Tanger Factory Outlet Centers Inc. has officially pulled the plug on a planned center in Clakrsburg after Montgomery County regulatory challenges essentially squeezed the project out in favor of a competing plan by Simon Property Group and Streetscape Partners.
Tanger, in an earnings statement released Tuesday, said it has abandoned the project and a second one in Scottsdale, Arizona, and recorded a $1.6 million charge due to the pre-development costs tied to both projects.
The company's decision was all but forced back in February, when Montgomery County Council voted to give Simon and its partners zoning approval for their project in the Cabin Branch area west of Interstate 270. Representatives from Peterson told the Washington Post it would likely abandon its project if the county voted to approve the Simon project instead.
© 2014 American City Business Journals, Inc.