CBL and Forum Announce Purchase of Land for Development of the Promenade in D'Iberville, MS (Biloxi/Gulf Port)
May 01 2008 - 1:00PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) and Forum
Development Group, LLC (�Forum�) today announced the acquisition of
approximately 72.0 acres in D�Iberville, MS, (Biloxi/Gulf Port) for
the development of The Promenade, a 700,000 square foot power
center. The Promenade will feature eleven anchors and more than
80,000 square feet of specialty shops and restaurants. The project
is a joint venture of CBL and Forum with CBL as the majority
partner responsible for development, leasing and management.
Construction will begin this month with a grand opening scheduled
for fall 2009. �Following the destruction and setback that the
Mississippi Gulf Coast suffered from Hurricane Katrina in 2005, we
believe The Promenade will serve to revitalize the area and create
a much needed retail hub and service district for the D�Iberville
community,� said Stephen Lebovitz, president of CBL &
Associates Properties, Inc. �With over 365,000 square feet of
anchor space already committed and firm interest for much of the
remaining space, The Promenade has a very strong foundation going
into the construction phase and we look forward to making anchor
and specialty store announcements in the very near future.� The
Promenade will enjoy excellent access and visibility situated on 72
acres at the northwest corner of I-10 and I-110. The surrounding
market population of more than 320,000 has been underserved by
retail since the devastation of Hurricane Katrina in 2005. The
Promenade will encourage economic growth in the area by creating in
excess of an estimated 1,000 new jobs and producing more than $185
million in annual retail sales. The project will benefit from tax
exempt bond funding through the GO Zone (Gulf Opportunity Zone Act)
legislation, which is designed to encourage development in
Hurricane-impacted areas. �We are pleased to acquire the land for
this exciting and important project,� said Bill Brown, co-founder
and managing member of Forum Development Group, LLC. �The Promenade
will not only bring a high-quality shopping center to the market,
but will create a new and much needed employment source as well as
expanding the city�s tax revenue base. With new jobs and a new
revenue stream for the local government, The Promenade will enhance
the quality of life in the community for all. We are excited to
work with CBL on this project, their expertise and relationships
will serve to further secure the long-term success of The
Promenade.� EMJ Corporation of Chattanooga, TN, will serve as
general contractor for The Promenade. Phillips Partnership of
Atlanta is the architect. Persons interested in learning more about
leasing space should contact the following representatives: � �
Specialty Shops: Bill Jensen Director of Development Leasing
423-490-8293 bill_jensen@cblproperties.com � Anchor or big box
opportunities: Geoff Smith Vice President - Development
423-490-8345 geoff_smith@cblproperties.com � Peripheral Property:
Robert Snetman Senior Director, Peripheral Property 423-490-8333
robert_snetman@cblproperties.com � About Forum Development Group,
LLC Forum Development Group, LLC is a boutique development company
that was founded in 1998 to specialize in quality lifestyle retail
projects, power center developments, and mixed-use developments.
The principals of Forum have played significant roles in the
leasing and construction of more than twenty five power centers,
seven lifestyle centers and mega mixed-use projects. With the
company�s founders each having more than twenty two years of
experience, Forum prides itself on creating great venues for its
tenants and the communities they serve. By maintaining an awareness
of the continual changing face of retailing and the new dynamics
that are shaping today�s and tomorrow�s tenant mix strategies,
Forum has developed award winning centers �The Forum � Peachtree
Parkway�, Atlanta, GA and �The Forum � Carlsbad,� Carlsbad, CA ,
that generate industry leading shopping frequencies and expenditure
levels from their patrons. As a privately held development company,
Forum is a development company that is organized to move quickly
and creatively. About CBL & Associates Properties, Inc. CBL is
one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds
interests in or manages 158 properties, including 86 regional
malls/open-air centers. The properties are located in 27 states and
total 84.7 million square feet including 2.2 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has fifteen projects under construction totaling 4.0 million square
feet including Pearland Town Center, Houston (Pearland), TX;
Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in
Port Orange, FL; Hammock Landing in West Melbourne, FL; two
lifestyle/associated centers, eight expansions/redevelopments, and
one community center. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas, TX, and St.
Louis, MO. Additional information can be found at
http://cblproperties.com/. Information included herein contains
"forward-looking statements" within the meaning of the federal
securities laws. Such statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and
actual events, financial and otherwise, may differ materially from
the events and results discussed in the forward-looking statements.
The reader is directed to the Company's various filings with the
Securities and Exchange Commission, including without limitation
the Company's Annual Report on Form 10-K and the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" incorporated by reference therein, for a discussion of
such risks and uncertainties.
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