Tenants at New Outlet Center Announced at Ground Breaking Ceremony
CHATTANOOGA, Tenn. & WOODSTOCK, Ga.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) and Horizon Group
Properties, Inc. today announced that construction will begin
immediately on a new outlet center in Woodstock, GA. The 370,600 square
foot initial phase of the center, to be named The Outlet Shoppes at
Atlanta, is scheduled to open in August 2013 and will feature the
best-known brands and designer outlets, including Nike, Saks Fifth
Avenue OFF 5TH, Brooks Brothers, White House | Black Market, Guess,
Michael Kors, Under Armour, Puma, Converse, Cole Haan, Vans, Le Creuset,
Levis, Naartjie Kids, Talbots and Carters. It is expected that many
additional retailers will be announced in the near future.
The center is located at the newly constructed exit off I-575 at
Ridgewalk Parkway; more than 112,000 cars pass the site daily. The
center is convenient to travelers on Interstates 75, 85 and 20 and is
expected to draw over four million visitors annually from a three-state
area.
Designed in a shopper-friendly configuration, the center will feature
covered walkways and landscaped courtyards to maximize the comfort and
convenience of shoppers. Its design blends traditional, architectural
with lively features children’s play area and a center court complete
with fountains and fireplace to create a festive atmosphere for shoppers
and other visitors to the center. The site will accommodate an
additional 30,000 square feet of outlet shops and also features eight
out-lots for restaurant and other uses.
“The Outlet Shoppes at Atlanta represents the new incarnation of the
outlet shopping experience. It is located much closer to the residents
of metro-Atlanta than existing outlet centers and its design makes
shopping at the center much easier and more pleasant,” said Gary J.
Skoien, chief executive officer of Horizon Group Properties. “We also
expect to draw shoppers from Tennessee, Alabama and other parts of
Georgia. The development and operation of the center will generate
substantial economic activity in Woodstock and we are appreciative of
the efforts of the Woodstock City officials in making this development a
reality,” said Skoien.
“The groundbreaking of The Outlet Shoppes at Atlanta marks the beginning
of what is sure to become a favored retail destination for Atlanta and
the surrounding areas as well as tourists,” commented Michael Lebovitz,
executive vice president – development & administration for CBL &
Associates Properties, Inc. “With the impressive line-up of stores
already announced, the excitement continues to build. We are looking
forward to celebrating with our partner, Horizon Group, as well as area
officials, at the Grand Opening next summer.”
Site preparation will take place over the next few months with
structural work beginning later this summer. When completed, the center
is projected to generate more than $130 million in annual sales and $3
million of sales and property taxes for the City of Woodstock. Over the
next 10 years, the development and operation of the center are expected
to generate a total of $34 million in taxes for the benefit of the City
of Woodstock, Cherokee County and its school district over the next ten
years.
The Outlet Shoppes at Atlanta is a joint venture of CBL & Associates
Properties, Inc. and Horizon Group Properties, Inc. Horizon and CBL are
co-developers of the project; Horizon is responsible for leasing and
managing the center.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont,
Illinois, Horizon Group Properties, Inc. is an owner and developer of
factory outlet shopping centers and is the developer of a master planned
community in suburban Chicago. For more information, please visit www.horizongroup.com.
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 160 properties, including 89 regional malls/open-air centers.
The properties are located in 26 states and total 86.8 million square
feet including 3.6 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), Texas, and
St. Louis, MO. Additional information can be found at cblproperties.com.
CBL Contact:
Katie Reinsmidt, 423-490-8301
Vice President -
Corporate Communications and Investor Relations
katie_reinsmidt@cblproperties.com
or
Horizon
Contact:
Gina Slechta, SCMD, 402-991-0875
Vice President of
Marketing
marketing@horizongroup.com
Source: CBL & Associates Properties, Inc.