CLARKSBURG, MD-Simon Property Group has the go-ahead to move forward with its latest outlet project, the Clarksburg Premium Outlets at Cabin Branch. The REIT received unanimous approval from the Montgomery County Council.
The REIT expects to open the nearly 450,000-square foot outlet center by late 2015. Its partners in the project are Streetscape and New England Development.
In a prepared statement, John R. Klein, president of Simon's Premium Outlets division, noted that the project will generate more than 1,500 full and part-time jobs.
Last year the companies purchased 47 acres of land south of Clarksburg Road to build the center. The seller was Adventist HealthCare, which had wanted to build a hospital there but was unable to secure the necessary approvals.
Around the same time Simon Property announced its plans last year, Tanger Factory Outlet Centers and Peterson Cos., separately revealed they would building a new upscale outlet center close by.
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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.
