Washington Prime Group Continues Transformation of Dayton Mall
December 02 2019 - 7:30AM
Washington Prime Group Inc. (NYSE: WPG) today announced that it has
purchased from a non-retailer the former Elder Beerman (Bon-Ton
Stores) site at Dayton Mall. The Company plans to leverage exciting
redevelopment opportunities for the 15-acre site, which includes a
two-story, approximately 200,000 SF retail building. Washington
Prime Group is currently in planning and negotiations with several
local stakeholders, including Miami Township and existing and
prospective tenants and partners.
Leasing activity remains robust at Dayton Mall
with Ross Dress for Less opening at the town center in October
2019, and The RoomPlace to occupy approximately 50,000 SF of
renovated inline space when the home furnishings retailer opens in
the first half of 2020. During the past three years, Dayton Mall
has been successful in replacing underperforming tenants with
in-demand retailers and lifestyle tenancy such as dining,
entertainment and home furnishings.
A transformation is underway to strengthen
Dayton 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 Dayton Mall
is reflective of the community. Plans are being thoughtfully put
together with Miami Township, surrounding communities, and existing
and prospective tenants.
Chris Snyder, Director of Community Development
for Miami Township stated: “Planning for the future of the Dayton
Mall area really started four years ago when the township developed
the Dayton Mall Area Master Plan. We saw the need early on to
transform the area into a multi-use, walkable development, and the
master plan has served as the facilitator bringing us to where we
are today. We are pleased that Washington Prime Group has embraced
the creation of the Miami Crossing District and now will be working
with us to bring many of the initiatives embodied by the district
master plan to the largest retail complex in the region.”
Miami Township in 2018 adopted a master plan for
the Miami Crossing District, where Dayton Mall is located, and is
calling for more than $200M in investments. Dayton Mall is ideally
located along State Route 741, a major route between Cincinnati and
Dayton. Miami Township recently completed construction on major
roads surrounding Dayton Mall, investing nearly $2M in
improvements.
As previously announced, Seritage Growth
Properties owns the former Sears space at Dayton Mall. Washington
Prime Group continues to work closely with Seritage and all
stakeholders regarding future redevelopment opportunities with
respect to this space.
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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