CLARKSBURG, MD—The developers of Clarksburg Premium Outlet mall have broken ground on the 392,000-square foot complex, which, when complete will house 90 retailers. It is expected to deliver in October 2016.
The mall is being developed in a venture between Simon Property Group, New England Development, and Streetscape Partners.
The mall has been in the planning stages for three years.
At one point, rival retail REIT Tanger Factor Outlets Center was planning to build its own outlet mall in Clarksburg as well. It abandoned its plans last year when Montgomery County Council gave the Simon Property Group venture the nod to move forward. Tanger had sunk some $1.6 million in pre-development costs at that point, for which it recorded a charge.
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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.
