City of Grand Prairie Signs Agreement to Develop New Outlet Shopping Destination

GRAND PRAIRIE, Texas, March 4 /PRNewswire/ -- Prime Retail, one of the largest and most successful developers of outlet centers across the country, announced today the City of Grand Prairie signed the official development agreement for the leading U.S. developer to begin construction on its newest outlet shopping destination this fall.

Following contract approval in October 2007 from the City of Grand Prairie City Council, Prime Outlets - Grand Prairie will feature 485,000 square feet of gross leasable area, along with more than 2,700 parking spaces, and is slated to open to shoppers in time for the 2009 holiday season. The development agreement, which also includes off-site improvements such as roadway reconfiguration and revamped traffic patterns for the new 64-acre site, was signed February 20.

Located on the north side of Interstate 20, between the future extension of the TX-161 toll way and 360, Prime Outlets - Grand Prairie will be built between the existing Garden Ridge and Cardinal Healthcare. In addition to Great Southwest Parkway, I-20 and SH 360, Sara Jane Parkway will be extended through to State Highway 360, providing additional access to the property in 2012.

"Grand Prairie is a wonderful market for the upscale and luxury outlet shopper," said Chief Operating Officer Nicholas King, Prime Retail. "When construction is complete, Prime Outlets - Grand Prairie will not only bring nearly 2,000 jobs to the Dallas/Fort Worth area, but the most compelling mix of world-renown designer and name brands available to shoppers at everyday savings of 25 to 65 percent off retail prices."

Designed in an open air architectural style environment, Prime Outlets - Grand Prairie will feature 120 outlet stores and an on-site food court along with restaurant sites surrounding the outlet center.

About Prime Retail

Headquartered in Baltimore, Md., Prime Retail is the parent company of Prime Outlets and one of the largest and most successful owners of retail centers in the U.S. Spanning approximately 15 million square feet throughout major United States markets and Puerto Rico, Prime Retail recently added top designer and brand name stores including Giorgio Armani General Store, Gucci, Michael Kors, Polo Ralph Lauren Factory Store, Salvatore Ferragamo Company Store, Zegna Outlet and many more to its portfolio. Adding nearly two million square feet over the next several years, Prime Retail is positioned to become the leading retail outlet company in the industry. For more information, please visit www.primeretail.com.