GULF FREEWAY OUTLET MALL SITE: UP FOR GRABS? A possible complication in those plans to put a new 95-store outlet mall between the Big League Dreams sports complex and the Bay Colony shopping center west of the Gulf Freeway in League City: The Galveston County Daily News‘s Laura Elder reports that the 35 acres of land Tanger Factory Outlet Centers was hoping to purchase out of bankruptcy for $8.7 million will be going up for auction instead in just 10 days. A bankruptcy court ordered the sale last week. Tanger announced the project in January, just days after the Simon Property Group announced its plans to build another outlet center, the 100-store Galveston Premium Outlets, just 4 miles to the south, in Texas City. [Laura Elder’s Buzz Blog; previously on Swamplot] Rendering: Tanger Outlets
That old chestnut… I guess Tanger refused to pay the customary 1% of value as the “Trustee’s Fee”. Usually paid up front and through a chain of “unafiliated” attorneys, that’s how you buy a property from bankruptcy.