January 14, 2011

Atlantic City Outlets Set For Third Expansion

At Atlantic City Outlets – The Walk, a dynamic urban retail and restaurant destination, you can feel the energy of the rumbling and beeping of construction equipment once again. The Walk Phase III is underway, featuring a $15 million development that will expand the highly successful retail outlet by 45,000 s/f.

The Cordish Company, along with its partners the City of Atlantic City, the State of New Jersey, and the Casino Reinvestment Development Authority (CRDA), has masterminded the successful development of The Walk shopping district, located in the entry corridor of the foot of the Atlantic City Expressway, since April 2000.

The Walk has been seen as the catalyst for Atlantic City’s retail revolution since it first opened.

In 2003, Cordish Co. opened the first phase of The Walk, a $250 million retail and entertainment project, that transformed 15 city blocks located between the casinos and the convention center.  The transformation brought a “sense of place” back to the downtown area. The destination has successfully created an area in which locals and visitors can shop for the best national and international brand names, while at the same time have a place to dine and be entertained outside of the casino resorts.

The second phase was completed in 2007 adding an additional 150,000 s/f of brand name retailers.

The Walk is ideally positioned in its market, literally lining the boulevard that is traveled by the majority of visitors driving into or out of the Atlantic City peninsula, over 32 million of them a year. It’s proximity to Atlantic City’s major anchor casinos and convention facilities and its visibility have solidified its position in the market.

Populating the street with the world’s finest retail brands has successfully linked the convention center, casinos and beach with a compelling pedestrian option. Not only has it proved to be popular with millions of people who come for business, gambling or beach time, but The Walk also has become an appealing shopping destination in and of itself.

The Cordish Co. intends to move forward with the development of plans for Phase IV of the project, Atlantic City Live!, an entertainment magnet with nightclubs, comedy clubs, and concert venues. This will be modeled around The Cordish Co.’s “Live!” brands. Live! Districts are a mix of restaurants, live entertainment, bars and nightclubs in a first class setting. The uniqueness of the Live! District will make it a destination for local residents, conventioneers and visitors.

“The Walk has been a tremendous success story on many levels. From a commercial sense, it has achieved remarkable tenant sales and remained 99% leased since its opening. It is the sales success of our tenants that has led us to expand The Walk three times and a fourth which will follow shortly,” said Gary Block, VP of The Cordish Co.

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