Tanger Outlets Fort Worth officially opened today with a ribbon cutting ceremony hosted by Steven B. Tanger, Chief Executive Officer of Tanger Outlets, Drew and Jonathan Scott from the hit show Property Brothers, as well as state and local officials,
The new center, which is expected to be approximately 93 percent leased, according to Tanger Factory Outlet Centers Inc.
The center features more than 75 upscale brand name and designer outlet retailers including H&M, Gap, Tommy Hilfiger, Children’s Place, Nike, Levi’s, Banana Republic, Express, Guess, Restoration Hardware, Off Broadway Shoe Warehouse, LIDS Sports Group and several others. The opening of Tanger Outlets Fort Worth is expected to create more than 900 full and part time jobs and is estimated to generate more than $10 Million in additional state and local sales tax revenue, according to a company news release. Tanger Outlets Fort Worth, the site will encompass about 350,000 square feet of retail space and is expected to feature more than 80 upscale brand name and designer outlet retailers.
“We are excited to provide a world-class retail destination to the residents of the Dallas-Fort Worth Metroplex and contribute to the city’s economic growth,” said Steven B. Tanger, Chief Executive Officer of Tanger Factory Outlet Centers Inc. in an earlier statement. “This weekend’s grand opening will be full of celebrations, as we mark the opening of our fourth outlet center in Texas. We have enjoyed working with the local government here, and hope to continue to provide positive economic growth to the state, as well as a first-class shopping destination for our customers.”
Family footwear retailer Rack Room Shoes, best known for its ongoing “Buy One Get One 50 Percent Off” promotion, has a 6,000 square foot store.
“From our product offering, to customer service, to value prices – our Fort Worth customers have come to know and expect a high level of excellence from Rack Room Shoes. We look forward to maintaining those quality standards, while delivering an even more enjoyable shopping experience,” said Regional Manager Charles McGowen.
The Grand Opening ceremony was presented by Briana Gurley, Tanger Fashionista of the Tanger Style Team, with remarks delivered by Janie Havel, Economic Development Field Representative from the Governor Abbott’s Office, Robin Vaughan, Deputy District Director from Congressman Burgess’ Office, Betsy Price, Mayor of the City of Fort Worth, William Boecker, President and CEO, Fine Line Diversified Development, Dennis Shingleton, Fort Worth City Councilman and Mayor Pro Tempore, Robert Jameson, President and CEO, Fort Worth Visitors Bureau, Bill Thornton, President and CEO, Fort Worth Chamber of Commerce, and Andy Eads, Denton County Commissioner.
For a full listing of Grand Opening events visit, https://www.tangeroutlet.com/fortworth.
Tanger Outlets is located at 15853 North Freeway, 76177. Tanger Factory Outlet Centers Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that has a portfolio of 43 upscale outlet shopping centers.
In 2015, the Fort Worth City Council approved an economic development deal granting Fine Line Diversified Development Co., operated by Fort Worth investor Ed Bass, Martin Bowen and Bill Boecker a rebate of 85 percent of the city’s one-cent sales tax for 10 years, or about $31.5 million. Tanger Outlets would be rebated 85 percent of the city’s sales tax for 15 years, or about $25 million.
Tanger would be required to invest $70 million into constructing the outlet center in the development, with Fine Line required to spend $60 million into constructing 500,000 square feet of commercial space and 100,000 square feet of apartments.