February 22nd, 2014Outlet Builders Cut Deal for Second Retail Center
Norfolk, VA – The city struck a deal to sell 30 acres of its aging golf course to a local real estate company and Simon Property Group Inc., the mall owner proposing to build an outlet center on a nearby part of the site.
A joint venture between Simon and S.L. Nusbaum Realty Co., based in Norfolk, plans to develop a separate shopping center on the Lake Wright Golf Course parcel that fronts Northampton Boulevard and contains a driving range. City officials said they are negotiating a price for the property, which is owned by Norfolk but sits within Virginia Beach city limits.
Nusbaum and Simon envision a potential $50 million investment in a retail center distinct from the Premium Outlets mall that Simon has proposed for the northwest portion of the Lake Wright site, said Miles Leon, Nusbaum’s president and chairman of the board. Their development would not house retailers’ outlets, he said, but traditional stores and other tenants that complement and expect to benefit from the Premium center.
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