Printer Friendly

Cousins and Faison Start Construction on The Avenue(R) Murfreesboro; New Retailers Announced as Development Begins at 805,000-Square-Foot Center.

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) and Faison Enterprises announced today the companies have purchased approximately 100 acres at the Manson Pike interchange on Interstate 24 in Murfreesboro, Tenn. and have begun construction of The Avenue Murfreesboro, an 805,000-square-foot open-air retail center. Conceived as the centerpiece of a 400-acre master-planned commercial development along newly-opened Medical Center Parkway, The Avenue Murfreesboro - a 50/50 joint venture of Cousins Properties and Faison Enterprises - will eventually be home to more than 110 retailers and restaurants. The project is expected to open in the third quarter of 2007.

The companies also announced today new retailer commitments for the center including Aveda, Carters, Champs Sports, Lane Bryant, Limited Too, Off Broadway, Osh Kosh B'Gosh and the project's first restaurant commitments, Longhorn Steakhouse and Romano's Macaroni Grill. Previously announced commitments to the project include Ann Taylor Loft, Barnes & Noble, Belk, Best Buy, Chico's, Cost Plus World Market, Dick's Sporting Goods, Jos. A Bank, New York & Company, Talbots, Ulta and White House/Black Market. With these commitments, The Avenue Murfreesboro's 660,000-square-foot Phase I is now 57 percent committed.

"This is an important time for Cousins and the Avenue concept. This is our eighth, and largest, Avenue project since introducing the concept in 1998, and The Avenue Murfreesboro should serve as a model for future large-scale Avenues with its wide ranging merchandising offerings," said Joel Murphy, president of Cousins' Retail Division. "This Avenue is also notable because we have a great partner in Faison and the high level of retailer commitments at this early stage."

"In terms of both retailer and community interest, The Avenue Murfreesboro continues to build momentum," said Mike Cohn, senior managing director with Faison. "The diverse retailer mix should be a perfect fit for this dynamic and growing central Tennessee region and we're proud to deliver it with a partner of Cousins' caliber."

The Avenue Murfreesboro is the centerpiece of 400 acres of new master-planned commercial development, planned by landowner C.M. "Bill" Gatton, along newly-opened Medical Center Parkway, slated to include retail, office, hotel, convention center and public spaces. Medical Center Parkway connects the new Manson Pike interchange on I-24 with the City of Murfreesboro's Gateway project, plans for which include the new 300-bed Middle Tennessee Medical Center along with medical and professional offices.

The Avenue concept, introduced by Cousins Properties in 1998, has been extremely well received by consumers and retailers alike. In contrast to a mall, these open-air, pedestrian friendly centers appeal to the discriminating and often time-constrained shopper looking for premier national retailers, select local merchants and specialty restaurants in a convenient setting. Cousins Properties has opened three Avenues in the Atlanta area, one in suburban Memphis, one in suburban Los Angeles and one in Melbourne, Fla. The Avenue Webb Gin in Atlanta's Gwinnett County will become the seventh Avenue in the Cousins portfolio when its first phase opens in August 2006. For more information about The Avenue, please visit www.theavenuealist.com

Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.

Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, multi-family, retail, industrial and land development projects. The Company's portfolio consists of interests in 7.4 million square feet of office space, 3.8 million square feet of retail space, 1.2 million square feet of industrial space, two multi-family residential projects and 24 single-family neighborhood developments, over 9,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 12.7 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." For more information on the Company, please visit Cousins' Web site at www.cousinsproperties.com.

Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company's ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Report on Form 10-K for the year ended December 31, 2005. The words "believes," "expects," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jul 24, 2006
Words:963
Previous Article:Computerworld Named Magazine of the Year, Best Overall Web Publication; ASBPE honors Computerworld with 13 awards at National Editorial Conference...
Next Article:Poseidon Announces the Second Generation of Hardware Accelerator Synthesis for Processor-Based Designs; Poseidon's ESL Tools Enabled 14X Acceleration...
Topics:


Related Articles
WARNER CENTER ADDING RETAIL.
SUPER-SIZE SHOPPING WAL-MART, KOHL'S PLANNED.
Outer boroughs retail market picks up steam.
Big-box retailers target Manhattan.
DEVELOPERS LOOK TO THE EAST.
Grubb & Ellis: high end space driving market.
GRAND TO GET LUXURY HOTEL.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters