CBL & Associates Properties, Inc. (NYSE: 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.
<div class="copyright">
Copyright Business Wire 2013
</div>