Weingarten Previews Plan for Redevelopment of Northeast Corner of Shepherd and West Gray
March 30 2007 - 10:08AM
Business Wire
Houston-based Weingarten Realty Investors
(NYSE:WRI)(www.weingarten.com) announced today that the company is
investing more than $15 million in a redevelopment of the section
of River Oaks Shopping Center located at the northeast corner of
Shepherd and West Gray. Scheduled for completion in 2009, the
project will add retail capacity and modernize utility
infrastructure while preserving the unique curved fa�ade, art deco
and moderne architectural influences that customers and neighbors
have come to enjoy and appreciate. Plans include a multi-story
parking garage to be located behind the center and outdoor
pedestrian areas for shoppers. �River Oaks Shopping Center is one
of Weingarten�s signature assets, and we are proud of the work we
have done over the past 35 years to maintain the center�s
neighborhood character while consistently making improvements that
benefit our retailers and their customers,� said Patty Bender,
senior vice president and director of leasing for Weingarten. The
company has owned the center since 1972. Two new multi-level
buildings featuring upscale shops, restaurants and some office
space will replace the existing structure. Weingarten said it is in
the final states of negotiations with Barnes & Noble to anchor
this redeveloped section of the shopping center. The existing
Starbucks on the corner will not be impacted during construction of
the new building. The project is being carefully planned to
minimize impact on the rest of the center. Site preparation at the
corner of Shepherd and West Gray is scheduled to begin during the
second half of this year and to be suspended during the 2007
holiday shopping season so that the area may be used as
supplemental parking during those busy weeks. Construction is
slated to resume in early 2008 and Weingarten expects the project
will be completed in 2009. According to Bender, the firm has
participated in a number of meetings with residents of nearby
neighborhoods over the past year to keep them informed about the
plans and to encourage ongoing dialogue. Current tenants of the
impacted retail building have been notified about the
redevelopment. Bender underscored the fact that the announced plan
does not in any way impact the River Oaks Theater building. �These
improvements represent an overall effort to upgrade River Oaks
Shopping Center by replacing aging utility infrastructure,
providing new shopping experiences and adding amenities such as
outdoor art and pedestrian conversation/rest areas,� said Bender.
�Weingarten remains committed to maintaining the center as a
popular destination for shoppers and an attractive and prosperous
location for retailers and restaurants.� �With improved access,
increased retail space and design enhancements reflective of the
center�s art deco and moderne character, we will be creating the
future of the center within the context of the past,� added Bender.
About Weingarten Realty Investors As one of the largest real estate
investment trusts listed on the New York Stock Exchange, Weingarten
Realty Investors (NYSE:WRI) is focused on delivering solid returns
to shareholders by actively developing, acquiring, and intensively
managing properties in 22 states that span the United States from
coast to coast. The Company�s portfolio of 389 properties includes
322 neighborhood and community shopping centers and 67 industrial
properties, aggregating 47.5 million square feet. Weingarten has
one of the most diversified tenant bases of any major REIT in its
sector, with the largest of its 5,500 tenants comprising less than
3% of its rental revenues. To learn more about the Company�s
operations and growth strategies, please visit www.weingarten.com.
Weingarten in Houston The company was founded when immigrant Harris
Weingarten opened a single grocery store in downtown Houston in
1901. As the city grew, so did the number of Weingarten groceries
and the family eventually founded a real estate enterprise
developing both their own stores and larger shopping centers. In
the 1980s Weingarten was restructured as a real estate investment
trust (REIT) that began trading publicly on the New York Stock
Exchange in 1985. The company employs 350 people in the Houston
area and contributed $14.5 million in property tax revenue in 2006.
Forward-Looking Statements Statements included herein that state
the Company's or Management's intentions, hopes, beliefs,
expectations or predictions of the future are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 which by their nature, involve known and unknown
risks and uncertainties. The Company's actual results, performance
or achievements could differ materially from those expressed or
implied by such statements. Reference is made to the Company's
regulatory filings with the Securities and Exchange Commission for
information or factors that may impact the Company's performance.
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