CBL Properties Tuesday announced progress on its redevelopment program to transform its properties into suburban town centers through the addition of dynamic new uses.
“In 2018, we have executed redevelopments across the portfolio, effectively transforming our properties through the addition of new in-demand uses," said Stephen Lebovitz, chief executive officer, CBL Properties. "Recent examples include entertainment offerings such as Dave & Buster’s, Round1 Bowling & Entertainment and Flix Brewhouse; new dining options such as The Cheesecake Factory and Portillo’s; fitness uses such as O2 Fitness and Gold’s Gym, as well as value-oriented retailers including HomeGoods, Five Below and Marshalls. The success of our redevelopment program over the last year demonstrates the excellent demand for our properties and our ability to meet the ever-changing needs of our consumers.”
Over the course of 2018, CBL will complete nine redevelopment projects totaling approximately 260,000 square feet, including the first Round1 Bowling & Entertainment in the CBL portfolio at Jefferson Mall in Louisville, Ky. Additionally, CBL has started construction on three projects totaling approximately 258,000 square feet, including a transformative redevelopment of Brookfield Square in Milwaukee, Wi., that will bring BistroPlex by Marcus Theaters, Chicago-based entertainment operator, WhirlyBall, restaurants, a fitness use and a hotel and conference center to the property.
Mr. Lebovitz added, “We are adding innovative uses such as supermarkets and casinos to replace former department stores spaces. The addition of hotels, residential and storage facilities in under-utilized parking fields through joint-venture partnerships serves to densify our properties and diversify our income stream. In 2019, we will start off on a strong note with the commencement of construction on the redevelopment of the former Sears at Hamilton Place in Chattanooga, Tennessee, that includes Dave & Buster’s, additional retail, a boutique-style hotel and an office component. We anticipate announcing a number of additional redevelopment projects as details are finalized.”
CBL has also been successful in replacing anchor stores that require little to no investment by CBL. Two of these replacements are already open and operating while four other projects will begin construction in 2019.