Ross Dress for Less and Michael’s Arts and Crafts to Join the
Complex
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced renovation
and redevelopment plans for Northgate Mall in Chattanooga, TN. Phase I
of the project will include the redevelopment of the adjacent T.J. Maxx
anchored community center, adding Ross Dress for Less and Michael’s Arts
& Crafts. Construction will begin on the associated center in early 2013
with completion anticipated in fall 2013.
In addition, CBL will commence a multi-million dollar renovation of
Northgate Mall. The renovation will include enhancements to the interior
and exterior of Northgate Mall. The main entrance will receive updates
and portions of the parking lot will be repaved. Remodeling inside the
mall will include new soft seating areas, new flooring as well as
ceiling and lighting upgrades. The renovation is scheduled to begin in
summer 2013, with a completion anticipated in fall 2013.
CBL’s President and Chief Executive Officer, Stephen Lebovitz,
commented, “Since our acquisition of Northgate Mall last year we have
been looking forward to unveiling plans to enhance the overall shopping
experience and create the best retail destination for Hixson and the
surrounding areas. It is exciting to formally begin this process with
today’s announcement as we work towards completion of this work in
advance of the 2013 holiday season.
Lebovitz added, “This announcement represents just the first phase of
our plans to revitalize the center. Northgate Mall continues to provide
strong opportunities to improve its merchandising mix through utilizing
available space and upgrading the retail offerings. We will be adding
more new stores and restaurants and look forward to providing updates on
further improvements in the near future.”
For leasing information please contact Jason Shelton by telephone at
423.490.8242 or by email at jason_shelton@cblproperties.com.
About Northgate Mall
Northgate Mall is an 823,000-square-foot enclosed regional mall located
on Highway 153 and Hixson Pike/State Route 319 in CBL’s hometown of
Chattanooga, Tennessee. Chattanooga has been experiencing tremendous
growth with several major new employers entering the area, including
North America’s only Volkswagen manufacturing plant. Northgate Mall is
anchored by Belk, JC Penney and Sears and offers 60 specialty shops and
restaurants. The property also features a freestanding 14-screen
state-of-the-art Carmike Cinema and a 70,000-square-foot community
center occupied by TJ Maxx and Catherine’s. The property was originally
developed in 1972 by Arlen Shopping Center Group (“Arlen”) under the
direction of Charles B. Lebovitz. In 1978, Lebovitz and five associates
left Arlen to form CBL & Associates. Northgate Mall underwent
renovations in 1991 and 1997 and was expanded between 2005 and 2008.
CBL also owns and manages Hamilton Place Mall, a 1.3-million-square-foot
dominant super-regional enclosed mall as well as five associated centers
and two office buildings, including its headquarters, in the Chattanooga
market.
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 interest in
or manages 164 properties, including 95 regional malls/open-air centers.
The properties are located in 27 states and total 92.9 million square
feet including 9.4 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.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations/Corporate Investments
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.