NATIONAL HARBOR, MD-The Peterson Cos., the family-owned development group that envisioned and then built the 300-acre National Harbor, and REIT Tanger Factory Outlet Centers, Inc. have inked a 50-50 JV to bring Tanger’s outlets to the development. The duo will build a $100 million, 350,000-square-foot building to house about 80 outlets on 40 acres.

The deal will double the amount of retail that currently exists at the mixed-use community, Taylor Chess, SVP of retail for the Peterson Cos., tells GlobeSt.com. Furthermore, these outlets will bring a new type of retail to National Harbor. “This deal fits perfectly into our model of destination retail,” he says. “National Harbor is a local draw for Prince George’s County, it is a regional draw for Washington, DC and Northern Virginia and a national draw as a destination waterfront resort.” The first outlets will open in early 2013, he says.

National Harbor, every now and then, makes headlines by grabbing a marquee development partner. In 2009, it sold 15-acres to Disney Resorts, who said it was considering using the site, which overlooks the Potomac River, as a location for a resort hotel.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.