Crews are working seven days a week to finish what will be Manteca’s biggest retail coup of 2010 – upscale outlet stores.
Craig Realty Group has lined up an undisclosed number of tenants for the outlet stores with the first targeted to open this spring. Work has also started on another restaurant that has signed a lease immediately west of the Red Robin Restaurant scheduled to open next month across from Bass Pro Shops.
The game plan is for outlet stores to fill existing in-line space between Kerasotes Showplace and JC Penney as well as in three new structures.
Craig Realty was able to secure bank financing for the retail expansion based on signed leases.
Commercial real estate agents with expertise in national store leasing have indicated the drawing power of Bass Pro Shops with more than 2 million customers last year from up to a 100-mie radius caught the attention of retailers in a position to expand but want to do so only in the most effective markets.
One of the precursors for the first outlet store opening is the establishment of the Manteca Visitors Center through the Manteca Convention & Visitors Bureau that is scheduled to open next Monday as a seven-day operation. The CVB will also be in charge of promoting events at the Promenade Shops at Orchard Valley/Lifestyle Outlets at Manteca to draw more visitors to the complex.
At the same time, the CVB will use its location to distribute additional information about Manteca and nearby areas that may interest visitors and tourists.
Hampton Inn Suites is targeting a March opening just prior to the first stores opening.
Craig Realty Group was issued building permits for the three additional buildings that will add 250,000 square feet to accommodate upscale outlet stores in October.
The Newport-based Craig Realty Group is developing the outlet store complex. The firm specializes in upscale outlet centers. Craig Realty already owns, operates, and manages nearly 3.5 million square feet of existing retail development in six states
The centers are: Woodburn Company Stores located near Portland, Oregon; Cabazon Outlets located near Palm Springs, California; Citadel Outlets located in Los Angeles; Outlets at Conroe located near Houston; Outlets at Anthem located in Phoenix; Outlets at Vicksburg in Vicksburg, Mississippi; Outlets at Castle Rock, Outlets at Loveland and Outlets at Silverthorne near Denver; and Outlets at Hillsboro located near Dallas.
Craig Realty Group also manages Lake Elsinore Outlets located in Lake Elsinore, California. In development are the Plaza San Clemente, California; Sussex Commons Lifestyle Outlet, New Jersey; Outlets at Traverse Mountain, Utah; Chicagoland Outlets at Country Club Hills, Illinois; and Lifestyle Outlets at Manteca.
Craig previously developed Desert Hills Premium Outlets and Carlsbad Company Stores, which are two of the most successful manufacturer outlet centers and was instrumental in developing Camarillo Premium Outlets.
Manteca being equal distance to San Francisco, San Jose, and Sacramento – plus being at the heart of the nation’s third largest 100-mile radius retail market with 18 million consumers behind only Los Angeles and New York – was a big reason why Craig Realty opted for the Union Road and Highway 120 Bypass location.
The outlet mall fits into Manteca’s strategy to get non-residents to pay for city services through sales tax. Close to 100 percent of all sales tax paid at Bass Pro Shops comes from non-Manteca residents who shop there. The city has a 35-year deal with the shopping center developer to split the city’s one cent sales tax with Poag & McEwen receiving 55 percent and the city 45 percent. The city still receives 100 percent of all Measure M public safety sales tax generated.
An upscale outlet mall would have the same impact with well over 90 percent of the dollars spent there coming from non-residents if it follows the same patterns of outlets elsewhere in Vacaville and Gilroy.