Development over 90% Leased Prior to Construction Start
CHATTANOOGA, Tenn., 2015-1-6 — /EPR Retail News/ — CBL & Associates Properties, Inc. (NYSE: CBL) and Stirling Properties announced today a joint venture to develop Ambassador Town Center in Lafayette, Louisiana. The approximately 58-acre site is located at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road. The retail center will be built in one phase and will be approximately 425,000 square feet with major retailers includingCostco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes,Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. The majority of the retailers committed to the project are either first-time locations within Lafayette or Louisiana, or both. Construction is set to begin this month, with a projected opening of March 2016.
“Stirling Properties is excited about our partnership with CBL to develop Ambassador Town Center and believes that this joint venture brings the best possible team together to build this project,” said Stirling Properties’ Senior Vice President of Development Townsend Underhill. “We know this site to be an excellent location for a retail development in this market and we are happy to continue our long and successful development history in the city of Lafayette.”
“Ambassador Town Center is well-located and has attracted a best-in-class retail line-up even before construction has commenced,” said Michael Lebovitz, CBL’s Executive Vice President – Development and Administration. “We are pleased to partner with Stirling Properties on this project and are looking forward to announcing additional retailers as the development progresses.”
Ambassador Town Center is expected to create approximately 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the city of Lafayette.
“This project is a sign of Lafayette’s strong economy and our willingness to work with the private sector for needed infrastructure in our community,” stated Joey Durel, Lafayette City-Parish President. “Retailers like those that have committed will be a regional draw for Lafayette, and the public infrastructure that will be built to provide a route parallel to Ambassador Caffery is necessary for one of the fastest growing areas in the state of Louisiana.”
Public infrastructure improvements are being funded through a payment in lieu of tax arrangement (PILOT), which includes a new connection between Frem Boustany Road and Kaliste Saloom Road and multiple improvements to the existing road system. Under the arrangement, The Industrial Development Board for Lafayette Parish has agreed to allocate a portion of the property taxes that will be created by the development of this project to build the public infrastructure.
About Stirling Properties
Stirling Properties is one of the most diversified full-service commercial real estate companies in the country. Regionally focused and nationally acclaimed, we utilize a comprehensive set of resources and rely on a team of trusted experts in Brokerage Services, Development and Redevelopment, Acquisitions and Investments, and Property and Asset Management over a wide array of property types to deliver long-term value to our clients across the Gulf South. With offices located in Jackson, Mississippi; Mobile, Alabama; Pensacola, Florida; Baton Rouge, Lafayette, New Orleans, Metairie, Covington, Hammond, and Shreveport/Bossier City in Louisiana, Stirling Properties is one of the largest real estate firms in the Gulf South. Connect with Stirling Properties on the web at www.stirlingproperties.com, “like” us on facebook.com/stirlingproperties, follow us @StirlingProp on twitter.com/StirlingProp or subscribe to our Stirling Insights blog.
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 148 properties, including 89 regional malls/open-air centers. The properties are located in 30 states and total 84.2 million square feet including 6.5 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.
CBL contact: Dan Summerlin, Director of Corporate Relations, 423.490.8315, firstname.lastname@example.org
Stirling Properties contact: Roslyn Pellegrin, Marketing Coordinator, 985-246-3764, email@example.com