CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced the
official Grand Opening of Settlers Ridge, a new 600,000-square-foot
regional open-air center in metropolitan Pittsburgh (Robinson Township),
PA. CBL executives, along with the area's elected officials, were in
attendance at the official ceremony to celebrate the opening of the
area's newest and most unique shopping, dining and entertainment
destination. Settlers Ridge opened more than 94% leased and committed.
Shoppers can enjoy an outstanding selection of stores and restaurants at
Settlers Ridge including 150,000-square-foot Giant Eagle Market District
supermarket (opening November 6th), a 16-screen Cinemark
stadium seating theatre, as well as LA Fitness, REI and Barnes & Noble
(coming spring 2010). A wide selection of specialty stores and
restaurants have already begun opening including Cadillac Ranch, First
Watch - The Daytime Cafe, Panera Bread, P.F. Chang's, Red Robin Gourmet
Burgers, Saga Japanese Steakhouse, Learning Express, Luxor Nail Spa,
Omaha Steaks, Original Cin, SportClips, Sunsational Tan, Verizon
Wireless, Vitamin Shoppe, and Emmert Dental.
Commenting on the Grand Opening, Mark Mancuso, Senior Vice President -
Development for CBL & Associates Properties, Inc., said, "We are excited
to unveil Settlers Ridge to the market and are confident shoppers and
visitors will make it a preferred destination. We appreciate the
dedication and spirit of collaboration from the county, the Township and
area residents throughout the process of working to convert this former
mining site into a contributing member of the Pittsburgh economy. The
center not only offers a great selection of stores and restaurants, but
creates a number of new jobs and an important source of sales tax
revenue."
"The Settlers Ridge development will be a tremendous asset to Robinson
Township, the airport corridor and Pittsburgh region as a whole," said
Richard J. Charnovich, township manager for the Township of Robinson.
"The location of the development provides for premium access for
visitors from all locations. Robinson Township is very grateful that in
today's difficult economy a progressive development such as Settlers
Ridge has come to our community and will create a significant number of
jobs and improve the quality of life for our residents."
About Settlers Ridge
Settlers Ridge is a unique open-air center designed with the Pittsburgh
consumer in mind. The traditions and heritage of the city are reflected
throughout the center in the architecture and design elements. The
construction and landscaping incorporate materials, features and plants
indigenous to the area creating a visually pleasing and comfortable
presentation. With tremendous access and visibility from Parkway West
(US 22/30) via the newly-opened Ridge Road interchange, Settlers Ridge
is centered within Pittsburgh's largest concentration of office space
outside of downtown. Approximately 750,000 people can reach Settlers
Ridge within 20 minutes driving time, further enhancing the project's
regional draw. Two signalized entrances along Campbells Run Road in
addition to a secondary connection to PA 60 and I-79 via Church Hill
Road provide convenient access to Settlers Ridge.
About CBL & Associates Properties, Inc.
CBL owns and manages four regional malls in Pennsylvania including
Westmoreland Mall in Pittsburgh (Greensburg); Monroeville Mall in
Pittsburgh (Monroeville); Stroud Mall in Stroudsburg; and York Galleria
in York. CBL and joint venture partner High Real Estate Group also own
two shopping centers in the state, High Pointe Commons in Harrisburg
(Swatara Township) and York Town Center in York.
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 163 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 87.8 million square
feet including 3.0 million square feet of non-owned shopping centers
managed for third parties. CBL currently has one project under
construction totaling 500,000 square feet, The Pavilion at Port Orange
in Port Orange, FL. Headquartered in Chattanooga, TN, CBL has regional
offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO.
Additional information can be found at cblproperties.com.
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements. The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications & Investor Relations
katie_reinsmidt@cblproperties.com