American real estate investment trust Macerich and Simon, which owns premier shopping, dining, entertainment and mixed-use destinations, have formed a 50:50 joint venture to create Los Angeles Premium Outlets, a modern Premium Outlet centre.
Both companies will jointly develop and lease the new outlet, which is designed to open with 400,000ft², followed by an additional 166,000ft² in the second phase.
Located near the I-5 corridor and the I-10 Freeway in Carson in LA County, Los Angeles Premium Outlets will be an elevated shopping destination with parking below. Site work is expected to begin immediately and the centre is planned to be opened in 2021.
Los Angeles Premium Outlets will have 2,500 lineal ft of frontage on the I-405 Freeway, with 300,000 cars passing each day. In addition, 215,000 cars pass the site daily on the I-110 Freeway.
The project has been designed to attract the affluent local residents and international tourists.
Macerich president Ed Coppola and Simon chairman and CEO David Simon said: “We are very pleased to partner in the development of this one-of-a-kind outlet project on great, well-positioned real estate to serve one of the nation’s most attractive markets.
“We look forward to creating the ultimate outlet destination of choice for both local residents and international visitors to Los Angeles.”
The project is located 11 miles from LAX, the nation’s second-busiest airport serving 81 million passengers annually. It is also located a short drive away from City of Champions Stadium, the future home of the Rams, Chargers, and entertainment options.
City of Carson Mayor Albert Robles said: “Our city is thrilled that this exciting project is moving forward, led by Macerich and Simon, two of the country’s biggest and best names in retail real estate.
“We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.”
Image: Los Angeles Premium Outlets, Carson, California. Photo: courtesy of SIMON PROPERTY GROUP, L.P.