Simon Property and Paragon Outlet in joint venture to open outlet center

INDIANAPOLIS -- Simon Property Group and Paragon Outlet Partners, Baltimore, have signed a letter of intent to jointly develop Charlotte Premium Outlets, in Stallings, N.C.



Projected to open in 2014, the outlet center will be 400,000 sq. ft. and will house approximately 100 designer and name brand stores.



The project, which is expected to break ground during spring 2013, is a 50/50 joint venture between Simon Property Group and Paragon Outlet Partners.

"We're pleased to be partnering with Paragon Outlet Partners to develop this project in a market that Simon knows so well and in which we've had so much success," said John R. Klein, president of Simon's Premium Outlets division, alluding to SouthPark and Concord Mills, both located in Greater Charlotte. "We look forward to bringing an outstanding collection of many of the finest designers and name brands, offering value, quality and selection in one high-quality outlet center to the marketplace."