Thursday, September 27, 2012

St. Louis Premium Outlets closes on land purchase

Diana Barr Associate Editor- St. Louis Business Journal
The developers of the St. Louis Premium Outlets in Chesterfield have closed on the purchase of 50 acres for the mall.

Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is developing St. Louis Premium Outlets in partnership with EWB Development and Texas-based Woodmont Co.

The mall is to anchor the 131-acre Chesterfield Blue Valley mixed-use development on Old Olive Street Road. Dean Wolfe, principal of Chesterfield Blue Valley LLC, said Wednesday that the sale of the acreage closed Sept. 19. Wolfe declined to disclose the sale price for the 50 acres.

St. Louis Premium Outlets is a planned 350,000-square-foot, open-air outlet mall to be located on the south side of Highway 40/64. Construction began July 11, and developers plan a September 2013 opening.

Wolfe said that Chesterfield Blue Valley also has letters of intent from retail entities, which he declined to name, for 25,000-square-foot and 70,000-square-foot buildings on the property remaining to be developed. “Our prospective users are attracted by the fact that premium outlets, in their first full year, attract between 3.5 million and 5 million people a year,” Wolfe said.

Last week, St. Louis Premium Outlets said that its space is more than 75 percent committed. New tenants announced last week include clothing retailers Charlotte Russe, Jos. A. Bank and Motherhood Maternity. Designer womenswear stores BCBGMAXAZRIA, Max Studio and Sarar; home goods outlet Kitchen Collection; travel brand Samsonite; Fragrance Outlet; and Ultra Diamonds, also have committed to the new development, Simon said. Previously announced tenants for St. Louis Premium Outlets include anchor Saks Fifth Avenue Off 5th, Ann Taylor and Brooks Brothers.

The competing outlet mall being built in Chesterfield, Taubman Prestige Outlets Chesterfield, a partnership between Michigan-based Taubman Centers and OutletPartners LLC, held its groundbreaking July 25. Taubman plans a $150 million, 450,000-square-foot outlet mall project on a nearly 50-acre site on North Outer 40 Drive east of the Boone’s Crossing exit from Highway 40/64. Its opening is set for Aug. 2, 2013. Taubman officials also have announced a number of tenants, including fashion retailers such as Banana Republic Factory Store and Gap Outlet.

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