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Macerich and Simon have formed a 50-50 joint venture to create Los Angeles Premium Outlets, planned to open in the fall of 2021.
Los Angeles Premium Outlets will be located in Carson, Calif., in Los Angeles County. Macerich and Simon will co-develop and jointly lease the center, which will open at 400,000 square feet, to be followed by an additional 166,000 square feet in the project's second phase.
"We are very pleased to partner in the development of this one-of-a-kind outlet project on great, well-positioned real estate to serve one of the nation's most attractive markets,” said Macerich President Edward C. Coppola and Simon Chairman and CEO David E. Simon, in a printed statement. “We look forward to creating the ultimate outlet destination of choice for both local residents and international visitors to Los Angeles."
The high-profile project will benefit from the region's density of 2.5 million residents within 10 miles, and from its location some 12 miles from Los Angeles International Airport, the nation's second-busiest, serving roughly 81 million passengers annually.
