CHESTERFIELD, MO-Indianapolis-based Simon Property Group Inc. has joined a joint venture of Woodmont Outlets and EWB Development LLC, with a plan to build a 131-acre mixed-use project here anchored by an outlet mall. The St. Louis Premium Outlets will reportedly cost $185 million to build.
The Fort Worth, TX-based Woodmont Co. had announced plans early in October to build the mall, then called the Spirit of St. Louis Outlets, here on 55 acres on the south side of Interstate 64 and Highway 40, east of the Daniel Boone Bridge. The entire project, named Chesterfield Blue Valley, will also include offices, a hotel and entertainment venues. The first phase is projected to open in fall 2013.
Stephen Coslik, chairman and CEO of Woodmont Outlets, said in a statement the site should appeal to shoppers, and he has received strong feedback from the merchant community. Woodmont leases and manages seven outlet centers containing 1.7 million square feet, EWB has participated and/or directed the development programs of more than 50 outlet centers in the United States. Simon, the largest retail owner in the country, has an outlet portfolio of 69 centers, including 57 in the United States.
David Simon, chairman and CEO of Simon, said during a third quarter conference call that his firm already has three outlet centers under construction, with two in the United States and one in Malaysia. “In the past couple of quarters, our development or redevelopment programs in the United States and abroad are accelerating,” Simon said. “We are seeing good value creation opportunities. We expect our share development spend to approximate nearly $500 million in 2011, and the potential for 2011 could approximate $1 billion.”
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