New York, NY, 2016-May-10 — /EPR Retail News/ — Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, announced today that the Montgomery County Council approved the proposed Westbard Sector Plan rezoning portions of the Westbard neighborhood, including Equity One’s Westwood Center.
“This has been a long process, and we appreciate the time and hard work the community, planners and the Council have invested in updating the Westbard Sector Plan. The Council’s approval represents a key milestone on the way to full entitlement of our redevelopment plans, which will provide the surrounding neighborhoods with the vibrant core its residents deserve,” said David Lukes, CEO. “The rezoning provides a new density and mix of uses at our portfolio of Westwood properties that is consistent with our long-range redevelopment plans. We will now proceed with our application for the approval of the specific aspects of the project. We hope to ultimately develop high quality retail and housing on the site, work that will lead to the creation of beautiful open space, affordable housing, environmental improvements and jobs, and an exciting range of new retail options. We look forward to the next stage and continuing our work with all stakeholders as we move towards a new mixed-use Westwood that’s modern, convenient and community friendly.”
ABOUT EQUITY ONE, INC.
As of March 31, 2016, the company’s portfolio comprised 123 properties, including 98 retail properties and five non-retail properties totaling approximately 12.2 million square feet of gross leasable area, or GLA, 14 development or redevelopment properties with approximately 3.0 million square feet of GLA, and six land parcels. As of March 31, 2016, the company’s retail occupancy excluding developments and redevelopments was 96.2% and included national, regional and local tenants. Additionally, the company had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “might,” “would,” “expect,” “anticipate,” “estimate,” “could,” “should,” “believe,” “intend,” “project,” “forecast,” “target,” “plan,” or “continue” or the negative of these words or other variations or comparable terminology. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include volatility in the capital markets and changes in borrowing rates; changes in macro-economic conditions and the demand for retail space in the markets in which Equity One owns properties; the risks that Equity One may not be able to proceed with or obtain necessary approvals for the redevelopment project or that it may take more time and cost to complete the project or incur costs greater than anticipated; the success of its efforts to identify tenants and demand for the various components of the redevelopment project; changes in key personnel; the effects of natural and other disasters; changes in Equity One’s credit ratings; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.
For additional information:
Matthew Ostrower, EVP and
Chief Financial Officer
410 Park Avenue, Suite 1220
New York, NY 10022