Press Release

CBL & Associates Properties, Inc. Plans Mixed-Use Redevelopment at Cary Towne Center in Cary, NC

Company Release - 5/22/2017 9:00 AM ET

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYSE:CBL) today announced future plans to transform Cary Towne Center in Cary, North Carolina, into a dynamic mixed-use destination. Last week’s announcement by IKEA of its proposal to build a store adjacent to Cary Towne Center provides a keystone attraction for the project and a catalyst for its redevelopment.

Over the last several months, CBL has worked with the town of Cary to start the rezoning process with the goal of creating a flexible land use that will facilitate a creative, modern, multi-phase and multi-use redevelopment. CBL is evaluating a number of redevelopment scenarios that could feature a mix of premier retail, dining, and entertainment options as well as residential, grocery, office, and green space. CBL has commissioned Dwell Design Studio, a nationally respected mixed-use planner and the architect of record for a number of the country’s highly regarded and successful mixed-use destinations.

“CBL is thrilled that IKEA has chosen Cary Towne Center for its next potential location in North Carolina. We are committed to executing a progressive redevelopment of the project that seamlessly complements the proposed IKEA store and is reflective of the vision and unique characteristics of the market,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. “Cary Towne Center is ideally located, and there is strong demand to elevate the center to the next level.”

Businesses interested in obtaining information about the Cary Towne Center redevelopment should contact Jon Meshel, Vice President – Development/Redevelopment at Jon.Meshel@cblproperties.com or 423.490.8269.

About CBL & Associates Properties, Inc.

Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 123 properties, including 80 regional malls/open-air centers. The properties are located in 27 states and total 76.9 million square feet including 5.9 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.

CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Executive Vice President – Chief Investment Officer
katie.reinsmidt@cblproperties.com
or
Media Contact:
Stacey Keating, 423-490-8361
Director – Public Relations & Corporate Communications
stacey.keating@cblproperties.com

Source: CBL & Associates Properties, Inc.