CBL and Benchmark Celebrate Grand Opening of The Pavilion at Port Orange in Port Orange, FL
March 10 2010 - 9:50AM
Business Wire
CBL & Associates Properties, Inc. (NYSE:CBL) and The
Benchmark Group today celebrated the official Grand Opening of The
Pavilion at Port Orange, a 415,000-square-foot-open-air development
in Port Orange, FL. The area’s newest and most unique shopping
destination opened more than 92 percent leased or committed with
anchors including Hollywood Theaters, Belk, Homegoods, Marshall’s,
Michaels, PETCO and ULTA. The Pavilion at Port Orange is one of
only a few major retail developments expected to open in the U.S.
in 2010.
Commenting on the official Grand Opening Geoff Smith, Vice
President - Development for CBL & Associates Properties, Inc.,
said, “We are thrilled to officially open The Pavilion at Port
Orange, which will not only provide the area with an outstanding
retail, dining and entertainment destination, but will make a
positive and lasting economic contribution to the area. The city
has been very supportive and a true partner in this project from
start to finish. We appreciate their confidence and are looking
forward to being a part of and serving the Port Orange community
for years to come.”
The Pavilion at Port Orange’s more than 30 retailers,
restaurants and cinema bring a broad range of shopping, dining and
entertainment options to the city, and the nearly 2,000 jobs to the
region. The completed development is estimated to generate over
$1.0 million in annual sales tax revenue to the City of Port Orange
and Volusia County as well as more than $1.0 million for local
schools and fire and rescue services.
The shopping center offers customers a unique shopping
experience with an updated coastal style of architecture, two-story
themed buildings and extensive landscaping in an open-air
pedestrian-friendly environment. A focal point of The Pavilion at
Port Orange is the seven-acre lake surrounded by several sit-down
restaurants overlooking the water. The open-air center features a
lakeside walking path and covered children’s soft play area
sponsored by Halifax Health, and a community green space that will
serve as a gathering place for residents and tourists. Curbside
parking provides customers with easy access to the shops. The
Pavilion at Port Orange features more than 34,000 square feet of
office space above retail.
The new open-air development is anchored by Belk fashion
department store and a state-of-the-art 14-screen Hollywood
Theater, with junior anchors Homegoods, Marshalls, Michaels, ULTA
and PETCO. Area residents and visitors can now enjoy a wide
selection of specialty retailers and restaurants including Malibu
Beach Grill, AT&T, Five Guys Burgers and Fries, Trendy Room,
Mattress One, Kirkland's, rue 21, and David’s Bridal.
The architecture of the property is characteristic of Florida
coastal vernacular including wood, natural, hand-cut coquina
masonry, stucco, verandas and shutters that complement and blend
with the local community. Environmentally friendly features of the
development include: highly reflective roofing materials, Dark Sky
compliant lighting fixtures, draught tolerant, native Florida
landscaping, Water-wise “smart” irrigation heads, storm water ponds
for irrigation and dual flush toilets.
About The Pavilion at Port
Orange
The Pavilion at Port Orange is in an ideal location on 73 acres
of land at the northwest corner of I-95 at Taylor Rd. Williamson
Blvd. will serve as the main access point to the center. The
Pavilion at Port Orange is situated in the retail hub of the market
area, which draws from a strong demographic base in the surrounding
communities of Port Orange, New Smyrna Beach, Edgewater and
Southern Volusia County. The center is located almost 10 miles from
CBL’s market dominant Volusia Mall in Daytona Beach.
About The Benchmark
Group
Benchmark is a family owned real estate development, acquisition
and management company whose roots date back to the late 1960s with
the development of one of the country's first enclosed regional
malls in Amherst, NY. The company's portfolio consists of retail,
office and multi-family residential in 12 states with extensive
holdings in the Southeast USA, Ohio and New York.
About CBL & Associates
Properties, Inc.
CBL owns or manages five regional malls/open-air centers in
Florida including Volusia Mall in Daytona Beach, Gulf Coast Town
Center in Fort Myers, Panama City Mall in Panama City, Lakeshore
Mall in Sebring and the recently opened Hammock Landing in West
Melbourne. CBL also owns and manages one community center in
Florida.
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 164 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 88.3 million square feet including 3.0 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found at 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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