Editor’s note: This is an updated version of the story.
A Michigan development company said it hopes to build an $84 million, 350,000-square-foot retail development at East Hartford’s Rentschler Field.
Horizon Group Properties said the proposed Outlet Shoppes at Rentschler Field could open as early as summer 2016 featuring well-known brands and designer outlets. The center would be built at Rentschler’s former airstrip, but the deal is still in the early stages.
Horizon Group CEO Gary Skoien said his firm, which has been working on the project for several months, is currently in the design and infrastructure stage, but has not yet presented a formal proposal to the city of East Hartford.
The company is aggressively recruiting tenants, Skoien said, and would need 60 percent of the retail space leased before the project could become a reality. He said they have several letters of intent out with potential retailers, but he didn’t elaborate further.
Horizon Group has developed retail outlets in other major cities including Oklahoma and Atlanta, typically partnering with Tennessee’s CBL & Associates Properties, to provide financing, Skoien said.
CBL, which is a publicly traded realty investment trust, could be involved in the Rentschler Field development as well, Skoien said
When asked if Horizon would seek state aid for the development, Skoien said “it’s too early to tell.”
“We are excited about this project and we think it’s a great location,” he said.
Horizon isn’t the first developer to pitch retail at Rentschler, which is home to UConn football and outdoor retailer Cabela’s. State and local officials were in talks early last year with an Arizone developer looking to build a retial center with a price tag of several hundred million dollars, but those efforts apparently didn’t pan out.
Horizon announced its intentions to develop Rentschler late Wednesday, in part to attract the attention of potential tenants, Skoien said.
If Horizon’s vision becomes reality, the center will have covered walkways, landscaped courtyards, and leave room for a future 50,000-square-foot expansion. The shops are projected to generate more than $130 million in sales annually, and $1.2 million in property taxes.
