LOUISVILLE—An already fruitful partnership between the shopping mall REIT CBL & Associates Properties and Horizon Group Properties has taken another big step forward. U.S. Bank has just closed on a $60 million loan to finance the construction of The Outlet Shoppes at Louisville. The 370,000-square-foot development, currently under construction just off Interstate 64 in suburban Simpsonville, will have more than 80 retailers and open by next summer. CBL and Horizon are co-developing the property, with Horizon responsible for leasing and management.
This is the third major retail development that U.S. Bank has financed for the Chattanooga-based CBL. Last year, for example, the bank closed a $70 million construction loan for The Outlet Shoppes at Atlanta, a 370,000-square-foot retail center developed in suburban Woodstock just north of that city by a joint venture between CBL and the Michigan-based Horizon.
The Louisville project will feature open-air style retail with marquee tenants such as Coach, J. Crew, Brooks Brothers, Michael Kors, Nike, Saks Fifth Avenue OFF 5TH and others.
“The Outlet Shoppes has been a highly-anticipated project among Louisville’s businesses and residents,” says David Wombwell, senior vice president for U.S. Bank in Louisville. “This mix of high-end retailers in an outlet setting is sure to attract both residents and tourists alike.”
CBL currently owns, holds interests in or manages more than 150 properties across 31 states.