Property Types Retail
Prime Retail Announces 450,000SF Project North of Atlanta
May 19, 2008
By: Denise L. Meyer, Contributing Correpondent

Prime Retail has announced the development of a 450,000-square-foot outlet shopping center in metropolitan Atlanta, set to open in 2010.

Prime Outlets-Holly Springs will be located approximately 30 miles north of Atlanta in Cherokee County on Interstate 575. An estimated $120 million project, it will house some 120 stores. The project is expected to bring about 2,000 jobs to the area.

"The Atlanta market ranked off the charts when measured against the criteria we use to determine the potential success of an outlet project," explained Robert Brvenik, president of Prime Retail. According to the U.S. Census Bureau, the Metro Atlanta region led the nation in population growth between 2000 and 2006, with more than 150,000 people moving to the region each year.

Prime Retail's other new development projects include the 485,000-square-foot Prime Outlets-Grand Prairie, in the Dallas-Fort Worth region, and Prime Outlets-Livermore, a 485,000-square-foot project in the San Francisco Bay area.

The company’s portfolio includes more than 8 million square feet throughout major United States markets and Puerto Rico. Prime owns and operates 21 Prime Outlets in markets including Orlando; San Marcos, Texas; Williamsburg, Va.; and Grove City, Pa. And the firm is looking to expand, with nearly 2 million additional square feet planned over the next several years.

In other Prime Retail news, Saks Fifth Avenue OFF 5TH signed on to open a 28,000-square-foot anchor store at the Grand Prairie, Texas, mall. That $100 million development project serving the Dallas/Forth Worth market is expected to open by the 2009 holiday season.

 
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