Settlers Ridge just opened in Robinson, but next phase already set
CBL | Quote | Chart | News | PowerRating -- No sooner did the $100 million Settlers Ridge shopping complex officially open Friday in Robinson than its developer announced it would begin building a phase two in 2010.
"If we hustle, we could get it done on the earlier side of nine to 12 months," said Mark Mancuso, senior vice president of CBL & Associates Properties Inc., after the grand opening of the open-air complex. It's located on 77 acres off the Parkway West.
CBL is already negotiating with "nationally known retailers" about leasing some of the 150,000 square feet of space of the project's second phase. Design and other township approvals are pending but site preparation is complete.
Settlers Ridge's existing 600,000 square feet of space is 94 percent leased. It is expected to employ about 1,500 people and generate some $200 million in annual sales, said Mancuso.
Yesterday, Panera Bread and Recreational Equipment Inc. (REI) opened their doors. Toy retailer Learning Express is to open next Wednesday. The project's anchor tenant , Giant Eagle, will open a 150,000-square-foot, Market District supermarket, said to be the largest grocery story in the state, next Thursday.
"The fact that the economy is down, yet we've leased 94 percent speaks to the success of the project and the confidence retailers have that they'll succeed here," he said.
Four tenants already have opened: a 16-screen Cinemark movie theater, P.F. Chang's China Bistro, meat purveyor Omaha Steaks and women's clothier Original Cin.
"This community now has some of the most sought-after specialty stores in the country," Mancuso told a ceremony crowd of about 150 retailing and political officials, and curiosity seekers and shoppers.
Opening over the next two months will be a Cadillac Ranch restaurant, First Watch-The Daytime Cafe, LA Fitness, Luxor Nail Spa, Sports Clips and Sunsational Tan.
Financial backing for the $100 million project came from PNC Financial Services Group and US Bank. CBL, based in Chattanooga, Tenn., also owns Monroeville Mall and Westmoreland Mall.
Thomas Olson can be reached via e-mail or at 412-320-7854.
To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper,
go to http://www.pittsburghlive.com/x/pittsburghtrib/. Copyright (c) 2009, The
Pittsburgh Tribune-Review Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or
847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group
Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
For full details on Cbl & Assoc Properties (CBL) CBL. Cbl & Assoc Properties (CBL) has Short Term PowerRatings at TradingMarkets. Details on Cbl & Assoc Properties (CBL) Short Term PowerRatings is available at This Link.
- CBL & Associates Properties Inc. (CBL) Corporate Event Announcement Notice - 02/04/10
- CBL focus on recovery - 02/04/10
- TimelessWealth, Inc.: TimelessWealth.net: Earnings for Feb. 3rd, 2010 Part I: MedCath Corporation (Nasdaq: MDTH), Furniture Bran - 02/04/10
- Conference Calls Today: 11-11:45 A.M. EST - 02/04/10
- CBL & Associates Properties Inc. (CBL) Corporate Event Announcement Notice - 02/03/10
- More News >>
