Cousins and Faison Start Construction on The Avenue(R) Murfreesboro; New Retailers Announced as Development Begins at 805,000-S
July 24 2006 - 10:16AM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) and Faison Enterprises
announced today the companies have purchased approximately 100
acres at the Manson Pike interchange on Interstate 24 in
Murfreesboro, Tenn. and have begun construction of The Avenue
Murfreesboro, an 805,000-square-foot open-air retail center.
Conceived as the centerpiece of a 400-acre master-planned
commercial development along newly-opened Medical Center Parkway,
The Avenue Murfreesboro - a 50/50 joint venture of Cousins
Properties and Faison Enterprises - will eventually be home to more
than 110 retailers and restaurants. The project is expected to open
in the third quarter of 2007. The companies also announced today
new retailer commitments for the center including Aveda, Carters,
Champs Sports, Lane Bryant, Limited Too, Off Broadway, Osh Kosh
B'Gosh and the project's first restaurant commitments, Longhorn
Steakhouse and Romano's Macaroni Grill. Previously announced
commitments to the project include Ann Taylor Loft, Barnes &
Noble, Belk, Best Buy, Chico's, Cost Plus World Market, Dick's
Sporting Goods, Jos. A Bank, New York & Company, Talbots, Ulta
and White House/Black Market. With these commitments, The Avenue
Murfreesboro's 660,000-square-foot Phase I is now 57 percent
committed. "This is an important time for Cousins and the Avenue
concept. This is our eighth, and largest, Avenue project since
introducing the concept in 1998, and The Avenue Murfreesboro should
serve as a model for future large-scale Avenues with its wide
ranging merchandising offerings," said Joel Murphy, president of
Cousins' Retail Division. "This Avenue is also notable because we
have a great partner in Faison and the high level of retailer
commitments at this early stage." "In terms of both retailer and
community interest, The Avenue Murfreesboro continues to build
momentum," said Mike Cohn, senior managing director with Faison.
"The diverse retailer mix should be a perfect fit for this dynamic
and growing central Tennessee region and we're proud to deliver it
with a partner of Cousins' caliber." The Avenue Murfreesboro is the
centerpiece of 400 acres of new master-planned commercial
development, planned by landowner C.M. "Bill" Gatton, along
newly-opened Medical Center Parkway, slated to include retail,
office, hotel, convention center and public spaces. Medical Center
Parkway connects the new Manson Pike interchange on I-24 with the
City of Murfreesboro's Gateway project, plans for which include the
new 300-bed Middle Tennessee Medical Center along with medical and
professional offices. The Avenue concept, introduced by Cousins
Properties in 1998, has been extremely well received by consumers
and retailers alike. In contrast to a mall, these open-air,
pedestrian friendly centers appeal to the discriminating and often
time-constrained shopper looking for premier national retailers,
select local merchants and specialty restaurants in a convenient
setting. Cousins Properties has opened three Avenues in the Atlanta
area, one in suburban Memphis, one in suburban Los Angeles and one
in Melbourne, Fla. The Avenue Webb Gin in Atlanta's Gwinnett County
will become the seventh Avenue in the Cousins portfolio when its
first phase opens in August 2006. For more information about The
Avenue, please visit www.theavenuealist.com Faison Enterprises,
Inc. is a privately-held development company with a diversified
product portfolio that includes retail, commercial and residential
project development, management and acquisitions services. With
more than 40 years in the business and holdings of approximately $1
billion, including $500 million of new projects under development,
the Charlotte NC based company manages and develops properties
throughout the South and Mid-Atlantic and maintains regional
offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston
SC, Atlanta GA, Orlando and Delray Beach, FL. For more information,
visit www.faison.com. Cousins Properties Incorporated,
headquartered in Atlanta, has extensive experience in the real
estate industry including the development, acquisition, financing,
management and leasing of properties. The property types that
Cousins actively invests in include office, multi-family, retail,
industrial and land development projects. The Company's portfolio
consists of interests in 7.4 million square feet of office space,
3.8 million square feet of retail space, 1.2 million square feet of
industrial space, two multi-family residential projects and 24
single-family neighborhood developments, over 9,000 acres of
strategically located land tracts for sale or future development,
and significant land holdings for development of single-family
residential communities. Cousins also provides leasing and
management services to third-party investors; its client-services
portfolio comprises 12.7 million square feet of office space.
Cousins is a fully integrated equity real estate investment trust
(REIT) that has been public since 1962 and trades on the New York
Stock Exchange under the symbol "CUZ." For more information on the
Company, please visit Cousins' Web site at
www.cousinsproperties.com. Certain matters discussed in this news
release are forward-looking statements within the meaning of the
federal securities laws and are subject to uncertainties and risks,
including, but not limited to, general and local economic
conditions, local real estate conditions, the activity of others
developing competitive projects, the cyclical nature of the real
estate industry, the financial condition of existing tenants,
interest rates, the Company's ability to obtain favorable financing
or zoning, environmental matters, the effects of terrorism, the
failure of assets under contract for sale to ultimately close and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission, including the
Company's Report on Form 10-K for the year ended December 31, 2005.
The words "believes," "expects," "anticipates," "estimates" and
similar expressions are intended to identify forward-looking
statements. Although the Company believes that its plans,
intentions and expectations reflected in any forward-looking
statement are reasonable, the Company can give no assurance that
these plans, intentions or expectations will be achieved. Such
forward-looking statements are based on current expectations and
speak as of the date of such statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise.
Cousins Properties (NYSE:CUZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cousins Properties (NYSE:CUZ)
Historical Stock Chart
From Jul 2023 to Jul 2024