CBL Announces Renovation and Redevelopment Plans for Northgate Mall in Chattanooga, TN
Ross Dress for Less and Michael's Arts and Crafts to Join the Complex
CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYS: 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."
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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
KEYWORDS: United States North America Tennessee
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