By Ioana Neamt, Associate Editor
The country’s largest operator of malls is opening a brand new location in the Greater Washington, D.C. metro area.
Simon Property Group of Indianapolis broke ground October 21st on Clarksburg Premium Outlets, a multi-million dollar project that will bring more than 90 retailers to the market. Scheduled to open in October 2016, the new location is the result of a joint venture between Simon, Boston-based New England Development, and Streetscape Partners.
Located in Cabin Branch off a newly dedicated ramp at the I-270/MD 121 intersection, just 30 miles of the Washington, D.C. metropolitan area, Clarksburg Premium Outlets will encompass a total of 392,000 square feet of leasable retail space. The retail center will feature apparel and shoes, home furnishings, leather goods, fashion accessories and specialty items, at savings of 25 to 65 percent every day.
According to New England Development President Douglas Karp, the county’s first fashion outlet center will make a solid impact on the local economy, with the creation of 300 to 500 construction jobs and more than 800 full-time and part-time retail jobs upon completion. The project received approval from the Montgomery County Council in February 2014, as previously reported by Commercial Property Executive. Clarksburg Premium Outlets will also incorporate an outdoor green amphitheater and landscaped promenades, and is expected to generate $12 million in sales revenue and $2 million in real estate taxes each year.
“As residents of Montgomery County, we care deeply about enhancing the community we live in and our passion for creating architecturally interesting, pedestrian friendly mixed-use developments is what distinguishes us from our competition,” Harris Schwalb and Ron Kaplan, co-managing principals with Streetscape, said in a statement.
Rendering courtesy of New England Development