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CBL Makes Inroads in Redevelopment Program
CBL Properties says it has made significant progress on its redevelopment program to transform its properties into suburban town centers. A key element in this progress has been the replacement of shuttered anchor stores, such as Sears and J.C. Penney.
“In 2018, we have executed redevelopments across the portfolio, effectively transforming our properties through the addition of new in-demand uses,” said Stephen Lebovitz, the REIT’s CEO. He cited entertainment offerings such as Round 1 Bowling and Fix Brewhouse, dining options including The Cheesecake Factory and fitness uses such as Gold’s Gym.
Additionally, “We are adding innovative uses such as supermarkets and casinos to replace former department stores spaces,” Lebovitz said. “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.”
Lebovitz cited a project that will commence in 2019 in CBL’s hometown of Chattanooga, TN: the redevelopment of a former Sears at Hamilton Place (pictured) with new uses including 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,” he said.
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