CHATTANOOGA, Tenn. & AMHERST, N.Y.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) and The Benchmark Group
today celebrated the grand opening of the first phase of Hammock
Landing, a 750,000-square-foot open-air shopping center under
development in West Melbourne, FL. CBL and Benchmark executives, along
with City of West Melbourne Mayor Hal J. Rose and other key dignitaries
were in attendance at the official ribbon-cutting ceremony to celebrate
the opening of the area's newest shopping destination. The first phase,
totaling approximately 275,000 square feet, opened approximately 80%
leased and committed.
Visitors can enjoy shopping or dining at the outstanding collection of
retailers and restaurants now open. The selection includes Kohl's,
Marshalls, Michaels, hhgregg and PETCO along with Five Guys Burgers and
Fries, Mattress Barn, Maurice's, and Wooden Spoon. Additional stores
opening over the coming months include Pro Nails, Thai Thai, ULTA and an
additional major anchor will open in July. AT&T Mobility, McDonald's,
SunTrust Bank and Discount Tire will soon open on the periphery of
Hammock Landing.
Geoff Smith, Vice President - Development for CBL & Associates
Properties, Inc., commented on the announcement, "We appreciate the
support of the city and the residents in working up to the official
grand opening of Hammock Landing. This center offers a terrific line-up
of national and regional retailers and will provide customers with a fun
and attractive gathering place for shopping and dining. We look forward
to continuing to bring new popular stores and restaurants to the area."
West Melbourne Mayor, Hal J. Rose, commented on today's opening, "We are
pleased to officially welcome Hammock Landing to the community. This
project is bringing tremendous benefits directly to West Melbourne and
the surrounding areas. Not only is it an attractive shopping
destination, the project is creating jobs as well as a new revenue
stream to support continued regional growth initiatives. In this current
economic environment it is vital to support job creation and growth and
Hammock Landing is delivering this type of progress."
Hammock Landing will be located on 78 acres at the northwest
intersection of I-95 and Palm Bay Road, one of the most heavily
trafficked interchanges in Brevard County. Construction for the
expansion of Palm Bay Road to six lanes is underway. In addition to the
41,000 cars per day that drive by the project on Palm Bay Road, nearly
70,000 vehicles pass the project daily on Interstate 95. Hammock Landing
will benefit from a densely populated trade area of more than 200,000
people, which is projected to increase over 12% to 225,000 by 2011.
Hammock Landing will contribute to area growth by creating an estimated
1,200 new jobs. In addition, over the next 20 years, the project is
expected to generate more than $34.0 million in ad valorem taxes to the
county school system.
Chattanooga-based Artech Design Group has created the look of the
center, which was fashioned into a village-like atmosphere through the
clustering of retailers and restaurants. The general contractor for the
project is EMJ Corporation, also of Chattanooga.
The center is a 50/50 joint venture of CBL and Benchmark Properties,
which also are collaborating on the Pavilion at Port Orange, a
500,000-square-foot development project anchored by Belk and a Hollywood
theater in Port Orange, FL.
Persons interested in learning more about leasing space should contact
the following representatives:
Anchor or big box
opportunities:
Geoff Smith
Vice President - 423.490.8345 geoff_smith@cblproperties.com
Development
Bob Elliott
Development 386.254.2834 bob_elliott@cblproperties.com
Manager
Specialty Shops:
Craig Waters
Leasing Manager 423.553.8726 craig_waters@cblproperties.com
Peripheral
Property:
Phil McNeely
Director of
Peripheral 423.490.8304 phil_mcneely@cblproperties.com
Property
Peripheral
Property and
Specialty Leasing:
Bill McKnight
Leasing Manager -
Development 423.553.8717 bill_mcknight@cblproperties.com
Leasing
About The Benchmark Group
Benchmark is a family owned real estate development, acquisition and
management company whose roots date back to the late 1960's with the
development of one of the country's first enclosed regional malls in
Amherst, NY. The company's portfolio today is valued at approximately $1
billion and includes retail, office and multi-family residential in 12
states with its most extensive holdings in New York, Ohio and Florida.
About CBL & Associates Properties, Inc.
In addition to Hammock Landing, CBL owns or manages four regional
malls/open-air centers in Florida including Volusia Mall in Daytona
Beach, Gulf Coast Town Center in Fort Myers, Panama City Mall in Panama
City and Lakeshore Mall in Sebring. CBL also owns and manages one
community center in Florida.
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 159 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 86.0 million square
feet including 2.2 million square feet of non-owned shopping centers
managed for third parties. CBL currently has six projects under
construction totaling 2.5 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The
Promenade in D'Iberville, MS; two lifestyle/associated centers, and one
expansion. Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional
information can be found at http://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
Vice President - Corporate Communications and Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com