Horizon Group Properties and CBL to Develop The Outlet Shoppes at Louisville
Horizon Group Properties and CBL to Develop The Outlet Shoppes at Louisville
Joint Venture Builds on the Tremendous Success of The Outlet Shoppes at Atlanta and Oklahoma City
CHATTANOOGA, Tenn. & NORTON SHORES, Mich.--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYS: CBL) and Horizon Group Properties, Inc. (OTC: HGPI) today announced that it had formed a joint venture to develop The Outlet Shoppes at Louisville in Simpsonville, Kentucky. Located on the heavily traveled Interstate 64, the 370,000-square-foot project will be the premier outlet destination for residents of Louisville, Lexington, Frankfort and the surrounding area. It will be the only outlet center located in the state of Kentucky. In addition to serving those communities, The Outlet Shoppes at Louisville will provide tourists and conventioneers with a reason to shop in the state.
Construction will begin in June, with the grand opening scheduled for late summer 2014. Horizon and CBL are co-developing the project with Horizon responsible for leasing and management.
The Outlet Shoppes at Louisville is currently more than 75% leased or committed with must-have outlet retailers such as Coach, Banana Republic, Brooks Brothers, Chico's, Nike, Saks Fifth Avenue OFF 5THand more.
"We are pleased to once again partner with Horizon Group and are excited to bring outlet center shopping to the state of Kentucky," said Stephen Lebovitz, CBL's president and chief executive officer. "The Outlet Shoppes at Louisville has been generating a positive buzz within the retail community with its well-located site and prime access to this fast-growing market. We look forward to its grand opening next year."
"Louisville and Lexington are major tourist and retail markets, and we have a terrific location to develop Kentucky's premiere outlet center," said Gary J. Skoien, Horizon's president and chief executive officer. "CBL is a fantastic partner and we look forward to building on the success of The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta, which involve similar joint ventures with CBL."
The Outlet Shoppes at Louisville will contribute significantly to the area's local economy by creating new jobs and generating sales tax revenues. Once complete, the center is estimated to create more than 1,000 jobs for the community and generate more than $130 million in annual sales. This level of sales will generate approximate $8 million of annual sales taxes to the state of Kentucky.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is a leading owner and developer of factory outlet shopping centers in the United States and Asia 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 158 properties, including 96 regional malls/open-air centers. The properties are located in 31 states and total 92.7 million square feet including 10.5 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.
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 and Corporate Investments
katie_reinsmidt@cblproperties.com
or
Horizon Group Properties, Inc.
Gina Slechta, 402-991-0875
Vice President - Marketing
marketing@horizongroup.com
KEYWORDS: United States North America Kentucky Michigan Tennessee
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