CBL and the MGHerring Group Announce a New Residential Development of the Peripheral Property of Imperial Valley
10 May 2005
CBL & Associates Properties, Inc. (NYSE: CBL - News) and The MGHerring Group are pleased to announce the sale of 21 acres to Touchstone Communities of San Diego, CA, for a residential development adjacent to Imperial Valley Mall in El Centro, CA. Touchstone Communities, a homebuilding and land development company, plans to build an upscale apartment community called "Almeria" with 255 luxury apartments in a lushly-landscaped and amenity-rich setting. This development is CBL's first integration of residential and retail property. Almeria will be located east of the mall along the outer ring road across from UltraStar Cinemas and Imperial Valley Mall's food court entrance. A pedestrian crosswalk will connect the mall and the new apartment community.
"We are excited about the opportunity to add a residential component to our newest mall," said Stephen Lebovitz, CBL & Associates Properties, Inc. president. "Touchstone's Almeria project will further complement the shopping destination we have created and will allow residents to live, work, and play within their own neighborhood. This residential development is one of many new housing developments in the Imperial Valley Mall trade area."
Almeria will feature a leasing and community center with a large swimming pool complex, meeting rooms, party event facilities, exercise room and technology center. Other site amenities will include tot lots, play areas, tennis facilities and gated entrances. The residential units will include attached garages, laundry rooms, pantries, storage rooms and large covered decks. The buildings will be two-story and include 1-, 2-, and 3-bedroom floor plans.
"These will be the finest apartment homes in the entire Imperial Valley," said Kerry Garza, president of Touchstone Communities. "We promised the City of El Centro and CBL that we would build a project fine enough to complement their incredible new mall, and we know they will be proud. The residents of Almeria will be within walking distance of the finest shopping, restaurants and entertainment in the valley."
Imperial Valley Mall is a more than 750,000 square-foot enclosed regional mall with four department stores including JCPenney, Sears, Dillard's and Robinsons-May, numerous national, regional and local retailers, a 14-screen UltraStar Cinema and a 10-unit food court. The shopping complex will employ close to 4,000 people and is expected to bring more than $326 million annually in retail sales.
CBL & Associates Properties, Inc. is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 167 properties, including 70 enclosed regional malls. The properties are located in 29 states and total 73.5 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling approximately 1.5 million square feet. The projects include two open-air shopping centers located in Ft. Myers, FL, and Memphis (Southaven, MS), TN, one associated center, three community centers and three expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at http://cblproperties.com.
The MGHerring Group of Dallas, TX, has developed 30 major shopping centers and malls comprising more than 24 million square feet of retail in Texas, Louisiana, Mississippi, Alabama, Arkansas, New Mexico and Oklahoma. The MGHerring Group opened Eastern Shore Centre, a 575,274 square-foot lifestyle center located on the Eastern Shore of the Mobile Bay in Spanish Fort, Alabama, on November 17, 2004. The MGHerring Group is developing two new lifestyle centers in Cedar Hill, TX, and Augusta, GA, which are projected to open in March 2007.
--------------------------------------------------------------------------------
Contact:
CBL & Associates Properties, Inc.
Investor Contact:
Katie Knight, 423-490-8301
or
Media Contact:
Deborah Gibb, 423-490-8315
--------------------------------------------------------------------------------
Source: CBL & Associates Properties, Inc.
Source: Business Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
