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Wednesday, Dec 13, 2017
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Outlet mall developer pays $14.6 million for Pasco land

WESLEY CHAPEL — Outlet mall developer Simon Properties paid $14.6 million this week for the future site of Tampa Premium Outlets at Cypress Creek Town Center.

The real estate closing took place this week, just days after Pasco County’s planning department approved the site plan for the 1.1-million-square-foot shopping center.

Company officials have been tight-lipped about the project, which is located on 57 acres at the Interstate 75 interchange with State Road 56.

“The only thing I can say is we are very excited about the project and trying to determine the best date for a ground-breaking event in the near future,” spokesman Les Morris wrote in an email to the Tribune. “At that event, we’ll be able to release more details.”

Luxury retailer Saks Inc. announced plans in 2012 to anchor the center with a Saks “Off 5th” outlet store. A typical Simon outlet center would be home to retailers such as Banana Republic, Calvin Klein, Coach, J.Crew and Nike.

Simon, based in Indianapolis, is one of three developers at Cypress Creek Town Center. The others are the Ohio-based Jacobs Group, which has 50 acres of outparcels that will be developed for retail and restaurant uses, and Tampa-based Sierra Properties, the original developer, which still owns the 40-acre parcel closest to the interstate, which is approved for up to two hotels. Sierra Properties also owns 204 acres on the north side of S.R. 56 and has invested $10 million so far installing the internal roads and drainage for the property.

All three developers have signed a contract outlining each company’s role in the development of the massive project.

Bob Sierra said to expect a wave of announcements in the next few months now that the Simon deal has closed. The Sierras are negotiating leases with several restaurants, a sporting goods retailer and a department store for the parcels fronting on S.R. 56. They’re also in discussions with movie theater operators.

“Both sides are talking to movie theaters,” he said. “I think there definitely will be a movie theater.”

He also plans to include an apartment complex on the northern parcel. “I’m trying to create a village with a little town center,” he said. “They’re going to be multi-story apartment buildings, and one of the buildings will be restricted to seniors. We see this as a long-term project. I’ve owned this land for 40 years.”

The project, originally approved in 2004, was mired in legal problems for years. A federal lawsuit that halted construction in 2009 was dismissed in 2013, clearing the way for construction to resume.

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