As we predicted back in May, the competition to build new outlet centers in the U.S. continues to be fierce.
The CoStar Group reports that both Simon Property Group and Tanger Factory Outlet Centers announced plans to build new outlets in the Charlotte, N.C. area. Simon revealed it signed a letter of intent to develop a 400,000-sq.-ft. property in nearby Stallings, in a joint venture with Paragon Outlet Centers.
Tanger, meanwhile, is starting work on a 350,000-sq.-ft. center at I-485 and Steele Creek Road. Both centers are scheduled for completion in 2014.
Let the games begin!