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[IMGCAP(1)]PEARLAND, TX-After six to nine months of negotiations, CBL & Associates Properties Inc. has given the nod to Sueba USA Corp. to develop the 188-unit balance of the multifamily component for the $200-million-plus Pearland Town Center. The Houston-based multifamily developer also has won management rights for CBL-developed units perched above some retail.

CBL’s 62 apartments will come on line July 30 in conjunction with the grand opening of the 1.2-million-sf town center. In the fall, Sueba plans to break ground on two four-story buildings, the Residences at Pearland Town Center, on a seven-acre, ell-shaped site that serves as the eastern bookend for the plaza and pavilion area. CBL’s units line the plaza’s western side. And, it’s the only multifamily land in the 147-acre town center at the junction of Route 518 and 288.

“It’s an important part of the development,” says Michael Lebovitz, chief development officer and senior vice president for Chattanooga, TN-based CBL Properties. He tells GlobeSt.com that Sueba was one of three multifamily developers in the running. “They have a tremendous amount of experience in the Houston multifamily market and experience with developing residential units as part of mixed-use projects,” he says, adding “and they’re great partners.”

[IMGCAP(2)]Sueba is planning a mix of one-bedroom garden apartments and two-bedroom lofts, which are set to deliver in fall 2009. Coming on line this July will be CBL’s one- and two-bedroom lofts, ranging from 1,100 sf to 1,300 sf. Some residential units have balconies with views of Downtown Houston.

As would be expected, CBL has covered itself in the sale of an interior tract to Sueba. “We have agreements in place that allow us to co-exist,” Lebovitz stresses. “They’re good operators. We’re very confident we’ll be able to successfully develop our projects in tandem.”

With the grand opening just months away, Lebovitz says Pearland Town Center’s 718,000-sf retail component is more than 80% preleased and office deals are in the works to fill 40% of the 60,000-sf second-floor space. A CB Richard Ellis team in Houston is overseeing office leasing. The 158,000-sf Dillard’s is the only retailer that won’t be opening in the summer, but its doors will swing open in October. Still to go are 15 undeveloped out-parcels that are being marketed by the CBL team.

Pearland Town Center’s anchor lineup includes a 160,000-sf Macy’s, 29,000-sf Barnes & Noble and junior anchors like Chico’s, the Buckle and Forever 21. The project also boasts a cluster of sit-down restaurants, including Red Robin, Fish City Grill and BJ’s Restaurant & Brewhouse. A 110-room, four-story Courtyard by Marriott also is on the development docket.

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