CBL & Associates Properties, Inc. (NYSE:CBL) and The Benchmark Group today celebrated the official Grand Opening of The Pavilion at Port Orange, a 415,000-square-foot-open-air development in Port Orange, FL. The area’s newest and most unique shopping destination opened more than 92 percent leased or committed with anchors including Hollywood Theaters, Belk, Homegoods, Marshall’s, Michaels, PETCO and ULTA. The Pavilion at Port Orange is one of only a few major retail developments expected to open in the U.S. in 2010. Commenting on the official Grand Opening Geoff Smith, Vice President - Development for CBL & Associates Properties, Inc., said, “We are thrilled to officially open The Pavilion at Port Orange, which will not only provide the area with an outstanding retail, dining and entertainment destination, but will make a positive and lasting economic contribution to the area. The city has been very supportive and a true partner in this project from start to finish. We appreciate their confidence and are looking forward to being a part of and serving the Port Orange community for years to come.” The Pavilion at Port Orange’s more than 30 retailers, restaurants and cinema bring a broad range of shopping, dining and entertainment options to the city, and the nearly 2,000 jobs to the region. The completed development is estimated to generate over $1.0 million in annual sales tax revenue to the City of Port Orange and Volusia County as well as more than $1.0 million for local schools and fire and rescue services. The shopping center offers customers a unique shopping experience with an updated coastal style of architecture, two-story themed buildings and extensive landscaping in an open-air pedestrian-friendly environment. A focal point of The Pavilion at Port Orange is the seven-acre lake surrounded by several sit-down restaurants overlooking the water. The open-air center features a lakeside walking path and covered children’s soft play area sponsored by Halifax Health, and a community green space that will serve as a gathering place for residents and tourists. Curbside parking provides customers with easy access to the shops. The Pavilion at Port Orange features more than 34,000 square feet of office space above retail.
The new open-air development is anchored by Belk fashion department store and a state-of-the-art 14-screen Hollywood Theater, with junior anchors Homegoods, Marshalls, Michaels, ULTA and PETCO. Area residents and visitors can now enjoy a wide selection of specialty retailers and restaurants including Malibu Beach Grill, AT&T, Five Guys Burgers and Fries, Trendy Room, Mattress One, Kirkland's, rue 21, and David’s Bridal.The architecture of the property is characteristic of Florida coastal vernacular including wood, natural, hand-cut coquina masonry, stucco, verandas and shutters that complement and blend with the local community. Environmentally friendly features of the development include: highly reflective roofing materials, Dark Sky compliant lighting fixtures, draught tolerant, native Florida landscaping, Water-wise “smart” irrigation heads, storm water ponds for irrigation and dual flush toilets. About The Pavilion at Port Orange The Pavilion at Port Orange is in an ideal location on 73 acres of land at the northwest corner of I-95 at Taylor Rd. Williamson Blvd. will serve as the main access point to the center. The Pavilion at Port Orange is situated in the retail hub of the market area, which draws from a strong demographic base in the surrounding communities of Port Orange, New Smyrna Beach, Edgewater and Southern Volusia County. The center is located almost 10 miles from CBL’s market dominant Volusia Mall in Daytona Beach. About The Benchmark Group Benchmark is a family owned real estate development, acquisition and management company whose roots date back to the late 1960s with the development of one of the country's first enclosed regional malls in Amherst, NY. The company's portfolio consists of retail, office and multi-family residential in 12 states with extensive holdings in the Southeast USA, Ohio and New York. About CBL & Associates Properties, Inc. CBL owns or manages five regional malls/open-air centers in Florida including Volusia Mall in Daytona Beach, Gulf Coast Town Center in Fort Myers, Panama City Mall in Panama City, Lakeshore Mall in Sebring and the recently opened Hammock Landing in West Melbourne. CBL also owns and manages one community center in Florida.
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 164 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 88.3 million square feet including 3.0 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.