CHATTANOOGA, Tenn. & ATLANTA--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) and Forum Development
Group, LLC ("Forum") today announced the Grand Opening Celebration for
The Promenade, the 700,000 square foot power center located in
D'Iberville (Biloxi/Gulfport), MS. Officials from CBL and Forum will
join D'Iberville Mayor Rusty Quave and other local officials to
commemorate the opening of the largest retail project in the Mississippi
Gulf Coast since Hurricane Katrina. The first phase of The Promenade,
totaling approximately 480,000 square feet, will open more than 96%
leased and committed.
At the grand opening, shoppers will be able to enjoy an outstanding
selection of stores at The Promenade including anchors Target, Best Buy,
Dick's Sporting Goods, Marshall's, PetSmart, and ULTA as well as dozens
of specialty shops and restaurants including Olive Garden, Newk's
Express Cafe, Aristo's, AT&T Mobility, Inspire, Dress Barn, Bellissima
Nail Spa, Indulgence, Ice Cream & More, maurices, Mattress Direct,
Mystic Nail Salon & Spa, rue21, Sally Beauty, Drinx, Watermelon Patch,
Five Guys Burgers and Fries, GNC, and Splendor Salon. Michaels and
additional stores will continue to open at The Promenade over the coming
months.
"We would like to thank Mayor Rusty Quave and the entire D'Iberville
community for their support and enthusiasm throughout the entire
development process," said Geoff Smith, vice president - development for
CBL & Associates Properties, Inc. "We are pleased to officially debut
The Promenade to the area as the largest retail development since
Hurricane Katrina."
Commenting on the grand opening of The Promenade, City of D'Iberville
Mayor Rusty Quave said, "The grand opening of The Promenade is an
important occasion for the City of D'Iberville. The Promenade will not
only serve as a great place to shop and dine, but will contribute to
vital economic growth and job creation for D'Iberville and the
surrounding communities."
The Promenade enjoys excellent access and visibility situated on 72
acres at the northwest corner of I-10 and I-110. The surrounding market
population of more than 320,000 has been underserved by retail since the
devastation of Hurricane Katrina in 2005. The Promenade will encourage
economic growth in the area by creating in excess of an estimated 1,000
new jobs and producing nearly $200 million in annual retail sales. The
project is a joint venture of CBL and Forum with CBL as the majority
partner responsible for development, leasing and management. EMJ
Corporation of Chattanooga, TN, is the general contractor for The
Promenade. Phillips Partnership of Atlanta is the architect.
About Forum Development Group, LLC
Forum Development Group, LLC is a boutique development company that was
founded in 1998 to specialize in quality lifestyle retail projects,
power center developments, and mixed-use developments. The principals of
Forum have played significant roles in the leasing and construction of
more than twenty five power centers, seven lifestyle centers and mega
mixed-use projects. With the company's founders each having more than
twenty two years of experience, Forum prides itself on creating great
venues for its tenants and the communities they serve. By maintaining an
awareness of the continual changing face of retailing and the new
dynamics that are shaping today's and tomorrow's tenant mix strategies,
Forum has developed award winning centers "The Forum - Peachtree
Parkway", Atlanta, GA and "The Forum - Carlsbad," Carlsbad, CA, that
generate industry leading shopping frequencies and expenditure levels
from their patrons. As a privately held development company, Forum is a
development company that is organized to move quickly and creatively.
About CBL & Associates Properties, Inc.
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 161 properties, including 89 regional malls/open-air centers.
The properties are located in 27 states and total 86.8 million square
feet including 2.7 million square feet of non-owned shopping centers
managed for third parties. Including The Promenade, CBL currently has
three projects under construction totaling 1.8 million square feet
including Settlers Ridge in Pittsburgh, PA and 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 and Investor Relations
katie_reinsmidt@cblproperties.com