Quarterly report pursuant to Section 13 or 15(d)

Developments of Consolidated Outlet Centers

v2.4.1.9
Developments of Consolidated Outlet Centers
3 Months Ended
Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Developments of Consolidated Outlet Centers
Developments of Consolidated Outlet Centers

Development continues for the following consolidated outlet centers as of March 31, 2015:
Project
Approximate square feet
(in 000's)
Costs Incurred to Date
(in millions)
Borrowed to date
(in millions)
Projected Opening
Foxwoods, Connecticut
313

$
86.0

$
40.1

05/21/15
Grand Rapids, Michigan
350

32.5


07/31/15
Southaven, Mississippi
320

16.6


4Q15
Total
983

$
135.1

$
40.1

 


Southaven, Mississippi

In January 2015, we purchased land for approximately $14.8 million and commenced construction on the development of an approximately 320,000 square foot outlet center in Southaven, Mississippi. Tanger Outlets Southaven will be located less than five miles south of Memphis, Tennessee. The outlet center is being developed through a joint venture in which we own a controlling interest and is consolidated for financial reporting purposes.

On April 29, 2015, the joint venture closed on a mortgage loan with the ability to borrow up to $60.0 million at an interest rate of LIBOR +1.75%. The loan initially matures on April 29, 2018, with one two-year extension option.