CBL issued a press release about the land acquisition, butdidn't provide details about the groundbreaking for the Promenadeor its estimated ETA. CBL couldn't be reached by deadline.

In the press release, Stephen Lebovitz, president ofChattanooga, TN-based CBL, says more than 365,000 sf of space iscommitted. He adds there is "firm interest for much of theremaining space." The development will be situated at theintersection of Interstate 10 and I-110.

The joint venture is building Promenade in an area underservedby retail due, in part, to devastation caused by Hurricane Katrinain 2005. It's predicted that the center will create more than 1,000new jobs while producing more than $185 million in annual retailsales. The project is being funded through the Gulf OpportunityZone Act legislation, which promotes development inhurricane-impacted areas.

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