GGP to redevelop Southwest Plaza in Denver
Littleton, Colo. — General Growth Properties plans to redevelop its 1.3 million-sq.-ft. Southwest Plaza in southwest Denver. The multi-million dollar project will renovate Center Court with open-air cafes, new seating areas, free WiFi access for social networking, new directional signage, indoor fireplaces, skylights and light coves.
The mall’s five department stores – Dillard’s, J.C. Penney, Macy’s, Sears and Dick’s Sporting Goods – will remain in place and the mall will be open throughout the project. Plans call for the completion of the redevelopment by the fall of 2015.
Studio H2G (Birmingham, MI) is Design Architect for the Southwest Plaza renovation, with Omniplan (Dallas) serving as Architect of Record.
Dick’s opens three new stores April 25
Pittsburgh – Dick’s Sporting Goods Inc. opens three new stores on April 25. The stores are located in Lawton, Okla., Alabaster, Ala., and Tampa. Fla.
The Lawton store will be located at Lawton Town Center, while the Alabaster store will be located at Colonial Promenade Alabaster and the Tampa store will be located at Westshore Plaza. As of April 25, Dick’s will operate 566 stores in the U.S., including 11 in Alabama, 27 in Florida and eight in Oklahoma.
CBL’s long-term growth strategy
Chattanooga, Tenn. — In an April 11 conference call, CBL & Associates Properties provided an in-depth review of its business strategy, including a number of initiatives designed to enhance shareholder value.
On the conference call, the Company outlined the following goals and objectives through a slide presentation:
Position the portfolio to produce sustained same-center net operating income (NOI) growth of 2-4%, about double the current range of 1%-2%;
Increase the percentage of Mall NOI generated from tier 1 and tier 2 assets from 78% for 2013 to more than 90% over the next several years through divestitures of lower productivity assets and investments in higher growth assets;
Proactively take advantage of opportunities to upgrade both mall shop and anchor retailers through value-added redevelopment and ongoing re-tenanting;
Maintain and enhance the strength and flexibility of the company’s balance sheet including growing the quality and size of the unencumbered asset pool and further improving key financial metrics.
A copy of the slide presentation and a transcript of the prepared remarks will be filed with the SEC and available online at cblproperties.com.
A replay of the conference call will be available through May 6, by dialing (800) 633-8284 or (402) 977-9140 and entering the confirmation number, 21708955.