Sunday, February 26, 2012

More indicators that planned Cypress Creek Town Center will be an outlet mall

Yesterday the Tampa Tribune reported on the settlement of a lawsuit between the current developer of The Cypress Creek Town Center and a construction company.  More interestingly, the Tribune provided additional information regarding the rumor that the proposed mall will be an outlet mall:

"Pasco County Administrator John Gallagher said he met with Cypress Creek officials a few weeks ago. They told him the Richard E. Jacobs Group, the original mall developer, plans to sell its interest in the property to the Indianapolis-based Simon Property Group*, which owns Premium Outlets in Ellenton.

"They're pretty eager to go and they wanted to know what obstacles would be in front of them from a county planning standpoint, Gallagher said. In my opinion, there aren't any.  The outlet mall would be about half the size of the original design, he said."

The original proposed 1.3 million sq. ft. mall at SR 56 & I-75 was previously scheduled to open in 2008, but construction was delayed due to a series of lawsuits.

*Simon Property Group owns or has an interest in 337 retail real estate properties comprising 245 million square feet in North America and Asia.  The company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide.

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