Outlets at Southport

[Brad]

FOR IMMEDIATE RELEASE

THE CORDISH COMPANIES ANNOUNCE PLANS TO DEVELOP

UPSCALE OUTLET CENTER AND ENTERTAINMENT DISTRICT IN LA VISTA

LA VISTA, NE (January 24, 2011) - The Cordish Companies, one of the largest and most respected developers in the world, has announced plans to develop an upscale outlet center and entertainment district in La Vista's Southport West Development.  Southport West rests on 137 acres and is located on Interstate 80 and the Harrison Street interchange (exit 442) in La Vista, Nebraska, a burgeoning Omaha suburb.  It is already  home to a Cabela's, La Vista Conference Center and several hotels.  

The Cordish Companies' vision is to create a regional shopping and entertainment destination that will build on the success of Southport West's existing businesses and hotels.    The initial phase of the project will consist of an upscale outlet center and entertainment district, all of which will be linked through extensive public gathering spaces, pedestrian friendly walkways and streetscapes.  Similar to Cordish's award-winning outlet center in Atlantic City, NJ called The Walk, The Outlets at Southport West will boast many of the country's leading brand name retailers.  The entertainment district, Live! at Southport West, will include a mixture of dynamic national and regional restaurants and entertainment venues surrounding a live events plaza.  Throughout the year, the events plaza will feature a variety of free events for residents and visitors including live music, art festivals and special performances.

The first phase of the development will total approximately 435,000 square feet, with a construction budget totaling approximately $114 million.  The project has been master planned to include additional phases of retail and entertainment development in excess of 100,000 square feet.  The development will create hundreds of new construction and permanent jobs in La Vista.

"We are extremely excited to announce such a major development in La Vista." said Blake Cordish, Vice President of The Cordish Companies.  "We are confident the project will be a tremendous success and will help fulfill the City's vision of creating a dynamic regional tourism destination.  Our company and my family are committed to deliver and operate a development of the highest quality that exceeds the expectations of the community and its visitors.  We look forward to working with the City, Mayor and major stakeholders in making this important project a reality."  The first phase of the development is projected to generate approximately 1.2 million new, unique trips to the City of La Vista.

The Baltimore-based developer has an international reputation for creating highly successful mixed-use projects and has been awarded seven Urban Land Institute Awards for Excellence, which is more than any other developer in the world.  Notable projects include:  The Power Plant in Baltimore, MD;  Charleston Place in Charleston, SC; Seminole Hard Rock Resorts in Florida; The Power & Light District in Kansas City, MO; Fourth Street Live!, Louisville, KY; and The Walk, Atlantic City, NJ.

"We could not be more excited that a world-class company like The Cordish Companies is coming to La Vista. The Cordish Companies are in a league all their own with a track record that stretches over a century," stated Mayor Douglas Kindig. "The City has long held a vision for Southport West to be a regional tourism destination and today's announcement will help us fulfill that.  Along with strong anchors like Cabela's and JQH Hotels/La Vista Conference Center, The Cordish Companies has the expertise and resources to deliver a best in class development that will greatly enhance our community."  

Southport West Partners, LLC Managing Member Dean Hokanson echoed the Mayor's confidence in the developer, stating, "After talking to developers from around the country, there is no one that even comes close to creating unique destinations of the highest quality that The Cordish Companies delivers." Fellow Managing Member Dennis Hoth added, "We have anchor tenants that are irreplaceable and cannot be duplicated in our trade area and The Cordish Companies will build on this strength by adding unique shopping and entertainment experiences.  The City of La Vista and Mayor Doug Kindig have demonstrated progressive foresight and tenacity. This has truly been a collective and impressive effort by all parties involved."    

The project is poised for commercial success, as currently no comparable outlet center exists for more than 200 miles in any direction.  La Vista's Southport West is a gateway to the Omaha metro area, with a 90,000 vehicle count per day, ideal access, existing infrastructure, and Interstate-80 visibility.  The success of the recently opened Cabela's and JQH Hotel/La Vista Conference Center has already made Southport West one of the top tourist destinations in the State of Nebraska.  

Southport West Partners, LLC and the City of La Vista have been in lengthy discussions with The Cordish Companies regarding the development and proposed construction, by the City, of  public streets, additional public parking and other public improvements within the boundaries of Southport West.  It is anticipated that the project will be presented to the La Vista City Council on February 1, 2011 at which time a Memorandum of Terms Sheet will be presented for consideration and a general timeline will be fleshed out.

