Chattanooga, Tenn.-based CBL Associates Properties (NYSE: CBL), one of the largest mall developers in the country, is developing a 300,000 SF shopping mall for Palm Coast, in Flagler County, Florida. It is reported that the mall will be anchored by a Belks Department Store, Lowe's, Linens and Things, and a Chili's Restaurant. Construction is well underway with completion expected in late 2007. CBL Associates Properties is also the developer of the Cobblestone Mall in St. Augustine and recently purchased the Volusia Mall in Daytona Beach. The mall will be located between Cypress Point Parkway and Interstate 95, east of the current Walmart Super-center. The developer reportedly hopes to have the project completed by Christmas '07.
CBL Associates Properties acquired the property from BDE Partners for $7.5 million after months of negotiations between CBL and the City of Palm Coast. These negotiations culminated in agreement that CBL would assist funding for off-site projects, such as roadway improvements that the City says would be necessary to handle projected increase in traffic. The transaction closed in June 2006.
August 3, 2007 update - According to a CBL Associates representative, Lowes will open at the end of September. Belk's opening is scheduled for October. Two restaurants, one Italian and another Chinese, along with two specialty retailers are expected to sign leases soon. Goldern Corral steak house is also planning on building on one of the outparcels in Cobblestone Village, although the CBL Associates representative would not confirm this information.
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