CBL Announces Residential Component for Pearland Town Center in Houston (Pearland), TX
250 Luxury Residential Units to be Developed at Pearland Town Center
CHATTANOOGA, Tenn. (April 14, 2008) - CBL & Associates Properties, Inc. (NYSE: CBL) today announced the sale of approximately seven acres to Sueba USA Corporation (“Sueba”) for the development of residential apartment units within Pearland Town Center, CBL’s 1.2 million square foot mixed-use development in Houston (Pearland), TX. Pearland Town Center will be anchored by Dillard’s, Macy’s, and Barnes & Noble, and will feature fashion retailers such as Chico’s, The Buckle and Forever 21. Construction is underway with a grand opening scheduled for July 30, 2008.
Sueba, owner, manager, and developer of residential real estate, will develop “The Residences at Pearland Town Center,” an upscale 188-unit apartment complex featuring beautifully-appointed residences with first-class amenities nestled in a lavishly landscaped park-like atmosphere. Apartments will be available for occupancy beginning fall 2009. For residents looking for a truly urban experience, an additional 62 luxury apartment units, owned by CBL, will be developed above the retail shops. These units will be available beginning July 30, 2008. Sueba’s management company, Southhampton, will manage and lease all 250 apartment units.
“Pearland Town Center will be the ultimate ‘live, work, play’ environment with the addition of The Residences at Pearland,” said Michael Lebovitz, chief development officer – senior vice president for CBL & Associates Properties, Inc. “Residents will have the best of all worlds with apartments featuring a full package of state-of-the-art amenities, offices located close to home, and convenient access to a tremendous selection of premier retailers and restaurants, all in a luxurious setting.”
About The Residences at Pearland Town Center
The Residences at Pearland Town Center will locate within the Pearland Town Center complex in two freestanding, four-story buildings with additional apartment units located above the retail shops. The Residences will feature one bedroom garden apartments and two-bedroom loft units. The units will incorporate the latest in modern design elements and fixtures including granite countertops, 20-foot ceilings, stainless steel appliances, pendant lighting, in-unit washer and dryer, ceiling fans and more. Private balconies will offer views of downtown Houston and Pearland’s verdant park-like setting. Residents will have convenient access to Pearland Town Center’s world-class selection of retail shops and restaurants as well as the miles of beautifully landscaped walking paths and a 25-acre lake. Residents will also enjoy close proximity to the park and pavilion area of Pearland Town Center, with its interactive water feature and a regular schedule of concerts and community events. Additional amenities include dedicated parking, pool, fitness center, clubhouse and much more.
About Pearland Town Center
Pearland Town Center will offer premium retail, residential, office and hotel space in an open-air, pedestrian-friendly environment. The center will feature a 718,000-square-foot open-air lifestyle center anchored by fashion department stores Dillard’s and Macy’s. Pearland Town Center will also feature Barnes & Noble, Coldwater Creek, Brooks Brothers Country Club, Eddie Bauer, Victoria’s Secret; junior apparel retailers American Eagle/aerie, Aéropostale, Charlotte Russe, Finish Line, For Love 21, Hollister, Pacific Sunwear, Wet Seal, plus Bath & Body Works, LensCrafters, Sunglass Hut, Rack Room Shoes, Payless ShoeSource, Stride Rite, Maui Taco’s and The Great American Cookie Company. A restaurant cluster will feature quality sit-down dining including Red Robin, Mimi’s Café, BJ’s Restaurant and Brewhouse, Cork Wine Bar and Fish City Grill. A 110-room, four-story Courtyard by Marriott hotel will be located above the center’s retail shops near Macy’s. In addition, Pearland Town Center will offer office space above the retail.
The Pearland Town Center Experience
Living and working, shopping and leisure, Pearland Town Center will be a signature open-air, mixed-use destination providing a distinctly different lifestyle and shopping experience. The destination will feature unique design elements and architecture influenced by Pearland’s heritage. Canopies, trellises, awnings and colonnades will frame the façade of the storefronts. Pearland Town Center’s warm and inviting pedestrian environment will be highlighted by tree-lined boulevards, convenient curbside parking, beautiful landscaping, a decorative water feature, a community events pavilion and walking paths which will create a sense of place and a distinct area to gather.
Conveniently located at FM 518 and Highway 288, Pearland Town Center will be situated on 147 acres of premium retail space within the greater Houston metropolitan corridor. The addition of residential units and office space to this mixed-use development will create new living and working options for this growing city. The community will also benefit from the shopping, dining, living and entertainment destination through the creation of an estimated 1,500 jobs and approximately $250 million in sales annually.
Persons interested in rental information for The Residences at Pearland should contact the following representative:
Gloria Haney, Southhampton Management, Inc. (713 )747-6601
Persons interested in learning more about leasing space should contact the following representatives:
Leasing:
Jeanna Webb, Leasing Manager (214) 596-1195
Justice Wade, Senior Director, Development Leasing (423) 553-8738
Development:
Chuck May, Senior Vice President, Development (847)993-3190
/ (800)333-7310 ext. 246
Jeff Brewer Project Manager (800)333-7310 ext. 624
Ken Wittler, Senior Project Manager (800)333-7310 ext. 385
Peripheral:
Rusty Phillips, Vice President, Peripheral Property(423) 490-8250
Robert Snetman, Senior Director, Peripheral Property (423) 490-8333
Restaurant:
Bryant Siragusa, National Director of Mall Restaurants and Entertainment (423) 553-8790
Office:
Dena P. Wren (713)577-1745
Kristen P. Rabel, CCIM
(713)577-1644
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 86 regional malls/open-air centers. The properties are located in 27 states and total 84.7 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. Including Pearland Town Center, CBL currently has fifteen projects under construction totaling 4.0 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; Hammock Landing in West Melbourne, FL; two lifestyle/associated centers, eight 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 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.
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