Tanger Terminates Option on 380,000 SF Texas Stadium Site

Tanger Factory Outlet Centers has terminated its option contract for a new development site in Irving, which would have been its third in Texas.

In March 2008, Tanger, a Greensboro, NC-based real estate investment trust (REIT), said it would build a new, 380,000 square foot Tanger center with an upscale collection of 90 brand name and designer outlet stores at the site, which located west of Dallas at the North West quadrant of State Highway 114 and Loop 12.

The Tanger development was set to be the first major commercial real estate project planned for the Texas Stadium Redevelopment Area. It promised to feature a shopper friendly racetrack layout that would function as an open air shopping center with both covered and uncovered walkways. Tanger also said the center would feature landscaped courtyards, architectural details and a park-like setting.

As the development is no longer probable, Tanger has written-off approximately $400,000 of predevelopment and due diligence costs associated with the project.

The site is adjacent to the upcoming DART light rail line (and station stop) connecting downtown Dallas to the Las Colinas Urban Center, the Irving Convention Center and the Dallas/Fort Worth Airport.

Source: dallasrealestate.citybizlist