May 16 2013
Horizon Group Properties, Inc. and CBL & Associates Properties, Inc., today announced that it had formed a joint venture to develop The Outlet Shoppes at Louisville in Simpsonville, Kentucky. Located on the heavily traveled Interstate 64, the 370,000-square-foot project will be the premier outlet destination for residents of Louisville, Lexington, Frankfort and the surrounding area. It will be the only outlet center located in the State of Kentucky.
In addition to serving those communities, The Outlet Shoppes at Louisville will provide tourists and conventioneers with a reason to shop in the state.
Construction will begin in June, with the grand opening scheduled for late summer 2014. Horizon and CBL are co-developing the project with Horizon responsible for leasing and management.
The Outlet Shoppes at Louisville is currently more than 75% leased or committed with must-have outlet retailers such as Coach, Banana Republic, Brooks Brothers, Chicos, Nike, Saks Fifth Avenue OFF 5TH and more.
"Louisville and Lexington are major tourist and retail markets and we have a terrific location to develop Kentucky's premiere outlet center," said Gary J. Skoien , Horizon's president and chief executive officer. "CBL is a fantastic partner and we look forward to building on the success of The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta which involve similar joint ventures with CBL."
"We are pleased to once again partner with Horizon Group and are excited to bring outlet center shopping to the state of Kentucky," said Stephen Lebovitz , CBL's president and chief executive officer. "The Outlet Shoppes at Louisville has been generating a positive buzz within the retail community with its well-located site and prime access to this fast-growing market. We look forward to its grand opening next year."
The Outlet Shoppes at Louisville will contribute significantly to the area's local economy by creating new jobs and generating sales tax revenues. Once complete the center is estimated to create more than 1,000 jobs for the community and generate more than $130 million in annual sales. This level of sales will generate approximate $8 million of annual sales taxes to the state of Kentucky.
Source: http://www.horizongroup.com