CBL Announces Renovation and Redevelopment Plans for Northgate Mall in Chattanooga, TN
CBL & Associates Properties (NYSE: CBL) today announced renovation and redevelopment plans for Northgate Mall in Chattanooga, TN. Phase I of the project will include the redevelopment of the adjacent T.J. Maxx anchored community center, adding Ross Dress for Less and Michael's Arts & Crafts. Construction will begin on the associated center in early 2013 with completion anticipated in fall 2013.
In addition, CBL will commence a multi-million dollar renovation of Northgate Mall. The renovation will include enhancements to the interior and exterior of Northgate Mall. The main entrance will receive updates and portions of the parking lot will be repaved. Remodeling inside the mall will include new soft seating areas, new flooring as well as ceiling and lighting upgrades. The renovation is scheduled to begin in summer 2013, with a completion anticipated in fall 2013.
CBL's President and Chief Executive Officer, Stephen Lebovitz, commented, “Since our acquisition of Northgate Mall last year we have been looking forward to unveiling plans to enhance the overall shopping experience and create the best retail destination for Hixson and the surrounding areas. It is exciting to formally begin this process with today's announcement as we work towards completion of this work in advance of the 2013 holiday season.
Lebovitz added, “This announcement represents just the first phase of our plans to revitalize the center. Northgate Mall continues to provide strong opportunities to improve its merchandising mix through utilizing available space and upgrading the retail offerings. We will be adding more new stores and restaurants and look forward to providing updates on further improvements in the near future.”
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