CLARKSBURG, MD—Paraphrasing an old Monkees’ song, Tanger Factory Outlets Centers Inc. is taking the last train out of Clarksburg.
In an earnings statement released earlier this week, Tanger announced it was abandoning its proposed project in Montgomery County as well as one in Scottsdale, AZ, according to the Washington Business Journal.
The decision to pull the plug on the Clarksburg project was precipitated by the Montgomery County Council ‘s vote in February to grant Simon Property Group and Streetscape Partners for their project to be developed in the Cabin Branch area west of Interstate 270.
Tanger reports that it recorded a $1.6-million charge due to the pre-development costs tied the Clarksburg and Scottsdale ventures. See story in the Washington Business Journal.