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Prime Finalizes Deal for 485,000-SF Outlet

GRAND PRAIRIE, TX-A contract with the city moves the Baltimore-based developer another step toward its goal of 1.5 million sf of new projects by end of '09.

By John McCloud | Updated on March 04, 2008

GRAND PRAIRIE, TX-The city has finalized an agreement reached in October with Baltimore-based Prime Retail for development of a 485,000-sf retail outlet center, to be called Prime Outlets-Grand Prairie on 64 acres along Interstate 20, between the future extension of the TX-161 tollway and State Highway 360. The two parties signed off on the deal on March 4, with development slated to commence this fall for opening in late 2009.

The contract commits the city to make various infrastructure improvements, acquire adjacent property on which Prime will build parking and reimburse the company for some development costs. In return the city will earn more than $3 million a year in sales and property taxes, and will benefit from the addition of about 500 new jobs. Grand Prairie economic development director Bob O’Neal calls the deal a win-win situation. “We get a great developer with great tenants,” he tells GlobeSt.com. “We get destination retail, which helps our tax base and our residents get a great place to shop. We win on all fronts.”

The site is located in a TIF district formed in 1999 that stretches from Texas 360 to Texas 161. Tax revenue generated by higher property values due to new development goes to finance public improvements within the district. “We’re looking at the project as an important source of sales-tax growth,” says O’Neal. “Our tax base is heavily residential. This will relieve the burden on local homeowners and allow us to provide improved services.”

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