EAST HARTFORD, Conn., March 12, 2014 /PRNewswire/ -- Horizon Group Properties, Inc. (OTC: HGPI.PK) announced today that it has entered into an agreement to develop a new outlet center in East Hartford, Conn. The 350,000 square foot center, to be named The Outlet Shoppes at Rentschler Field, is scheduled to open in the summer of 2016 and will feature well-known brands and designer outlets. The center will be built on the site of the former airstrip, Rentschler Field, a historical source of pride for the town of East Hartford and the state of Connecticut.
Rentschler Field is centrally located between New York and Boston at the intersection of Interstates 84 and 91. It is located in close proximity to downtown Hartford and multiple Fortune 500 companies.
Rentschler Field is adjacent to Pratt & Whitney and the United Technologies Research Center, and is home to the University of Connecticut's football stadium and Cabela's, a leading outdoor experience store.
Designed in a shopper-friendly configuration, the center will feature covered walkways and landscaped courtyards to maximize shopper comfort and convenience. Its design will blend traditional architectural with a flavor of the history of the site and include a children's play area and a center court designed to create a festive atmosphere for shoppers and other visitors to the center. The site will accommodate a 50,000 square foot expansion.
"We look forward to developing this property," said Gary J. Skoien, chief executive officer of Horizon Group Properties. "Rentschler Field has been a recognized location and destination to the people of Hartford and Connecticut, New York, Massachusetts, and other surrounding states for many years."
The outlet center is a natural fit for this location and will complement the existing entertainment and retail venues of the mixed-use development. The Hartford metropolitan area has 2.2 million residents with average incomes above the national average. The market currently has no outlet shopping centers.
"The development and operation of the center will generate substantial economic activity in East Hartford and we look forward to working with East Hartford officials to make this development a reality," said Skoien.
When completed, the center is projected to generate more than $130 million in annual sales and $1.2 million in property taxes and $8.2 million in sales taxes. Over the next 10 years, the development and operation of the center are expected to generate a total of $100 million in sales and property taxes.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is an owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago. For more information, please visit www.horizongroup.com.
- Real Estate
- Rentschler Field
- EAST HARTFORD