Sunday, November 20, 2011

Simon and Woodmont Outlets Announce a Joint Venture to Develop St. Louis Premium Outlets

INDIANAPOLIS, Nov. 15, 2011 /PRNewswire via COMTEX

Simon Property Group, Inc., (NYSE: SPG), Woodmont Outlets and EWB Development LLC announced that they have signed a Letter of Intent to create a joint venture agreement for the development, construction, leasing and management of St. Louis Premium Outlets®, a new upscale outlet center in Chesterfield, Missouri. Simon will own 60% share of the project.

The new outlet center, which was announced in October as Spirit of St. Louis Outlets, will be comprised of 55 acres and will anchor Chesterfield Blue Valley, a mixed-use development to include office space, hotel, restaurant and entertainment venues. Located on the south side of I-64/US Highway 40 east of the Daniel Boone Bridge, the center will serve area residents and visitors. A first phase of approximately 350,000 square feet is projected to open Fall 2013. The project has ample room for future expansion.

"We are pleased to be a part of this exciting project and look forward to working with Woodmont Outlets and EWB Development," commented John R. Klein. President of Simon's Premium Outlets platform. "It will fit in well with our portfolio of outlet centers. Many area shoppers and visitors are well acquainted with the Premium Outlets branded concept of upscale outlet shopping and many of our 69 properties worldwide which include top centers such as Woodbury Common Premium Outlets in New York, Orlando Premium Outlets, Florida and Gotemba Premium Outlets near Tokyo, Japan."

"We are thrilled that Simon Property Group has chosen to work with our company on bringing high quality outlet shopping to the area," said Stephen Coslik, Chairman and CEO of Woodmont Outlets, an affiliate of The Woodmont Company. "We have an ideal site which we are confident will appeal to shoppers. We have received strong feedback from the merchant community."

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