We believe the market was previously underserved, lacking quality retailers to serve both the local population and tourism markets. Our Tanger Outlets Savannah project, which is a 50/50 JV with Tanger, is located in Savannah's residential growth corridor off Interstate 95. Over 26 million vehicles pass the site every year making the location highly accessible to regional residents as well as tourists.

The Broughton Street Collection is in the heart of the historic district and in close proximity to hotels, restaurants and other retail that is visited by both residents and tourists. As a joint venture partnership with Acadia Realty Trust, a REIT with extensive experience with urban redevelopment projects, we felt that the previous offering of retail and restaurants could be substantially enhanced to offer national, local and regional retailers that are successful in urban environments.

GlobeSt.com: Tell us a little more about your investment and development strategy for the two projects.

Carter: Our past projects have been large-scale retail developments that have become the center of their communities. Mall of Georgia and St. Johns Town Center were both planned and have become the preferred location for residents and visitors to shop, dine and congregate.

Our focus going forward is in urban retail. As people return to urban areas to live and work, there is a great opportunity with this demographic trend and it is aligned with many retailers' growth strategies. We also believe that fashion outlet development has emerged as a preferred real estate location for retailer expansion in the US and internationally, and is aligned with the consumer's interest for fashion at attractive prices.

GlobeSt.com: Phase I of Tanger Outlets Savannah has opened with great success. Several retailers doubled or even tripled projected sales. What's next for the outlet?

Carter: Tanger Outlets Savannah was master planned with a unique concept to outlet development as it included approximately 500,000 square feet of complimentary retail on land around it. Our experience in mall development is that restaurants, freestanding retail, automotive uses and hotels are attracted to regionally dominant retail locations, which adds to the appeal for consumer and complimentary amenities like restaurants and hotels.

We are also already in negotiation to expand the 377,000-square-foot Phase I of Tanger Outlets Savannah by an additional 40,000 square feet. It will include two fashion anchor stores totaling 35,000 square feet, additional shops and two restaurants.