Plans unveiled for Round Rock outlet center

Simon Property Group Inc. and Chelsea Property Group Inc. have announced finals plans for an upscale outlet shopping center in Round Rock.

Earlier this year, the project shifted from being an open-air mall containing major department stores to an outlet shopping center. The project is located on 133 acres under contract at the northeast corner of FM 1431 and I-35 in Round Rock.

Plans released at a City Council meeting showed total build out at being 550,000 square feet with about 120 stores. Retail tenants have not been announced.

Chelsea Property spokesperson Michele Rothstein says tenants will most likely be announced early next year.

The project is expected to cost more than $100 million and will break ground in July 2005 and is slated to open in fall of 2006. Rothstein says the project will be designed as an open air "village" design with walkways connecting the stores.

The retail project is expected to bring 800 to 1,000 new jobs to the area.

"Clearly this is an economic positive for the region," Rothstein says.

Rothstein says Simon will develop part of the project, building out adjacent retail that will not be part of the outlet complex but will be incorporated into the design.

Simon (NYSE: SPG) is in the process of acquiring Roseland, N.J.-based Chelsea for $4.8 billion. Chelsea will be managed as a division of Simon and will continue to be based in Roseland, N.J.

The two companies have jointly developed outlets in places such as Chicago and New Jersey. The Round Rock project marks Chelsea's entry into the Central Texas market.

American Statement