NORTON SHORES, Mich. and
CHATTANOOGA, Tenn., May 16, 2013 /PRNewswire/ -- Horizon Group
Properties, Inc. (OTC: HGPI) and CBL & Associates Properties,
Inc. (NYSE: CBL), today announced that it had formed a joint
venture to develop The Outlet Shoppes at Louisville in Simpsonville, Kentucky. Located on the
heavily traveled Interstate 64, the 370,000-square-foot project
will be the premier outlet destination for residents of
Louisville, Lexington, Frankfort and the surrounding area. It will be
the only outlet center located in the State of Kentucky. In addition to
serving those communities, The Outlet Shoppes at Louisville will provide tourists and
conventioneers with a reason to shop in the state.
Construction will begin in June, with the grand opening
scheduled for late summer 2014. Horizon and CBL are co-developing
the project with Horizon responsible for leasing and
management.
The Outlet Shoppes at Louisville is currently more than 75% leased
or committed with must-have outlet retailers such as Coach, Banana
Republic, Brooks Brothers, Chicos, Nike, Saks Fifth Avenue OFF 5TH
and more.
"Louisville and Lexington are major tourist and retail markets
and we have a terrific location to develop Kentucky's premiere outlet center," said
Gary J. Skoien, Horizon's president
and chief executive officer. "CBL is a fantastic partner and we
look forward to building on the success of The Outlet Shoppes at
Oklahoma City and The Outlet
Shoppes at Atlanta which involve
similar joint ventures with CBL."
"We are pleased to once again partner with Horizon Group and are
excited to bring outlet center shopping to the state of
Kentucky," said Stephen Lebovitz, CBL's president and chief
executive officer. "The Outlet Shoppes at Louisville has been generating a positive buzz
within the retail community with its well-located site and prime
access to this fast-growing market. We look forward to its
grand opening next year."
The Outlet Shoppes at Louisville will contribute significantly to
the area's local economy by creating new jobs and generating sales
tax revenues. Once complete the center is estimated to create more
than 1,000 jobs for the community and generate more than
$130 million in annual sales.
This level of sales will generate approximate $8 million of annual sales taxes to the state of
Kentucky.
About Horizon Group Properties, Inc.
Based in
Norton Shores, Michigan with
executive offices in Rosemont,
Illinois, Horizon Group Properties, Inc. is a leading owner
and developer of factory outlet shopping centers in the United States and Asia and is the developer of a master planned
community in suburban Chicago. For more information, please
visit www.horizongroup.com.
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 96 regional malls/open-air centers. The
properties are located in 31 states and total 92.7 million square
feet including 10.5 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.
THE OUTLET
SHOPPES AT LOUISVILLE
Simpsonville, KY
FACT SHEET
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Description:
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Phase I of
the outlet center will include 370,000 square feet of gross
leasable area with expansion potential for an additional 50,000
square feet. The site contains two outparcels.
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Co-Developers:
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Horizon
Group Properties, Inc. and CBL & Associates Properties,
Inc.
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Architect:
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Adams +
Associates Architecture
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Contractor:
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VCC,
LLC
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Dates to
note:
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Construction start: May 2013
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Grand
Opening: July, 2014
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Amenities:
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Open-air
oval design with covered walkways
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Food
Court
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Courtyard
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Fountains
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Park-like
atmosphere
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Customer
Service Center
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Bus
parking and tour group services
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Children's
play area
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Location:
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I-64 and
Kentucky Road 1848 – Simpsonville, KY
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SOURCE Horizon Group Properties, Inc.