Washington Prime Group Inc. (NYSE: WPG) today announced that Steel
Valley Brew Works, a new, local brew and entertainment venue, will
be one of several entertainment concepts to anchor redevelopment
efforts at Southern Park Mall.
Steel Valley Brew Works will overlook and
connect to DeBartolo Commons, the outdoor athletic and
entertainment green space and event venue which is expected to be
complete during the second half of 2020. As previously announced,
DeBartolo Commons will replace the former Sears location.
Lou Conforti, CEO and Director of Washington
Prime Group stated: “I hereby proclaim Boardman and Greater
Youngstown as the coolest place on the planet.
“First, let me explain the difference between
hip and cool. When I think of the former, what comes to mind is the
stereotypical hipster characterized by the following
affectations:
- Daily use of beard oil sustainably sourced from Australian
eucalyptus shrubs;
- Wearing a bowling shirt stitched with the name Louie on the
pocket as a feeble attempt at irony when his real name is Thurston;
and
- Ordering a pizza with ‘heirloom’ anything as a topping.
“I believe the Latin term for this species is
Hipsterales Brooklynae and that sure ain’t Youngstown.
“So what makes Youngstown cool? For starters, a
lot of folks in Mahoning Valley actually own a bowling ball. They
also have names like Louie, Marge, Boom Boom and Denise. They also
order pepperoni on their pizza and steer clear of quinoa, goji
berries and hemp seeds.
“It’s also their no bullsh*t, roll up your
sleeves attitude. They work hard and play hard and like stuff just
because they like it and not because a social media influencer said
so on Instagram.
“They got music (I strongly suggest listening to
a band called The Vindys); great food (wedding soup); sports (think
Boom Boom, Jaws and Bo Pelini just to name a few); business titans
such as DeBartolo and York; and a brainy type or two including the
economist Arthur Laffer whose eponymously named curve illustrated
the theoretical relationship between taxation and governmental
revenue. And if that’s not enough...Ed O’Neill of American
Family and Married...with Children fame hails from Youngstown and
spent a couple of years at Ursuline High School.
“By the way, they also like coffee and beer.
“So in order to quench the thirst of my second
favorite city, we’re teaming up with a native Youngstowner, Josh
Langenheim (absolutely love this guy). We’re pumped he’s bringing
Steel Valley Brew Works to Southern Park Mall. Besides kick
*ss coffee, beer and baked goods, they’re also gonna have bocce,
foosball, pinball and a couple of pool tables.
“So c’mon by when they open, and if you see Al
Bundy nursing an Ellicottville IPA at the bar with Boom Boom, Jaws
and Professor Laffer, give him a little space...Peg, Kelly and Bud
can be a real handful.”
Steel Valley Brew Works is a new-to-market
concept thoughtfully put together by Joshua Langenheim, a
Youngstown native and owner and operator of StoneFruit Coffee.
StoneFruit Coffee, featuring fair trade, organic coffee, as well as
baked goods, is a local favorite in the Youngstown MSA. Building on
its expertise with coffee, Steel Valley Brew Works will occupy
approximately 12,000 SF of renovated space at Southern Park Mall,
offering a huge selection of local craft beers, specialty coffee,
baked goods, and a state-of-the-art coffee roasting facility. Steel
Valley Brew Works will also feature indoor bocce courts, billiards,
pinball, foosball, and other leisure games, providing guests an
experience that can’t be found elsewhere in the area. In addition,
Steel Valley Brew Works plans to periodically partner with food
truck operators to bring the best local food trucks to its Southern
Park Mall location.
Joshua Langenheim, owner and operator of Steel
Valley Brew Works and StoneFruit Coffee Company stated: “I am
elated at the chance to bring Steel Valley Brew Works to life. I
hear far too often that ‘there is no opportunity in the Mahoning
Valley’. Contrary, what I've learned is that opportunity isn't
handed out, it’s created. I believe in Youngstown, and I thank
Washington Prime Group and Southern Park Mall for sharing in that
belief and helping us bring this opportunity to life. YTOWN
PROUD!”
Washington Prime Group expects to announce
additional entertainment anchors in the near future, including an
indoor golf and entertainment venue and a popular, local restaurant
which are expected to occupy distinct spaces within approximately
37,000 SF of renovated space at Southern Park Mall.
The demolition of the former Sears building
remains on schedule, and is expected to be complete in
mid-December. The demolition of the former Sears Auto Center
location has been complete. Ongoing construction traffic is not
expected to impact guests visiting Southern Park Mall.
Steel Valley Brew Works and additional
entertainment anchors are expected to significantly increase guest
traffic, benefitting existing tenants and generating strong future
leasing demand for retail, dining, and entertainment uses. Most
recently, Youngstown Clothing Company, a high-quality,
vintage-inspired graphic t-shirt and apparel line, opened its
permanent location at Southern Park Mall and now offers favorite
Youngstown apparel year round.
The renovation of Southern Park Mall will
coincide with its 50th Anniversary in 2020 and honor the legacy of
Edward J. DeBartolo, Sr. and the DeBartolo-York family. A
transformation is underway to strengthen Southern Park Mall as the
hub of retail, dining and entertainment in the area. With plans to
invest millions of dollars into the town center over the next
several years, the long term vision for Southern Park Mall is
reflective of the community. Plans have been thoughtfully put
together with the Boardman community and Trustees, surrounding
communities, and existing tenants.
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 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.
ContactsLisa A. Indest, CAO
& EVP, Finance, 614.887.5844 or lisa.indest@washingtonprime.com
Kimberly 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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