About The Cordish Companies

The Cordish Companies (http://www.cordish.com), now in its fourth generation of family ownership, is an international conglomerate of businesses including one of the leading entertainment and real estate development companies in the United States.  The company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential.  The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from restaurants/clubs to live music promotion and film/media distribution.  The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.  

The Cordish Companies is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban and suburban locations. Many of The Cordish Companies' projects are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa, FL.

The Cordish Companies has received the highest possible national awards in its various areas of expertise. In real estate, The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence.

[S33]

Wow, would not have expected that one. Outlet mall, yes. Cordish, no.

[Stargazer]

Yeah, that's kind of unfortunate... you would like a Cordish to come in and plant themselves where you need it most... Southport? Nah.  Cordish should be in north downtown ... not doing an outlet mall out here.

And I assume this would put the kibosh on the Gretna outlets mall project.

[Ben]

neat....  This would be a great addition to the Southport development.  Plus, these developers seem to have a track record of some pretty impressive projects.

On the downside, I'm guessing that if this takes off quickly, it'd kill the potential remodel of the Gretna outlet mall, as previously announced.  No way the area could support 2 new outlet malls, especially in relatively close proximity...

[Uffda]

The Walk - Atlantic City Outlet

http://www.acoutlets.com/

[Hoop]

This is a very exciting announcement, Southport is the ideal spot for a development of this nature... Another example of La Vista, separating themselves from Omaha through another progressive development.  Way to go La Vista!  I am sure Omaha has tried to lure a development like this to North Downtown, but what developer wants to deal with the drama associated with Omaha and that area.  Wonder what affect this will have on the "Field of Dreams" off 370.

[Omababe]

Yes!

I pass by there every day!

[iamjacobm]

Huge for the Omaha metro.  The core is very strong without the need for this name brand developer.  Hopefully some good density starts sprouting up around this area!   Imagine what something like this with a mid rise condo tower would look to people driving into Omaha on I-80!

[OmahaJaysCU]

You know, from a money side, I can understand why they chose Southport, but I'm still super disappointed the entertainment district wasn't by the downtown ballpark.  But then again, who has the money to sit and buy up parcel after parcel and block after block of existing buildings downtown when you can buy dirt for dollars/foot out west.  

Again, I'm further questioning the development potential around the Sarpy ballpark.

Regardless, this an exciting development for the Omaha metro!  Boy, what the destination Southport has turned into.

[HskrFanMike]

Hmmm...just a few miles up the road from Nebraska Crossing...  #boythatconceptworkedwellinsarpycountysoletsdoitagain...

(That being said, there's a huge difference between trying a concept and trying to do a concept the right way...)

[Big E]

But then again, who has the money to sit and buy up parcel after parcel and block after block of existing buildings downtown...

Creighton.

[joeglow]

But then again, who has the money to sit and buy up parcel after parcel and block after block of existing buildings downtown...

Creighton.

Good point.  It is only a matter of time until people complain that Creighton is constructing those petty school buildings and not building a mall.

[ricko]

You won't have to worry about building an outlet mall in the middle of nowhere.  They seem to attract business regardless of where they're located, as long as the stores have a broad appeal.  It'll be successful.  I've wondered for years why someone hadn't thought of it before.  I think that market is woefully under-served anyway.

[nativeomahan]

I thought outlet malls had to be built outside core urban areas, so as not to compete with the stores full price locations.

[iamjacobm]

This sounds like as much as a regional draw as it will be a metro draw.  Plus this company I trust to do an amazing job, I am sure they have some ideas to make it not the traditional outlet mall.

[joeglow]

I thought outlet malls had to be built outside core urban areas, so as not to compete with the stores full price locations.

The items are usually slightly defective and/or last season's clothes.  You see them all over major metro areas.  Great win for Omaha.

[iamjacobm]

I just watched every video of every project Cordish is doing. WOW!  This one in Omaha will be small compared to the rest, but will be amazing none the less.  Can't wait for some renderings.

[OmahaJaysCU]

You won't have to worry about building an outlet mall in the middle of nowhere.  They seem to attract business regardless of where they're located, as long as the stores have a broad appeal.  It'll be successful.  I've wondered for years why someone hadn't thought of it before.  I think that market is woefully under-served anyway.

