CBL Properties Monday announced progress on its anchor replacement and redevelopment program, with 24 former anchor spaces committed or under construction, including eight already open and six slated to open before year end. Through these anchor replacements, CBL is transforming its properties by adding a wide range of uses and experiences, such as entertainment, value retail, multi-family, hotels, office and grocery. These new uses complement the existing offerings, drive new traffic and sales and strengthen each property’s competitive position in its markets, said officials.
“The success of our anchor replacement program to date reflects the strong demand we are experiencing at our properties,” said Stephen Lebovitz, chief executive officer, CBL Properties. “Our vision of transforming our properties from traditional enclosed malls to suburban town centers is coming to fruition through the addition of new entertainment uses such as WhirlyBall, Dave & Buster’s and Main Event; fitness uses such as TruFit and O2 Fitness; and other non-traditional uses like casinos, office, hotels, grocery and multi-family.”
Later this year, CBL will celebrate the completion of six redevelopment projects, including:
WhirlyBall, Movie Tavern by Marcus, Outback Steakhouse and other restaurants and shops at Brookfield Square in Milwaukee, Wi.
Shoprite supermarket at Stroud Mall in Stroudsburg, Pa.
Dunham’s Sports at Laurel Park Place in Livonia, Mi.
High Caliber Karting & Entertainment at Meridian Mall in Lansing, Mi.
HomeGoods at Kentucky Oaks Mall in Paducah, Ky.
Ross Dress for Less at Dakota Square Mall in Minot, N.D.
CBL also has several other new uses under negotiation for various locations in its portfolio. Additional announcements will be made as plans are finalized.