Developer partners on Texas outlet mall
A developer in the region is partnering on an outlet mall in Texas that’s about 80 percent leased.
Norton Shores-based Horizon Group Properties said this week that it’s working with Chattanooga, Tennessee-based CBL & Associates Properties to develop The Outlet Shoppes at Laredo in Laredo, Texas.
The joint venture is 65 percent owned CBL & Associates and 35 percent owned Horizon Group Properties.
Horizon Group Properties will be responsible for leasing and management.
The development is under construction and expected to open next spring.
The Outlet Shoppes at Laredo has signed retail tenants such Brooks Brothers, Banana Republic and Michael Kors.
“We know there is pent-up demand for outlet shopping, not only in the city of Laredo, but also Nuevo Laredo and Monterrey,” said Gary Skoien, CEO, Horizon Group Properties. “The Outlet Shoppes at Laredo will be the closest outlet center to those markets. We look forward to presenting a dynamic store mix in a beautiful two-story environment in the heart of downtown Laredo.”
The 358,000-square-foot development will be the only outlet mall in a 180-mile radius and the closest outlet mall to Monterrey, Mexico, which has a population of 4.5 million, according to the firms.
The firms expect the development to create 1,200 new jobs and generate more than $134 million in sales.
Horizon Group Properties
Based in Norton Shores, Horizon Group Properties operates its executive office in Rosemont, Illinois.
The developer owns and operates outlet malls in eight states and the 400,000-square-foot Horizon Village Outlets in Kuala Lumpur, Malaysia.
The company is also the developer of a master-planned community in suburban Chicago.