Washington Prime Group Inc. (NYSE:WPG) today announced that the
Company has partnered with COhatch to deliver shared work, event
and lifestyle space to Polaris Fashion Place, Central Ohio’s
premier retail destination. This reflects Washington Prime Group’s
objectives to diversify tenancy, activate common areas and satisfy
its demographic constituencies’ demand for differentiated services,
while reinventing its retail venues as community-focused, mixed use
spaces.
Lou Conforti, CEO and Director, stated: “Plain
and simple, our assets serve as town centers and COhatch emphasizes
this gathering place approach via a combined coworking, lifestyle
and entrepreneur incubation venue which allows for various social
events and activities whether day or evening.”
COhatch will co-create and co-develop space at
Polaris Fashion Place, starting with the takeover and restoration
of “The Pub”, located at the outdoor, lifestyle area of the center.
By day, COhatch “The Pub” will serve as a coworking and event
space, and by night, “The Pub” will serve as a craft beer bar and
entertainment venue featuring local microbrewers.
As part of its agreement with Washington Prime
Group, COhatch will subsequently expand and integrate its concept
further within Polaris Fashion Place with a variety of shared-space
services, including coworking and The Madery Makers and Market. The
Madery Makers and Market at Polaris Fashion Place will offer social
enterprises – local businesses with a non-profit mission – a
bricks-and-mortar presence in an experiential retail setting.
Guests will be able to see goods produced and buy artisan gifts
such as candles, handbags, jewelry and accessories, while
supporting people and communities in need.
COhatch Founder Matt Davis said: “Polaris
Fashion Place offers us an A+ lifestyle center to help our members
grow their businesses, maximize their creativity in meetings and
help them live their best life, while giving back to the community.
Our vision is to provide the spaces, locations, tools, and
activities to create an ideal lifestyle for our members enabling us
to build our amenities for members in the perfect fifth
location.”
About COhatch COhatch, a new
kind of shared work, social, and family space built on community,
offers members the services, activities, and amenities to live a
fully integrated life that balances work, family, well-being,
community and giving back. Founded in 2016, COhatch was created
through the collaboration of a group of friends who wanted to live
out their ideal lives and improve their community. COhatch
currently has two locations in Worthington, Ohio and two under
development in Delaware and Upper Arlington, Ohio with additional
sites planned in the Midwest. COhatch plans to open more than a
dozen total locations within the next five years. Visit
www.cohatch.com for more information.
About Polaris Fashion
PlacePolaris Fashion Place® is Central Ohio’s premier
shopping destination offering market-exclusive brands and
locally-owned specialty shops to more than two million locals and
tourists alike. Polaris Fashion Place also hosts more than 75
events a year including: Live@Polaris, KidX Club®, Mommy Mile, Made
Local Marketplace, the Easter Bunny and Santa Photo Set. The town
center is home to more than 190 national and local retail, dining
and entertainment options. At Polaris Fashion Place, guests can
find Tangible™ Collective, which features the best up-and-coming
online brands, hand-picked and ready to be discovered and shared. A
dynamic offering of things to do along with things to buy keeps
guests engaged and returning often. Polaris Fashion Place and KidX
Club are registered trademarks of Washington Prime Group Inc.
Trademark and patent registrations for Tangible are currently
pending. For more information, visit
www.polarisfashionplace.com.
About Washington Prime
GroupWashington Prime Group Inc. is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with an investment grade balance sheet,
leveraging its expertise across the entire shopping center sector
to increase cash flow through rigorous management of assets and
provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
ContactKimberly A. Green, VP,
Investor Relations & Corporate Communications, 614.887.5647 or
kim.green@washingtonprime.com
Forward-Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” and other
similar expressions. Such statements are based upon the
current beliefs and expectations of WPG’s management, and involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes
in asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase mall store occupancy and
same-mall operating income; risks associated with the acquisition,
(re)development, expansion, leasing and management of properties;
changes in market rental rates; trends in the retail industry;
relationships with anchor tenants; risks relating to joint venture
properties; costs of common area maintenance; competitive market
forces; the level and volatility of interest rates; the rate of
revenue increases as compared to expense increases; the financial
stability of tenants within the retail industry; the restrictions
in current financing arrangements or the failure to comply with
such arrangements; the liquidity of real estate investments; the
impact of changes to tax legislation and WPG’s tax positions;
failure to qualify as a real estate investment trust; the failure
to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or
the ability to pay dividends on common shares or other securities;
possible restrictions on the ability to operate or dispose of any
partially-owned properties; the failure to achieve earnings/funds
from operations targets or estimates; the failure to achieve
projected returns or yields on (re)development and investment
properties (including joint ventures); expected gains on debt
extinguishment; changes in generally accepted accounting principles
or interpretations thereof; terrorist activities and international
hostilities; the unfavorable resolution of legal proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including
those detailed from time to time in WPG’s statements and periodic
reports filed with the Securities and Exchange Commission,
including those described under “Risk Factors”. The
forward-looking statements in this communication are qualified by
these risk factors. Each statement speaks only as of the date of
this press release and WPG undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances. Actual results may differ materially from
current projections, expectations, and plans, if any.
Investors, potential investors and others should give careful
consideration to these risks and uncertainties.
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