Simon's Chelsea Division Breaks Ground on The Valley's First Outlet Center
MERCEDES, Texas, Sept. 29 /PRNewswire-FirstCall/ -- Simon Property Group,
Inc. (NYSE: SPG) announced today that its Chelsea Property Group division
broke ground on Rio Grande Valley Premium Outlets(R) in a ceremony held this
morning. The project will be the first outlet center in The Valley and will
position Mercedes, Texas as a destination for upscale outlet shopping.
Officials from Roseland, NJ-based Chelsea Property Group were on-hand as
construction began on the 400,000 square foot upscale, fashion-oriented
manufacturers' outlet center located at the southwest corner of U.S.
Expressway 83 and Mile 1-1/2 East Road in the city of Mercedes, Hidalgo
County, Texas. Chelsea, a division of Simon, is a leader in the outlet
industry based on its proven concept of Premium Outlet Shopping(R). The
center, to be built in one phase, will be a single-level, village style
project with a southwest architectural theme. The 54-acre property will
include the outlet center and several parcels for complementary uses.
Rio Grande Valley Premium Outlets will house over 100 outlet stores and
will feature high-quality national brands serving the area's permanent
population as well as visitors to the area. "Our trademarked concept of
Premium Outlet Shopping(R) differentiates Chelsea centers from other outlet
centers and entertainment megamalls. We are confident that we will be
bringing together an excellent mix of upscale and high quality merchants
befitting this area's desirable demographics," said Michele Rothstein, Senior
Vice President of Marketing for Chelsea. "We selected Mercedes because we
felt there was a synergy in the type of quality centers we build and the brand
conscious and quality-minded consumers who live in and visit this growing
market. Shoppers who seek the finest brands at outlet prices and desire a
more upscale shopping atmosphere will appreciate the difference in what we
will be bringing to The Valley. We appreciate the great support we have
received from the City of Mercedes. Mayor Joel Quintanilla has been
instrumental in supporting the infrastructure required for the development."
"Breaking ground for Rio Grande Valley Premium Outlets is the latest
evidence of how important The Valley is to Simon Property Group," said Les
Morris, Manager of Corporate Public Relations for Simon. "We've enjoyed
nearly three decades of retailing success in The Valley with La Plaza Mall in
McAllen and Valle Vista Mall in Harlingen."
Rio Grande Valley Premium Outlets, scheduled to open in Fall 2006,
represents an investment of over $50 million, will create approximately 800
quality jobs, and will generate millions of dollars in sales tax revenue.
"We are thrilled to be welcoming Chelsea to our community," said Mayor
Quintanilla. "They are a first-class organization and we are confident that
this project will be an enhancement to Mercedes and the entire region. The
sales tax revenue alone will significantly improve the finances of the City."
"The outlet center is a much awaited project for our community, the Rio
Grande Valley and northern Mexico. It will provide a great boost to our
economy," said Richard Garcia, City Manager.
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a
real estate investment trust engaged in the ownership, development and
management of retail real estate, primarily regional malls, Premium Outlet(R)
centers and community/lifestyle centers. The Company's current total market
capitalization is approximately $40 billion. Through its subsidiary
partnership, it currently owns or has an interest in 295 properties in the
United States containing an aggregate of 201 million square feet of gross
leasable area in 40 states plus Puerto Rico. Simon also holds interests in 51
European shopping centers in France, Italy and Poland; 5 Premium Outlet(R)
centers in Japan; and one Premium Outlet(R) center in Mexico. Additional
Simon Property Group information is available at http://www.simon.com .
SOURCE Simon Property Group, Inc.
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Related links:
http://www.simon.com
CONTACT:
Michele Rothstein, Senior Vice President -
Marketing of Chelsea Property Group, +1-973-228-6111
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