Annual report pursuant to Section 13 and 15(d)

Development of Consolidated Rental Properties

v3.6.0.2
Development of Consolidated Rental Properties
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Development of Consolidated Rental Properties
Development of Consolidated Rental Properties

Daytona Beach

In November 2016, we opened an approximately 349,000 square foot, wholly-owned, outlet center in Daytona Beach, Florida. This outlet center features over 80 brand name and designer outlet stores.

The table below sets forth our consolidated outlet centers under development as of December 31, 2016:
Project
Approximate square feet
(in 000's)
Costs Incurred to Date
(in millions)(1)
Projected Opening
New development:
 
 
 
Fort Worth
352

$
19.8

Holiday 2017
 
 
 
 
Expansion:
 
 
 
Lancaster
123

15.4

Q3 2017
 
 
 
 
Total
475

$
35.2

 

(1)
Amounts funded by our unsecured lines of credit.

Fort Worth

In September 2016, we purchased land in the greater Fort Worth, Texas area for approximately $11.2 million and began construction immediately on the development of a wholly-owned outlet center. The outlet center will be located within the 279-acre Champions Circle mixed-use development adjacent to Texas Motor Speedway.

Lancaster Expansion

In July 2016, we commenced construction on a 123,000 square foot expansion of our outlet center in Lancaster, Pennsylvania.