Simon Property Group, Inc. (NYSE: SPG) has announced that its Chelsea Property Group division began construction on Houston Premium Outlets(R). The 430,000-ft² outlet center will bring upscale outlet shopping to the Houston market.
The 75-acre property is located in northwest Houston off of U.S. Highway 290 between Mason Road and Fairfield Drive in Cypress, TX. The Roseland, NJ-based Chelsea, a division of Simon, is the leader in the outlet industry based on its proven concept of Premium Outlet Shopping(R). The center will be a single-level, village-style project with a Southwest architectural theme and will be the company's fourth Premium Outlet Center in Texas. Round Rock Premium Outlets and Rio Grande Valley Premium Outlets opened in the Lone Star State in 2006, joining Allen Premium Outlets.
Houston Premium Outlets will house 120 outlet stores and will feature high-quality designer and name 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 John R. Klein, co-president of Chelsea. "We selected the Houston market 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 region. 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 Houston metro area."
Houston Premium Outlets, scheduled to open spring 2008, will create approximately 800 to 1,000 quality jobs and is projected to generate millions of dollars in sales tax and real estate property tax revenue. To the east of this project, a 100-acre project, Fairfield Towne Center, is being developed by the Simon Community/Lifestyle Center Division. This 800,000-ft² project is slated to open fall 2008/spring 2009. Both projects combined will create over 1.2 million ft² of high quality retail space in this corridor.