New Factory Outlet Retail Development To Commence In 2012

WOODSTOCK, Ga., Dec. 13, 2011 /PRNewswire/ -- Horizon Group Properties, Inc. (HGPI) (OTC:HGPI.PK) announced that the Woodstock, GA City Council unanimously voted to approve a new outlet shopping center in Woodstock, Georgia. The 365,000 square foot factory outlet shopping center is being developed by Horizon Group Properties and will include many of the best names in the factory outlet industry. It will be located at the intersection of Ridgewalk Parkway and I 575.

"We are excited that Horizon Group selected our community to locate a project of this economic significance," said Mayor Donnie Henriques of The City of Woodstock. "We believe that The Outlet Shoppes will draw shoppers from a large region adding to the local municipalities' employment and tax base."

Horizon Group is planning for construction on the project to begin in the first half of 2012 creating approximately 1,000 construction jobs. When the center is fully open and operational 1,200 permanent jobs and 1,600 seasonal holiday jobs are projected to be created.

"We are impressed with the thoroughness and professionalism the Mayor, Council Members and staff from Woodstock has demonstrated during the review and approval of The Outlet Shoppes," said Gary J. Skoien, chief executive officer of Horizon Group Properties.

The center will generate more than $130 million in annual sales which would generate $3 million of sales and property taxes for the City of Woodstock and combined taxes for the City, Cherokee County and the Schools of $34 million over the next 10 years.

More details about the project including other amenities and entertainment choices at the center will be released as the project commences construction.

About Horizon Properties

Based in Muskegon, Michigan, Horizon Group Properties, Inc. is a national owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago.

SOURCE Horizon Group Properties, Inc.

Back to top

RELATED LINKS
http://www.horizongroup.com