Rosenberg, Paragon to Partner on Outlet Shopping Destination Development

Organization: 
Rosenberg Development Corporation

ROSENBERG, TEXAS (September 17, 2014):  The City of Rosenberg and the Rosenberg Development Corporation (RDC) have each authorized the execution of a joint Memorandum of Understanding (MOU) with Paragon Outlet Partners regarding the development of the Paragon Outlets Houston project to be located in Rosenberg along Interstate 69 and Spacek Road. Under the MOU, Paragon Outlet Partners, a commercial real estate development firm headquartered in Baltimore, will develop Paragon Outlets Houston –  a ground up outlet shopping development in Rosenberg with an approximately 400,000-square-foot eventual build out that will serve as a shopping destination for the greater Houston region.  The MOU outlines the terms of incentive agreements to be formulated between the parties, and final agreements will have to come back to each party for action. The retail development project is projected to generate approximately $75 million in property value, 1000-1500 jobs, and $160 million in taxable sales a year.   “The selection of Rosenberg as the location of Paragon Outlets’ next outlet shopping development emphasizes the tremendous residential growth we are experiencing, as well as the viability of the Rosenberg market area for retail development,” said Rosenberg Economic Development Director Randall Malik.  “The Paragon Outlets Houston development will be the only Outlet Mall in the Southwest Houston Region, and as such, will be a regional draw, infusing outside dollars into our local economy, and increasing our community’s exposure in the region.”    Rosenberg Mayor Vincent M. Morales, Jr., added, “We look forward to partnering with Paragon in this development.  Not only will it improve Rosenberg’s economy and our residents’ daily quality of life by injecting outside dollars into our tax base and providing increased shopping alternatives, it also helps solidify our position as a destination in the greater Houston market.”  The outlet shopping development is slated to open in 2016, and is located in Fort Bend County, the nation’s 9th-fastest growing county.  According to the developer, within twenty miles, there are more than 1.4 million people with an average household income in excess of $82,000 a year. - END - PARAGON RELEASE FOLLOWS - Paragon Outlet Partners Announces Plans to Develop New Houston Region Outlet CenterProject Slated to Open to Shoppers Summer of 2016Paragon Outlet Partners Press Release [PDF] BALTIMORE, MARYLAND (September 16, 2014):  Paragon Outlet Partners, a retail real estate development firm headquartered in Baltimore, announced today its plans to develop a Paragon Outlets mall in the Southwest Houston metropolis.Located on US 59 / Interstate 69 in Rosenberg, TX, approximately 30 minutes southwest of Houston in Fort Bend County, the new project is projected to open to shoppers in the summer of 2016 and feature approximately 100 designer and name brand stores. “We’re pleased to announce our plans to develop Paragon Outlets in Rosenberg,” said Robert Brvenik, principal, Paragon Outlet Partners.  “We look forward to delivering a state-of-the-art project complete with a stellar collection of many of the finest designer and iconic name brands for fashion and value-oriented consumers who both reside and visit the Greater Houston marketplace.”Paragon Outlet Partners Construction Partner Paul Reed delivered a comprehensive presentation to the Rosenberg City Council on September 16, 2014, which introduced the developer, explained their development process and featured several of their recently opened projects.Upon finalization of all city/regional permitting and approvals, Paragon Outlet Partners anticipates breaking ground for Paragon Outlets in spring of 2015.  The project is expected to bring approximately 400 construction jobs along with up to 1,000 permanent jobs to the market upon its grand opening.For more information about other Paragon Outlets properties, please contact Kelvin Antill with development inquiries and Michele Dawson with leasing inquiries at 410.856.1733.About Paragon Outlet Partners Headquartered in Baltimore, Paragon Outlet Partners is a commercial real estate development firm operated by a seasoned team of former Prime Retail executives.  The company’s upscale merchant portfolio includes top designer and leading brand names Saks Fifth Avenue OFF 5TH, Last Call by Neiman Marcus, Bloomingdale’s The Outlet Store, Barney’s New York Outlet, Coach Factory, Michael Kors, Banana Republic, GAP, Nike Factory Store and Tommy Hilfiger, among many more.  Its parent company, The Lightstone Group, is one of the largest privately held real estate companies in the U.S. with a diversified portfolio of retail, hospitality, office, industrial and residential real estate assets, including more than 8.1 million square feet of commercial space and more than 11,000 multi-family units in 19 states.  For more information, visit www.paragonoutlets.com. - END – Angela E. Fritz, MSCommunications Director(832) 595-3524www.CityofRosenberg.com