CBL and Benchmark Develop Hammock Landing in West Melbourn…

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• Publié par: Nizur
• Nombre de lectures: 12
• Langue: English

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Hammock Landing

NEWS RELEASE Contact: KatieReinsmidt, Director of Corporate Communications & Investor Relations, 423.490.8301,[e-mail] CBL AND BENCHMARK PARTNER TO DEVELOP HAMMOCK LANDING IN WEST MELBOURNE, FL Construction has Commenced for a Spring 2009 Opening CHATTANOOGA, TN. and AMHERST, NY (February 1, 2008) –CBL & Associates Properties, Inc. (NYSE: CBL) and The Benchmark Group today announced the development of Hammock Landing, a 750,000 squarefoot openair shopping center to be built in West Melbourne, FL.The center will be anchored by Marshall’s, Linens ‘n Things, Michael’s, and Petco, as well as two major anchors and will offer shoppers a great selection with more than 120,000 square feet of small shops and restaurants.Construction on the project has started with a grand opening planned for spring 2009. “We’re delighted to partner again with The Benchmark Group on this exciting new project in a dynamic and growing area in Florida,” said Stephen Lebovitz, president of CBL & Associates Properties. “Hammock Landing will provide muchneeded retailers to an underserved area on Florida’s east coast.” Hammock Landing will be located on 78 acres at the northwest intersection of I95 and Palm Bay Road, one of the most heavily trafficked interchanges in Brevard County.Construction for the expansion of Palm Bay Road to six lanes is expected to begin this month.In addition to the 41,000 cars per day that drive by the project on Palm Bay Road, nearly 70,000 vehicles pass the project daily on Interstate 95. Hammock Landing will benefit from a growing trade area population of more than 200,000, which is projected to increase over 10% to 225,000 by 2011. Chattanoogabased Artech Design Group has created the look of the center, which will be fashioned into a villagelike atmosphere through the clustering of retailers and restaurants.The general contractor for the project is EMJ Corporation, also of Chattanooga. The center is a 50/50 joint venture of CBL and Benchmark Properties, which also are collaborating on the Pavilion at Port Orange, a 550,000squarefoot lifestyle center anchored by Belk and a Hollywood theater in Port Orange, FL. That project is scheduled to open in fall 2009. “We’re happy to be working again with CBL on Hammock Landing,” said Martin Dellebovi, executive vice president – development, Benchmark Group. “This new center is bringing much needed retail to a growing area. We believe it will be the dominant shopping center in southern Brevard County as well as serving the cities of Melbourne, West Melbourne, Palm Bay, and Malabar.”

MORE Hammock Landing is a joint venture of CBL & Associates Properties, Inc. and The Benchmark Group

CBL & Benchmark Partner of Hammock Landing Page 2 February 1, 2008 Persons interested in learning more about leasing space should contact the following representatives: Anchor or big box opportunities/office space: Geoff Smith Vice President – [e-mail] Bob Elliott Development [e-mail] Specialty Shops: Craig [e-mail] Leasing Manager Peripheral Property: Brian Platock The Florida Shopping Center [e-mail] General Contractor: James Tyson EMJ [e-mail] About The Benchmark Group  Benchmarkis a family owned real estate development, acquisition and management company whose roots date back to the late 1960's with the development of one of the country's first enclosed regional malls in Amherst, NY. The company's portfolio today is valued at approximately $1 billion and includes retail, office and multifamily residential in 12 states with its most extensive holdings in New York, Ohio and Florida. About CBL & Associates Properties, Inc. CBL owns and manages three regional malls in the state including Volusia Mall in Daytona Beach, Panama City Mall in Panama City and Lakeshore Mall in Sebring, plus one associated center. 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 159 properties, including 84 regional malls/openair centers. The properties are located in 27 states and total 82.8 million square feet including 1.8 million square feet of nonowned shopping centers managed for third parties. Including Hammock Landing, CBL currently has fifteen projects under construction totaling 4.1 million square feet including Pearland Town Center, Houston (Pearland), TX; Settlers Ridge in Pittsburgh, PA; CBL Center II in Chattanooga, TN; The Pavilion at Port Orange in Port Orange, FL; two lifestyle/associated centers, seven expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO.Additional information can be found atcblproperties.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.

END Hammock Landing is a joint venture of CBL & Associates Properties, Inc. and The Benchmark Group