Archive for Friday, August 9, 1996

EXPANSION AWAITS TENANTS

August 9, 1996

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Construction of Tanger's second phase is waiting on lease agreements from tenants.

The former Consolidated Lumber buildings at the south end of the Tanger Factory Outlet Center are being demolished this week to make way for a future outlet expansion.

Consolidated Lumber moved in April to a new building at 1000 E. 11th. Tanger acquired the property two years ago for the planned expansion that has since been delayed. Originally, the center planned to begin construction late last year with stores were scheduled to open this summer.

Al Chafin vice president of Stanley K. Tanger & Co., said the company still wants to do the expansion, but no tenants have been secured for the phase two project.

"Now that the center is 100 percent leased, we're working aggressively to get addition tenants for the next phase," he said from the company's headquarters in Greensboro, N.C.

Last month Reebok shoe store opened in a vacant store at the outlet center and La Familia Mexican restaurant is slated to open Sept. 1, filling every shop at the center.

Sonya Woertz, Tanger general manager, said having a tenant for every store increases traffic and helps prove the success of the center.

"It boosts the overall appearance of the center to have it 100 percent full and shows the companies have confidence in this location," she said. "It basically says we're doing well enough to support these businesses."

The planned phase two project will encompass 5.36 acres at the south end of the center. It will provide room for an estimated 10 new stores in about 58,000 square feet of retail space.

Chafin said the company is considering several options to the traditional outlet center format. New trends in factory outlet centers, including some of Tanger's, involve integrating several restaurants or entertainment businesses with the retail stores. Tanger opened its first movie theater last month at its outlet center in North Branch, Minn.

Tanger Factory Outlet Center, which opened in November 1993, is located at the intersection of North Third Street and the Kansas Turnpike access road. It has 22 stores.

Chafin said construction on the second phase would begin after the company has leased at least 50 percent of the space.

"Our goal is to have tenants in 1997," he said.

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