Cousins Joins Oklahoma City Retail Project
November 13 2008 - 2:22PM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) announced today it will
form a joint venture with Horizon Group Properties Inc., (HGPI)
(OTC:HGPI.PK) to pursue the planned development of The Outlet
Shoppes at Oklahoma City, a 341,400-square-foot outlet center in
Oklahoma City. The center is planned for the intersection of
Interstate 40 and Council Road and � based on the results of the
holiday selling season and the continued interest of retailers �
construction on the project would begin in spring of 2009 with a
July 2010 opening. Horizon Group is overseeing development,
management and leasing of the project. �We�re excited to team up
with Horizon to pursue this promising development,� said Larry
Gellerstedt, Cousins� executive vice president and chief
development officer. �Outlet centers are a growing segment of
retail development and Oklahoma City is very well positioned to
support this type of center.� Based in Rosemont, Ill., Horizon
Group Properties Inc. is a national owner and developer of factory
outlet shopping centers and is the developer of a master-planned
community in suburban Chicago. HGPI�s current portfolio consists of
1.6 million square feet of outlet shopping center space in 8 states
and an additional 1.5 million square feet in development.
Celebrating its 50th anniversary in 2008, Cousins Properties
Incorporated is a leading diversified real estate company with
extensive experience in development, acquisition, financing,
management and leasing. Based in Atlanta, the Company actively
invests in office, multi-family, retail, industrial and land
development projects. Since its founding, Cousins has developed 20
million square feet of office space, 20 million square feet of
retail space, more than 4,000 multi-family units and more than 60
single-family neighborhoods. The Company is a fully integrated
equity real estate investment trust (REIT) and trades on the New
York Stock Exchange under the symbol CUZ. For more, please visit
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 risk.
These include, but are not limited to, general and local economic
conditions (including the current general recession and state of
the credit markets), local real estate conditions (including the
overall condition of the residential markets), the activity of
others developing competitive projects, the risks associated with
development projects (such as delay, cost overruns and
leasing/sales risk of new properties), 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
ability of the Company to close properties under contract and other
risks detailed from time to time in the Company�s filings with the
Securities and Exchange Commission, including those described in
Part I, Item 1A of the Company�s Annual Report on Form 10-K for the
year ended December 31, 2007. 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.
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