Tanger Outlet Centers hosted a ground breaking ceremony at the Cookstown Outlet mall where a 60 million dollar reno-expansion is underway. This expansion of the mall at hwy 400 and & 89 is expected to generate 125 construction jobs, 400 full and part-time retail jobs and an estimated $16 million dollars in annual sales tax for the region.
This upscale outlet centre is located approximately 50 kms north of the Greater Toronto area directly off Highway 400 at Highway 89, the gateway to the highest concentration of vacation homes in Southern Ontario's "cottage country". The region and highway is a well-traveled vacation area year-round where Toronto residents enjoy skiing in the winter in nearby Collingwood and lakeside activities in the summer. A thriving neighbouring community to the city of Toronto , Cookstown shares the economic benefits of being in proximity to Toronto's economic engine generated by its over 7 million residents and its 16 million annual tourists. It is further supported by the affluent cities of Barrie and Newmarket.
Tanger Outlets Cookstown is currently 156,000 square feet. We expect the approximately 152,500 square foot expansion will include over 35 leading brand name and outlet stores including: Calvin Klein , American Eagle Outfitters, Gap Outlet, Banana Republic Factory Store, Nike Factory Store, Tommy Hilfiger , Aeropostale and many more.
The projected total cost of this expansion represents an estimated $60 million dollar investment in Cookstown. The expansion will have a positive economic impact for the area by creating an estimated 125 jobs during construction and approximately 400 full and part-time retail jobs upon completion. Once complete, we expect the expanded centre will create an estimated $16 million dollars in annual sales tax.
"We are very happy to begin construction on the expansion of Tanger Outlets Cookstown and increase the number of brand name and designer outlet stores available to shoppers in the area," said Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. "We will continue to focus on making Tanger Outlets Cookstown a destination for stylish savings on merchandise from our shoppers' favorite designer and brand name stores, offering on trend, in-season, value priced merchandise direct from the manufacturer at 30 to 70 percent off retail prices."
"The expansion of Tanger Outlets Cookstown is the next evolution for the property designed to grow this established outlet centre into an even larger shopping destination," said Edward Sonshine, CEO of RioCan. "The development will be an excellent opportunity to deepen our co-ownership portfolio with Tanger Outlet Centers and build upon RioCan's growing enclosed mall and outlet centre portfolio."
About RioCan
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.4 billion as of March 31, 2013 . It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 344 retail properties containing more than 84 million square feet, including 50 grocery anchored and new format retail centres containing 13.7 million square feet in the United States through various joint venture arrangements as at March 31, 2013 . RioCan's portfolio also includes 11 properties under development in Canada . For further information, please refer to RioCan's website at www.riocan.com.
About Tanger Factory Outlet Centers, Inc.: Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT headquartered in Greensboro , North Carolina that operates and owns, or has an ownership interest in, a portfolio of 43 upscale outlet shopping centres in 26 states coast to coast and in Canada , totaling approximately 12.9 million square feet leased to over 2,700 stores operated by more than 460 different brand name companies. More than 175 million shoppers visit Tanger Factory Outlet Centers annually. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site atwww.tangeroutlet.com.
Forward-Looking Information
This News Release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding RioCan's and Tanger's intention to expand Tanger Outlets Cookstown, the cost and size of the project, the impact on the local area in terms of jobs and sales taxes generated, the impact on customers' shopping experience and other statements concerning each company's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements. These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on each company's current estimates and assumptions, which are subject to risks and uncertainties.
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