Simon Property Group and Paragon Outlet Partners are teaming up to bring a new outlet mall to Stallings at the corner of I485 and Idlewild Road.
The 400,000-square-foot mall is a joint venture between the two companies, and will house about 100 designer and name brand stores.
The project plans to break ground in the spring of 2013, with opening slated for sometime in 2014.
Despite Simon and Paragon signing a letter of intent, Stallings town manager Brian Matthews said that no formal request to build has been received by the town.
The zoning of the property requires that a conditional use permit must be filed with the town for approval.
“We were aware that the property was being evaluated for a possible large scale development, but no plans or requests have been submitted,” Matthews said.
Simon Property Group has already completed similar projects in the greater Charlotte area: SouthPark and Concord Mills.
President of Simon’s Premium Outlets division, John Klein, said in a press release, “We’re pleased to be partnering with Paragon Outlet Partners to develop this project in a market that Simon knows so well and in which we’ve had so much success.”
Simon Property Group is the largest retail real estate company in the world, headquartered in Indianapolis, Ind., and Paragon Outlet Partners is a commercial real estate development firm in Baltimore, Md.
Matthews said the original plan for the land was large scale retail development, with supporting commercial and retail development in the surrounding area, but without a request, the town of Stallings can’t say whether or not they support the building of the mall.
“Until they formally submit, we really can’t comment on the positives or negatives,” Matthews said.
The requirement for a formal submittal to the Town of Stallings is November 8 to make both the November Planning Board and December Council meetings.