CBL issued a press release about the land acquisition, but didn't provide details about the groundbreaking for the Promenade or its estimated ETA. CBL couldn't be reached by deadline.
In the press release, Stephen Lebovitz, president of Chattanooga, TN-based CBL, says more than 365,000 sf of space is committed. He adds there is "firm interest for much of the remaining space." The development will be situated at the intersection of Interstate 10 and I-110.
The joint venture is building Promenade in an area underserved by retail due, in part, to devastation caused by Hurricane Katrina in 2005. It's predicted that the center will create more than 1,000 new jobs while producing more than $185 million in annual retail sales. The project is being funded through the Gulf Opportunity Zone Act legislation, which promotes development in hurricane-impacted areas.
EMJ Corp. of Chattanooga, TN is the general contractor. Phillips Partnership PC of Atlanta is the architect. CBL is handling leasing and sales.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
