develop New Center In Charlotte, North Carolina

Tanger Outlets Charlotte will feature over 90 popular designer and brand name stores

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Oct 17, 2012, 04:05 ET

GREENSBORO, N.C., Oct. 17, 2012 /PRNewswire/ -- (NYSE:SKT) Tanger Factory Outlet Centers, Inc. has announced plans to develop a dynamic new outlet center located in Charlotte, North Carolina. When completed, residents and visitors to the Queen City area will have a new destination for fashionable savings on merchandise that is on trend, in season and value priced direct from the manufacturer.

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There is great excitement and retail tenant interest around entering this vibrant community with the best location available in the market. Tanger intends to develop a new 350,000 square foot Tanger Outlet Center located 8 miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160). There are future plans for a 50,000 square foot expansion as well. Tanger is developing the outlet project in conjunction with Childress Klein Properties and Steele Creek Limited Partnership, a long-time owner of land in Steele Creek created by Charlotte civic leader Sarah Belk Gambrell, who will be developing ancillary uses surrounding the outlet center. "I have enjoyed working with Tanger to plan what will be the premier shopping center of its type in this region. This is the caliber of development we have long envisioned for such a strategic location in our community," said Mrs. Gambrell.

This section of I-485 is located between I-85 and I-77, the two major interstate thoroughfares for the city, and will have direct access from Steele Creek Road and Dixie River Road. Steele Creek is a full interchange off I-485. The Steele Creek community has been one of the fastest growing residential areas in Mecklenburg County. It also contains one of the highest employment concentrations in the County and is home to several recreation sites. "Plans for the Tanger Outlet Center in the Steele Creek area of Charlotte are exciting. This type of upscale development will bring high-quality retail options and positive economic impact to our community," said LaWana Mayfield, Charlotte City Council District 3 Representative.

The project is slated for completion in 2014 upon receipt of governmental development approvals. The new Tanger Outlets Charlotte will be Tanger's fourth outlet shopping center in North Carolina. The company operates Tanger Outlets Blowing Rock along the Blue Ridge Parkway, Tanger Outlets Nags Head on North Carolina's scenic Outer Banks and Tanger Outlets Mebane which serves the Piedmont Triad and Research Triangle communities. Tanger Outlets Charlotte will welcome shoppers with a collection of approximately 90 brand name and designer outlet stores.

The economic impact of Tanger's presence in North Carolina is significant. The three existing centers create approximately 2,700 full and part-time jobs and generate over $12 million in annual sales tax. The new Tanger Outlets in Mecklenburg County is expected to create approximately 300 jobs during construction and over 900 full and part-time jobs once the center is open and operating. The estimated annual sales tax generated for Mecklenburg County is estimated at over $10 million annually.

"We are very excited to begin creating one of the South's premier outlet shopping attractions," stated Steven B. Tanger, President and Chief Executive Officer for Tanger Factory Outlet Centers, Inc. "This project represents an approximately $80 million investment by Tanger in the growing Charlotte community and the great state of North Carolina," he added.

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 in Mecklenburg County, the impact the center is expected to have on the local community 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 the Company, interested parties should review the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

About Tanger:

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 39 upscale outlet shopping centers in 25 states coast to coast and in Canada, totaling approximately 11.9 million square feet leased to over 2,500 stores operated by more than 425 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.

Contact:
Quentin Pell
Director of Public Relations
336-834-6827
[email protected]

SOURCE Tanger Factory Outlet Centers, Inc.