I should point out that my main concern is the location of the entertainment aspect of the development.  There is no doubt the outlet portion will be successful.  The closest outlet mall along I80 to here is in Williamburg, IA, which is close to 3:30 away.

[iamjacobm]

You won't have to worry about building an outlet mall in the middle of nowhere.  They seem to attract business regardless of where they're located, as long as the stores have a broad appeal.  It'll be successful.  I've wondered for years why someone hadn't thought of it before.  I think that market is woefully under-served anyway.

I should point out that my main concern is the location of the entertainment aspect of the development.  There is no doubt the outlet portion will be successful.  The closest outlet mall along I80 to here is in Williamburg, IA, which is close to 3:30 away.

There's a convention center, 3 hotels, literally directly off I-80.  I see this taking off huge.  A lot of people don't go downtown/don't like to go downtown.  

This will give the city a 2nd main entertainment center and the 6th 100+ million dollar project in 10 years.(Qwest Center, FNB, MTC, TD Ameritrade Park, Aksarben Village, Southport Outlets...any I forgot?)  I honestly don't know what the average city does, but having nearly a BILLION in development in all different parts of the city by all different developers has to say tons about the Omaha metro.

This is growing on me every minute.    :D

[Omababe]

Regardless, this an exciting development for the Omaha metro!  Boy, what the destination Southport has turned into.

Think of it as LaVista's answer to N O D O.

[Big E]

http://www.omaha.com/article/20110125/N ... evelopment

Just two months after La Vista voters got behind a tax incentive to boost tourism projects, a national developer with exclusive credentials announced plans for a $114 million entertainment district and retail outlet center at the city's Southport West area.

The announcement appears to set up a competition for outlet mall supremacy in the Omaha area. Just last month, a separate team of developers proposed to rebrand and revitalize Gretna's Nebraska Crossing Factory Stores with leading brand-name retailers, and Gretna voters will decide next month whether to authorize a sales-tax incentive key to the project's financing.

La Vista officials acknowledged the project is not definite at this point. The La Vista City Council is due to vote next Tuesday on a nonbinding “terms sheet,” so Mayor Doug Kindig said it was important to put the project before the public.

“I think it's really going to bring a lot of energy to La Vista and the Omaha metro area,” said Kindig, who noted that city offiicals have been in discussions with Cornish for more than two years since making contact during a trip to the International Council of Shopping Centers Convention in Las Vegas.

The city is considering financing that through bonds authorized by another state economic development incentive, which would be paid off by an occupation tax levied on the development, City Administrator Brenda Gunn said.

Last November, 77 percent of La Vista voters authorized the city to direct future sales-tax revenue to projects under the “Nebraska Advantage Transformational Tourism and Redevelopment Act,” approved by the Legislature in 2010. The law allows the city to turn back local sales-tax revenue generated at a development to offset startup costs.

The same incentive will go before Gretna voters in a February mail election. In December, the Gretna developers said they had 20 percent of their outlet space committed.

Glory be.  There 's barely a paragraph in that article not saturated with the putrid stench of socialism.

Think of it as LaVista's answer to N O D O.

Sound more like the People's Republic of Sarpy County to me.

[TechnicalDisaster]

Wow.  This sounds just like Legends Mall in KC.  That place is insanely popular year-round - we usually take a shopping trip down there once a year.

[S33]

Oh stop having your period all over your keyboard. They approved development incentives with the use of sales tax revenues. There is nothing new about that and it's certainly not exclusive to the world of Socialism.

Now, if the city of La Vista decides to make a "panel" to design, administer and operate this development, then I will scream bloody socialism.

Now take one of those "chill pills" you've been pushing...

[Big E]

I was only kidding...

[S33]

I was only kidding...

Shucks... You sure set me up with that one...

[nebport5]

Regardless, this an exciting development for the Omaha metro!  Boy, what the destination Southport has turned into.

Think of it as LaVista's answer to N O D O.

SOPO?

Except this development will have bustling foot traffic, with an abundance of retail, restaurants and entertainment, where as North Downtown will have...an abundance of parking.

[iamjacobm]

Yeah.  i think it is good to know the company has a good track record like P&L, but it won't be very similar, I actually think this will be pretty unique for the region.

[nativeomahan]

Call me cynical, but I will believe all of this when I see it rise from the empty field of dreams.
If they are so gung ho to go forward, why are they wasting an entire construction season before they turn the first spade of earth?

