Project Success Evident in Leased or Committed Rate of More Than 92%
CHATTANOOGA, Tenn. & AMHERST, N.Y.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL) and The Benchmark Group
today celebrated the official Grand Opening of The Pavilion at Port
Orange, a 415,000-square-foot-open-air development in Port Orange, FL.
The area's newest and most unique shopping destination opened more than
92 percent leased or committed with anchors including Hollywood
Theaters, Belk, Homegoods, Marshall's, Michaels, PETCO and ULTA. The
Pavilion at Port Orange is one of only a few major retail developments
expected to open in the U.S. in 2010.
Commenting on the official Grand Opening Geoff Smith, Vice President -
Development for CBL & Associates Properties, Inc., said, "We are
thrilled to officially open The Pavilion at Port Orange, which will not
only provide the area with an outstanding retail, dining and
entertainment destination, but will make a positive and lasting economic
contribution to the area. The city has been very supportive and a true
partner in this project from start to finish. We appreciate their
confidence and are looking forward to being a part of and serving the
Port Orange community for years to come."
The Pavilion at Port Orange's more than 30 retailers, restaurants and
cinema bring a broad range of shopping, dining and entertainment options
to the city, and the nearly 2,000 jobs to the region. The completed
development is estimated to generate over $1.0 million in annual sales
tax revenue to the City of Port Orange and Volusia County as well as
more than $1.0 million for local schools and fire and rescue services.
The shopping center offers customers a unique shopping experience with
an updated coastal style of architecture, two-story themed buildings and
extensive landscaping in an open-air pedestrian-friendly environment. A
focal point of The Pavilion at Port Orange is the seven-acre lake
surrounded by several sit-down restaurants overlooking the water. The
open-air center features a lakeside walking path and covered children's
soft play area sponsored by Halifax Health, and a community green space
that will serve as a gathering place for residents and tourists.
Curbside parking provides customers with easy access to the shops. The
Pavilion at Port Orange features more than 34,000 square feet of office
space above retail.
The new open-air development is anchored by Belk fashion department
store and a state-of-the-art 14-screen Hollywood Theater, with junior
anchors Homegoods, Marshalls, Michaels, ULTA and PETCO. Area residents
and visitors can now enjoy a wide selection of specialty retailers and
restaurants including Malibu Beach Grill, AT&T, Five Guys Burgers and
Fries, Trendy Room, Mattress One, Kirkland's, rue 21, and David's Bridal.
The architecture of the property is characteristic of Florida coastal
vernacular including wood, natural, hand-cut coquina masonry, stucco,
verandas and shutters that complement and blend with the local
community. Environmentally friendly features of the development include:
highly reflective roofing materials, Dark Sky compliant lighting
fixtures, draught tolerant, native Florida landscaping, Water-wise
"smart" irrigation heads, storm water ponds for irrigation and dual
flush toilets.
About The Pavilion at Port Orange
The Pavilion at Port Orange is in an ideal location on 73 acres of land
at the northwest corner of I-95 at Taylor Rd.Williamson Blvd. will
serve as the main access point to the center. The Pavilion at Port
Orange is situated in the retail hub of the market area, which draws
from a strong demographic base in the surrounding communities of Port
Orange, New Smyrna Beach, Edgewater and Southern Volusia County. The
center is located almost 10 miles from CBL's market dominant Volusia
Mall in Daytona Beach.
About The Benchmark Group
Benchmark is a family owned real estate development, acquisition and
management company whose roots date back to the late 1960s with the
development of one of the country's first enclosed regional malls in
Amherst, NY. The company's portfolio consists of retail, office and
multi-family residential in 12 states with extensive holdings in the
Southeast USA, Ohio and New York.
About CBL & Associates Properties, Inc.
CBL owns or manages five 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, Lakeshore Mall in Sebring and
the recently opened Hammock Landing in West Melbourne. 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 164 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 88.3 million square
feet including 3.0 million square feet of non-owned shopping centers
managed for third parties. 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.
Media Contact:
Nathalie Strickland, 423-619-9900
or
Investor Contact:
Katie Reinsmidt, 423-490-8301
Vice President - Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com