CHARLOTTE—Tremont Realty Capital and New England Development (NED) inked a joint venture with plans to transform the Biltmore Square Mall in Asheville, NC. Plans call for the region's first outlet center, a 325,000-squae-foot retail mall with top manufacturers and retailers as tenants.
Slated to open in 2014, Asheville Outlets will feature an open air design using architectural elements unique to Asheville. Located just off of Interstate 26 at 800 Brevard Road, the site seems well positioned for an outlet center. No other outlet center is located within 80 miles, and Asheville has a strong and growing visitor market seeking outlet shopping, with more than 9.5 million visitors per year.
“When we acquired this property in 2010, our market studies confirmed that an outlet mall would work well in this location,” says Richard Gallitto, executive director of Tremont. “Partnering with New England Development makes ultimate sense, as we are both Boston firms that share a common interest in high quality development.”
The property was originally developed in 1989 as a regional mall anchored by Belks and Dillard's. Serving as a gateway to the Blue Ridge Mountains and with local attractions such as the Biltmore Estate, the city has become a national and international tourist destination. Asheville is also one of the nation's top second home markets. Barron's named Asheville as #1 of the 15 Best Places for Second Homes.
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