CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE:CBL) today announced it will develop a new lifestyle center addition to Valley View Mall in Roanoke, VA, called "The District at Valley View." The lifestyle center will feature Barnes & Noble, plus fashion retailers and restaurants including Carrabba's Italian Grille, Abuelo's Mexican Food Embassy and Panera Bread. The multi-million dollar project includes the addition and redevelopment of 76,000 square feet of space on the northeast quadrant of Valley View Mall, near the entrance to JCPenney and the main mall entrance. Construction is scheduled for completion by the end of the year. The District at Valley View will feature an open-air, streetscape setting with unique and eye-catching storefronts, extensive landscaping and pedestrian-friendly walkways. The lifestyle expansion will also have abundant parking including curbside parking for shopper convenience. "The addition of The District at Valley View demonstrates CBL's ongoing dedication to growing our lifestyle development pipeline and redeveloping our mall properties with the goal of increasing shareholder value," said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "It also represents another example of CBL's commitment to the community by bringing the best in retailing today to the mall. With a strong anchor such as Barnes & Nobles and notable restaurants like Carrabba's, Abuelo's and Panera Bread, we believe this lifestyle addition will further enhance and complement the unique offerings at Valley View Mall." Valley View Mall is the dominant regional shopping center located in the heart of the retail market in Southwest Virginia. CBL acquired the 787,000 square-foot regional mall in October 2003. Valley View Mall opened in 1985 and was last renovated in 1999. The mall, currently 99% occupied, features five anchors including Belk, Hecht's, Hecht's Home and Children, JCPenney and Sears, Old Navy, plus more than 100 national, regional and local specialty stores and restaurants. The shopping complex employs close to 2,000 people and generates more than $160 million annually in retail sales. The mall is located at the intersection of I-581 and Hershberger Road, east of I-81. For additional information, visit valleyviewmall.com. About CBL CBL owns and manages four regional malls in Virginia including Valley View Mall, plus River Ridge Mall in Lynchburg, Greenbrier Mall in Norfolk (Chesapeake) and Southpark Mall in Richmond (Colonial Heights). CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 132 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 74.2 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling 2.1 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; two open-air shopping centers; a community center, two associated centers and three expansions. In addition to its two regional offices in Boston (Waltham), MA and Dallas, TX, CBL's corporate office is located in Chattanooga, TN. Additional information can be found at http://cblproperties.com.