FOR IMMEDIATE RELEASE
CONTACTS:
Paul Kesman,
Robert B. Aikens & Assoc., LLC
(248) 258-2333
Deborah Gibb
Director of Corporate Relations
CBL & Associates Properties, Inc.
(423) 490-8315
CBL & ASSOCIATES PROPERTIES, ROBERT B. AIKENS & ASSOCIATES AND BDR, INC. FORM PARTNERSHIP IN VILLAGE OF ORCHARD HILLS PROJECT
BIRMINGHAM, Mich. and CHATTANOOGA, Tenn., May 16, 2007 —Robert B. Aikens & Associates, LLC and CBL & Associates Properties, Inc. (NYSE:CBL) today announced that they have formed a joint venture partnership, along with development partner, Grand Rapids, Michigan-based BDR, Inc., for the development and ownership of The Village of Orchard Hills project in Grand Rapids Township, Michigan. The 400,000 square-foot, mixed-use lifestyle center will be the first project of its kind in fast-growing metropolitan Grand Rapids and will span 62 acres, including two anchors, as many as 50 specialty retail and restaurant tenants, and approximately 140 residential units. Construction is scheduled to begin in Summer, 2007 and the project is slated to open in October, 2008.
“We are elated to welcome a respected national leader like CBL to the development team for this first-of-its kind project in West Michigan,” said Bruce Aikens, Vice Chairman of Robert B. Aikens & Associates. “Capitalizing on the resources we will each bring to the table, we look forward to making the Village of Orchard Hills a project that we — and the entire region — will enjoy and be proud of.”
Commenting on the announcement, CBL & Associates Properties, Inc. President, Stephen Lebovitz, said, “The greater Grand Rapids area enjoys a healthy and diverse economy and is ready for an upscale lifestyle center. We feel that a project like Village of Orchard Hills will be a perfect fit. We look forward to joining forces with our colleagues at Aikens and BDR to create a destination that will become one that the community embraces and supports. The Village of Orchard Hills is another strong project in CBL’s growing development pipeline.”
The market that surrounds the Village of Orchard Hills site offers its tenants very strong demographics, featuring more than 135,000 households with incomes greater than $75,000 and nearly 40,000 with households with incomes greater than $100,000, more than any comparable lifestyle center in the Midwest.
With a Combined Statistical Area (CSA) exceeding 1.3 million people, the 65th largest MSA in the United States, Greater Grand Rapids is within a day's drive of half the country's population, half its manufacturing base and nearly half its retail sales. The immediate trade area includes 694,000 people, with over 312,000 in the primary market area. Additionally, more than 650,000 people, 113,300 of which are college educated, living within a 28-minute drive of the center.
About Robert B. Aikens & Associates, LLC
Founded more than 30 years ago, Robert B. Aikens & Associates LLC has built its reputation and success on the anticipation of shopping trends. Employing extensive consumer research, the company has developed shopping centers across the midwest and southern United States that answered the needs of shoppers and foresaw how these needs would change. From regional malls and lifestyle centers in Louisiana, Florida and Michigan to strip centers and office buildings, Aikens has a history of developing projects that answer a particular community's shopping habits and preferences. Today, Robert B. Aikens & Associates continues to be at the forefront, having developed over 20 million square feet of retail, commercial and residential space. Additional information can be found at www.rbaikens.com.
About CBL & Associates Properties, Inc.
CBL & Associates Properties, Inc. is the third largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 167 properties, including 70 enclosed regional malls. The properties are located in 29 states and total 73.5 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. Including Phase I of Gulf Coast Town Center, CBL has nine projects under construction totaling approximately 1.5 million square feet. The other projects include an open-air shopping center in Memphis (Southaven, MS), TN, one associated center, three community centers and three expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at cblproperties.com.
About BDR, Inc.
BDR, Inc. is a full-service construction and development firm with extensive experience in land acquisition and zoning, project design, construction management, property management and tenant leasing. Founded nearly 30 years ago, BDR has received numerous awards for design and quality and is one of the most respected developers in West Michigan. For more information, please contact www.bdrinc.com or Kevin Einfeld at 616-458-8505 ext. 1.