Development over 90% Leased Prior to Construction Start
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) and Stirling Properties
announced today a joint venture to develop Ambassador Town Center in
Lafayette, Louisiana. The approximately 58-acre site is located at the
corner of Ambassador Caffery Parkway and Kaliste Saloom Road. The retail
center will be built in one phase and will be approximately 425,000
square feet with major retailers including Costco,
Dick’s
Sporting Goods, Field
& Stream, Marshalls,
HomeGoods,
Nordstrom
Rack, Off
Broadway Shoes, Chuy’s,
Panera
Bread and Freddy’s
Frozen Custard & Steakburgers. The majority of the retailers
committed to the project are either first-time locations within
Lafayette or Louisiana, or both. Construction is set to begin this
month, with a projected opening of March 2016.
“Stirling Properties is excited about our partnership with CBL to
develop Ambassador Town Center and believes that this joint venture
brings the best possible team together to build this project,” said
Stirling Properties’ Senior Vice President of Development Townsend
Underhill. “We know this site to be an excellent location for a
retail development in this market and we are happy to continue our long
and successful development history in the city of Lafayette.”
"Ambassador Town Center is well-located and has attracted a
best-in-class retail line-up even before construction has commenced,”
said Michael Lebovitz, CBL’s Executive Vice President – Development and
Administration. “We are pleased to partner with Stirling Properties on
this project and are looking forward to announcing additional retailers
as the development progresses.”
Ambassador Town Center is expected to create approximately 2,200
construction jobs, 1,000 permanent jobs and generate nearly $9 million
annually in sales taxes for the city of Lafayette.
“This project is a sign of Lafayette’s strong economy and our
willingness to work with the private sector for needed infrastructure in
our community,” stated Joey Durel, Lafayette City-Parish President.
“Retailers like those that have committed will be a regional draw for
Lafayette, and the public infrastructure that will be built to provide a
route parallel to Ambassador Caffery is necessary for one of the fastest
growing areas in the state of Louisiana."
Public infrastructure improvements are being funded through a payment in
lieu of tax arrangement (PILOT), which includes a new connection between
Frem Boustany Road and Kaliste Saloom Road and multiple improvements to
the existing road system. Under the arrangement, The Industrial
Development Board for Lafayette Parish has agreed to allocate a portion
of the property taxes that will be created by the development of this
project to build the public infrastructure.
For leasing information, please contact: Ryan
Pecot, 337.572.0246 or rpecot@stirlingprop.com,
or Rodney Gordon, 423.553.8704 or rodney_gordon@cblproperties.com.
About Stirling Properties
Stirling Properties is one of the most diversified full-service
commercial real estate companies in the country. Regionally focused and
nationally acclaimed, we utilize a comprehensive set of resources and
rely on a team of trusted experts in Brokerage Services, Development and
Redevelopment, Acquisitions and Investments, and Property and Asset
Management over a wide array of property types to deliver long-term
value to our clients across the Gulf South. With offices located in
Jackson, Mississippi; Mobile, Alabama; Pensacola, Florida; Baton Rouge,
Lafayette, New Orleans, Metairie, Covington, Hammond, and
Shreveport/Bossier City in Louisiana, Stirling Properties is one of the
largest real estate firms in the Gulf South. Connect with Stirling
Properties on the web at www.stirlingproperties.com,
“like” us on facebook.com/stirlingproperties,
follow us @StirlingProp on twitter.com/StirlingProp
or subscribe to our Stirling
Insights blog.
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 148 properties, including 89 regional malls/open-air centers.
The properties are located in 30 states and total 84.2 million square
feet including 6.5 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.
CBL contact:
Dan Summerlin, 423-49-8315
Director of Corporate
Relations
dan_summerlin@cblproperties.com
or
Stirling
Properties contact:
Roslyn Pellegrin, 985-246-3764
Marketing
Coordinator
rpellegrin@stirlingprop.com
Source: CBL & Associates Properties, Inc.