Washington Prime Group Inc. (NYSE: WPG) today announced new hotel
and residential uses at the site of its three Oklahoma City
properties, further enhancing the Company’s owned retail components
which total approximately 310,000 SF.
These new mixed uses are expected to draw a
significant increase in annual visitors to the Company’s collection
of three properties – Classen Curve, The Triangle at Classen Curve
and Nichols Hills Plaza, benefitting existing tenants and
generating strong future leasing demand.
The planned 120-room Ellison Hotel is expected
to open in 2021 on The Triangle of Classen Curve site just north of
Whole Foods. The lifestyle boutique hotel will include a restaurant
developed by Chris Lower and Joseph Royer, a rooftop swimming pool
and bar, and 7,000 SF of meeting space including a ballroom and
library lounge.
The hotel is named in honor of Oklahoma City
literary icon Ralph Ellison with designs aimed at featuring local
artists and authors. The hotel will be the first in Oklahoma under
the Tribute Portfolio, Marriott International’s newest brand that
accommodates independent hotels with a variety of designs and an
emphasis on the local community. The developer and owner of the
Ellison Hotel is Plains Management Group of Oklahoma City.
Washington Prime Group completed in 2018 the sale of the land for
the hotel development.
Expected to anchor the residential component is
The Residences at Classen Curve, a five-story multifamily project
with about 325 for-rent units, planned on an approximately
four-acre site adjacent to The Triangle at Classen Curve and
Nichols Plaza, which is currently undeveloped. The Residences at
Classen Curve is expected to be the only Class A community in
Oklahoma City with walkability to Whole Foods and Trader Joe’s, and
it will also be walkable to nearly 20 dining options and multiple
lifestyle and fitness concepts. Hines, an international real estate
firm, plans to partner with Humphreys Capital to develop The
Residences at Classen Curve.
The Residences at Classen Curve project is
expected to feature resort-style amenities including a private
fitness center, as well as private amenities such as courtyards,
pool, club room, coworking lounge, dog run, package facilities and
significant bicycle storage to take advantage of the site’s
adjacency to the Lake Hefner Trail. Construction on The Residences
at Classen Curve is slated to begin in 2020 with occupancy expected
to begin in late 2021. Washington Prime Group expects to complete
the sale of the land to Hines during the first half of 2020.
Offering some of the area’s most unique
retailers and dining options, this collection of properties is
ideally situated in the heart of Oklahoma City. With a mix of
trendy local tenants and upscale national chains, these three town
centers boast distinctive modern architecture in an unparalleled
setting, while providing an unequaled shopping and dining
experience to residents and tourists. Moreover, many retailers have
their only Oklahoma City location here, making this a truly
desirable location.
The dynamic tenant lineup at Classen Curve
includes retail and lifestyle tenants lululemon, Kendra Scott,
Rustic Cuff, Red Coyote, Cos Bar, Warby Parker, Bonobos, Tecovas,
Mizzen + Main, Athleta, Soft Surroundings, Sur La Table, Evereve,
and one of the top CycleBar locations in the country. The Triangle
at Classen Curve is anchored by Whole Foods, Anthropologie, and
West Elm. Adjacent Nichols Plaza is anchored by Trader Joe’s, CK
& Co, Balliet’s, Naifeh Fine Jewelry, Hollywood Feed, and
Orange Theory Fitness.
The collection of properties serve as the area’s
premier dining destination featuring food and beverage options
Republic Gastropub, Café 501, Tucker’s Onion Burgers, Zoës Kitchen,
En Croute, Upper Crust, and The Hutch on Avondale. During the past
24 months, the Company executed leases with several exciting, new
dining options including HopDoddy Burger Bar, a free-standing
Starbucks Coffee, Osteria Italian, Chicken Salad Chick, Flower
Child, and Torchy's Tacos.
New tenants expected to open in 2020 include BC
Clark, Flower Child, and Torchy's Tacos.
These properties continue to benefit from an
incredibly talented local management team. Shane McWhorter, General
Manager, is instrumental in executing the long term vision, and
together with Marketing Director Shannon Barghols, the team has
implemented a robust schedule of community events. Classen Curve
hosts nearly 100 events throughout the year which drive guest
traffic, encourage extended visits and strengthen the town centers
as the gathering place to shop, eat, drink, play – and now live –
in the Oklahoma City area. Learn more at www.classencurve.com.
About Washington Prime Group
Washington 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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