CBL & Associates Properties and Horizon Group Properties Break Ground on The Outlet Shoppes at Atlanta
03 May 2012 - 1:00AM
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 and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Jun 2024 to Jul 2024
CBL and Associates Prope... (NYSE:CBL)
Historical Stock Chart
From Jul 2023 to Jul 2024