Shopping Center Business

MAY 2015

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336 • SHOPPING CENTER BUSINESS • MAY 2015 Stream will open in October. "Again, we have a site with great access and great demographics — and we like the market from the tourism standpoint," Karp says. The site is located five miles southwest of downtown Asheville at the Interstate 26 and Route 191 interchange. More than 9.1 million people — with an average household income of more than $100,000 — visit the Asheville region each year with 3.1 million staying overnight. Nearly 1.3 million people, with an aver- age household income of $57,000, live in a 50-mile radius, and there is no other outlet center within 80 miles. Future Projects In October, New England Develop- ment will open Outlets of Little Rock — the only outlet center in Arkansas. The 325,000-square-foot project will be located adjacent to the only Bass Pro Shop store in the state at the intersection of Interstate 30 and Interstate 430, which sees 95,000 cars daily. New England De- velopment acquired the vacant site a year ago, after Bass Pro Shops announced it was opening its first Arkansas store next to the site. "Little Rock is a great city that often gets overlooked but it shouldn't be," Karp says. "This is a large region with a lot of people; the demographics make this proj- ect very viable." The Little Rock MSA has a population of approximately 725,000 people with an average household income of $63,330. The region also has more than 20 insti- tutions of higher learning serving 65,000 students. Pulaski County — which is home to the Clinton Library — receives 5.6 mil- lion visitors annually. The company has not yet disclosed tenants, but Karp says, "We are doing great with leasing efforts. We tend to focus on national tenants that have out- let concepts for retail spaces, but we are exploring ideas for restaurants with local operators and we always consider pop-up opportunities with local vendors for carts and kiosks." New England Development is also developing three outlet projects to open in the second half of 2016. Outlets of Des Moines will feature 300,000 square feet of retail at the intersection of Inter- state 80 and U.S. 65 in Altoona, Iowa, which is six miles from downtown Des Moines and has a residential trade area of 948,000. The average household in- come is $70,000. The site is also near the Des Moines International Airport, which serves 2 million passengers each year. There is no other outlet center within 80 miles of this site. Twenty miles outside of downtown De- troit and directly across from the Detroit Metropolitan Airport, which serves 32 million passengers each year, New Eng- land Development has partnered with Paragon Outlet Partners to develop Out- lets of Michigan, a 365,000-square-foot project that will serve consumers in Ann Arbor, southeast Michigan and northwest Ohio. More than 3.4 million people live within 30 miles of the project. Twenty-sev- en hotels with 4,000 rooms are located in close proximity to the airport. The project will also serve some Canadian consumers as it will be the closest outlet in Michigan to the Canadian border, and 8 million pas- senger cars traverse the Detroit/Windsor Crossing each year. New England Development is also part- nering with Simon Property Group and Rockville, Maryland-based Streetscape Partners to develop the 425,000-square- foot Clarksburg Premium Outlets at the intersection of Interstate 270 and Clarks- burg Road in Clarksburg, Maryland, which is part of the northwest metro D.C. suburban market. "We are creating a pedestrian-friendly retail village with the first multi-level outlet plan in the United States," Karp says. The project will bring new shopping and dining opportunities to the area and will connect to bike paths, forest conservation areas, and public gath- ering spaces. "We have a long history of great proj- ects, and the success of our Palm Beach project put us on the map when it comes to outlet projects," Karp says. And now the company is studying its maps and demographic data to iden- tify additional underserved markets large enough to support outlet centers in order to fill retail voids in more markets in the coming years. SCB Opening this month is Asheville Outlets, a partnership between New England Development and Tremont Capital in Asheville, North Carolina. The project is 325,000 square feet. In October, New England Development will open Outlets of Little Rock at the intersection of Interstates 30 and 430 in Little Rock, Arkansas. The project is 325,000 square feet and will focus on national outlet tenants. (NED, continued from page 331)

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