Phase I of the project is scheduled to break ground in spring 2009 with an anticipated completion date in the first quarter of 2010. Brian O'Neill, founder and chairman of O'Neill Properties Group tells GlobeSt.com that Phase I will include theaters, casual restaurants, a hotel, large discount stores and smaller retail stores. According to O'Neill, there will be five phases total.
"Sanatoga Springs will present retailers with an amazing opportunity unlike any other project in the region," says O'Neill Properties chairman Brian O'Neill in a company statement. "With the impressive site traffic of the Philadelphia Premium Outlets already present, tenants of Sanatoga Springs will immediately experience the benefits of being located next door to one of the country's most successful outlet centers."
Philadelphia Premium Outlets is a 555,000-sf , $150 million retail destination that opened in late 2007. Tenants include Ann Taylor, Banana Republic, Calvin Klein, Elie Tahari, J. Crew, Tommy Hilfiger and Waterford Wedgwood. The Outlets draws an estimated 15,000 visitors per day.
The 66-acre site is located along Route 422 in a high-growth corridor. Part of the project will include an extension of Lightcap Rd., the access point for Philadelphia Premium Outlets, which will also serve Sanatoga Springs. According to O'Neill, the area was chosen as an ideal site for the project because it is growing at an explosive rate--there are 100,000 households in the trade area and a 10% household growth projection over the next three to five years. The new destination hopes to attract more than five million visitors per year.
"We view central Montgomery County as a representative example of an underserved region with limitless potential," says O'Neill. "Sanatoga Springs will offer visitors a unique shopping, dining and entertainment experience and become a destination the entire community will enjoy."
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