[Omababe]

why are they wasting an entire construction season before they turn the first spade of earth?

Lemme guess?

They don't have enough capital for a shovel yet?

[Hoop]

http://www.omaha.com/article/20110209/N ... /702099995

 

City officials and the public at the La Vista City Council meeting Feb. 1 got a much better picture of what an outlet center and entertainment district in La Vista’s Southport West development will look like.

Cordish Companies Development Director Port Telles spoke at the meeting, presenting concepts of the development as well as large scale photos of other Cordish developments.

Cordish announced on Jan. 24 it intends to build an upscale outlet center and entertainment district in Southport West, located at the intersection of Interstate 80 and Giles Road.

Officially named The Outlets at Southport West and Live! at Southport West, the first phase of the project, now estimated at approximately $104 million, includes a 300,000-square-foot outlet center, 60,000-square-foot entertainment district and a 75,000-square-foot movie theater complex.

A second phase would add an additional 100,000 square feet to the outlet center.

During the meeting, the La Vista City Council voted unanimously to sign a memorandum of terms sheet, a preliminary non-binding agreement with Cordish laying out the intents of both sides through the many processes of the project.

[mrgoldsmith23]

To me it seems like that first article really could have been 1/3 of the length to explain everything that it did. It was very repetitive.  

On another note... any idea of what types of stores we could see at this location?? Or any ideas on when construction is going to begin and/or be completed???

[StreetsOfOmaha]

So... the Omaha area is going to have two outlet centers, then?

[nebugeater]

So... the Omaha area is going to have two outlet centers, then?

If the vote passes in Gretna on the 15th and the Developer holds to what they said at the public meeting that was held two weeks ago in Gretna I will be surprised if this ever happens in an outlet for.  Assuming the vote passes and, I am betting it will, they will be breaking ground for the redevelopment of the Nebraska Crossing facility almost immediately with the rework of the existing area done by the end of this year and the footing work for the expanded area done by fall freeze.  The entire project to be completed by fall of 2012.  


If they stay with their stated schedule there will not be another outlet in the area elsewhere,  If they don't and it gets started elsewhere then the Gretna mall will be even more of a dead mall than it is now because there is only room for one outlet center in the Omaha metro.

[Hoop]

The way I see it, this will be a race to pre-lease an outlet center, and at this point I have more faith in Cordish based on their track record, over the Gretna developers.  Why would these "high end" Outlets want to go to the Gretna mall with a Used Car lot, budget hotel, Mc Donalds and other mom and pop stores, when they could locate in a Cordish Outlet with a busy Cabelas, two high end hotels and a conference center.  Seem like a no brainer to me, and the tax incentive is already in place in La Vista, no vote needed.

[Garrett]

The way I see it, this will be a race to pre-lease an outlet center, and at this point I have more faith in Cordish based on their track record, over the Gretna developers.  Why would these "high end" Outlets want to go to the Gretna mall with a Used Car lot, budget hotel, Mc Donalds and other mom and pop stores, when they could locate in a Cordish Outlet with a busy Cabelas, two high end hotels and a conference center.  Seem like a no brainer to me, and the tax incentive is already in place in La Vista, no vote needed.

Agreed, and who knows, maybe if the Gretna one fails the developer will give Crossroads even more attention.

[tommy316]

I believe the Cordish group owns several brands, and if you look at their other projects ( The Walk at Atlantic City, Baltimore project,etc.,etc.) you'll have a good idea of the stores they'll have; Coach, Nike, Polo....

Agree with Hoops, the SOPO West location will draw more attention from retailers. Maybe Gretna will change plans and try and get a Great Wolf Lodge out there... Then you'd have a incredible stretch of I-80, Downtown to Cabela's then a Great Wolf with the Sarpy ballpark just off on 370 ( all within a 15-20 mile stretch of interstate)

I seriously doubt we will have two outlet malls in the metro and my money is on the SOPO West project getting done.

[tommy316]

Oh, yes before I get jumped all over- I realize that the Metro already has a in-door water park at I-80 and 72nd (Coco Key's) but I think that Great Wolf has a greater name recognition and would do well in Gretna.

[iamjacobm]

Cordish finally updated their website to include the Southport development!  I hope this is the outlet project that happens, this vision is pretty amazing.

[TitosBuritoBarn]

It looks like the outlet's logo is a windmill. Awesome, agriculture theme.

[nativeomahan]