National fashion icon comes to Babylon
BABYLON, New York, Nov. 13 /PRNewswire/ — Neiman Marcus has leased 32,000 square feet for its first Long Island Last Call store at the Tanger Outlet Center at the Arches, an 800,000-square-foot entertainment, power and outlet center under development in Deer Park, in the town of Babylon, Long Island. The Arches is a joint venture between Tanger Factory Outlet Centers, Inc. (NYSE: SKT), Blumenfeld Development Group Ltd. and Apollo Real Estate Advisors.
The 81-acre project, located at the corner of Grand Boulevard and Commack Road in Deer Park, will offer a wide variety of fashion and lifestyle brands, along with restaurants and entertainment in a European-themed outdoor pedestrian center. A separate 120,000-square-foot wing, to be known as The Collection at the Arches, will be devoted solely to luxury brands. Anticipated completion for the center is summer 2008.
The Neiman Marcus Last Call store, the first and only on Long Island, will offer fashion and hard goods at outlet savings. Other tenants joining The Arches include Anne Klein, Banana Republic, BCBG, Christmas Tree Shops, Disney, Eddie Bauer, Reebok, New York Sports Club and many more. Regal Cinemas has also leased 71,000 square feet for a 16-screen cineplex, one of the few state of the art cineplexes on Long Island.
“We envision the Arches as a true one-stop shopping and entertainment destination,” said David Blumenfeld of Blumenfeld Development Group. “Nothing like it currently exists anywhere on Long Island today.”
The Arches will offer a sophisticated, metropolitan shopping experience. The Italian-style design for the $360 million open-air center provides for shops interspersed with restaurants and cafes, set on landscaped sidewalks and courtyards dotted with fountains and benches. Plans also call for an entertaining skating rink.
The Arches at Deer Park is centrally located just off the Sagtikos Parkway, Southern State Parkway and the Long Island Expressway, and within two miles of the Long Island Railroad Deer Park train station. The center is just 45 minutes from Manhattan and the Hamptons. The site is adjacent to a Home Depot, Kohls and Stop & Shop.
“The Arches offers the appropriate setting for our debut Last Call store on Long Island,” said Wayne Hussey, Senior Vice President of Real Estate and Store Development of Neiman Marcus. “We were attracted by the center's inviting look and feel, its mix of amenities and its highly desirable location on Long Island. We are excited about finally having a presence on Long Island and we are pleased to be entering our first Tanger center.”
“Neiman Marcus firmly positions the Arches as the strategic high-end value retail destination on Long Island. We've experienced brisk leasing activity and are very gratified with the robust response so far from leading retailers,” said Richard Mack, Apollo Managing Partner.
“With its unusual and handsome design, we intend for the Arches to create an enticing retail, dining and pedestrian environment, attracting upscale, affluent and discerning shoppers,” said Steve Tanger, President and Chief Operating Officer of Tanger Factory Outlet Centers.
About Tanger Factory Outlet Centers
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a fully integrated, self-administered and self-managed publicly traded REIT, presently owns 30 outlet centers in 21 states coast to coast, totaling approximately 8.4 million square feet of gross leasable area. Tanger also manages for a fee and owns a 50% interest in two outlet centers containing approximately 667,000 square feet and manages for a fee two outlet centers totaling approximately 229,000 square feet. For more information on Tanger Outlet Centers, visit the company's web site at www.tangeroutlet.com.
About Blumenfeld Development Group, Ltd.
Blumenfeld Development Group, Ltd. (“BDG”) is a full service real estate development firm with core strengths in big-box retail and office space. BDG's fully integrated team allows for seamless packaging of all services, including those related to leasing, acquisitions, property management, construction, permits and approvals, architectural and engineering design, and user operational planning. This holistic approach toward real estate has enabled BDG to prosper in its three decades serving the office, retail, and industrial real estate markets. BDG controls over five million square feet of real estate. The firm's web site is www.bdg.net.
About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate investor and fund manager. Since the firm's founding in 1993, Apollo has overseen the establishment of 18 real estate funds and joint ventures totaling approximately $9.7 billion in equity commitments for investment in the United States and globally. The Apollo funds have collectively invested in over 400 transactions with an aggregate value in excess of $30 billion. The firm's web site is www.apollorealestate.com.
SOURCE Apollo Real Estate Advisors
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