CBL Closes Land Buy for Pearland Town Center, Construction to Start 2007
December 18, 2006
By Tom Dworetzky, News Editor
CBL & Associates Properties has finished the deal for 147 acres, on which it will develop Pearland Town Center, a 1.2 million-square-foot mixed-use development in Pearland, Texas. Construction is slated to start in the first quarter 2007, with completion due in the fall 2008. CBL "had options on the land," according to a spokeperson, and waited to make the buy until planning and other issues related to the development of the center were resolved.
The center (pictured) will have a 710,000-square-foot open-air lifestyle center anchored by Dillard’s and Macy’s. There will also be a Barnes & Noble and more than 90 retailers and restaurants such as Chico’s, White House|Black Market, Ann Taylor LOFT, Coldwater Creek, 346 Brooks Brothers, Paiva, Eddie Bauer, Victoria’s Secret; junior apparel retailers American Eagle/aerie, Aeropostale, Buckle, d.e.m.o., Finish Line, For Love 21, Forever 21, Hollister, Pacific Sunwear and Bath & Body Works.
In addition, a 110-room, four-story Courtyard by Marriott hotel will be located above the lifestyle center near Macy’s. The Courtyard by Marriott’s main lobby and hotel entrance will be located on the street. The center will also have a multi-family residential component--located above the retail. Included in the development are also parks and a 25-acre lake. There will also be office space as part of the center. "The Town Center will be a mixed-use project in the truest sense of the word," said the spokesperson, with residential, hotel and office above the stores. "We've had a very positive reaction (to the plans)," the spokesperson added. "This is an area of Houston in need of quality retail and some of the hottest trends in shopping centers today are mixed-use...We pride ourselves on working with local officials and retail partners for a win-win situation for everbody."
The Center is located at FM 518 and Highway 288--within the greater Houston metropolitan corridor.
CBL owns and manages six regional malls in Texas including Parkdale Mall in Beaumont, Sunrise Mall in Brownsville, Post Oak Mall in College Station, Plaza del Sol in Del Rio, Mall del Norte in Laredo and Richland Mall in Waco, plus a community center in Houston. The firm, headquartered in Chattanooga, Tenn., owns, holds interests in or manages 129 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 73.4 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties.
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