Mid-City Market – January Update
Framing Walls and Slab at Winn-Dixie – 1/12/13
Steel Framing, Slab, Site Work at Retail A/B – 1/8/13
Since last month’s update, we have moved forward rapidly in the site and building construction at Mid-City Market. At Winn-Dixie, despite the rainy weather, we have poured almost all of the concrete slab for the building with the remainder to be poured this week. We have constructed two of the exterior load bearing metal stud framing walls and after the third wall is constructed, we will be erecting structural steel on the outside of the building.
At the former retail building we are renovating, we have completed the metal stud work at the perimeter entrances. We are finalizing the preparation for roof work which will be underway this month. The two small-shop buildings fronting Carrollton are progressing quickly as well. The “Retail B” building slab was poured Saturday and the “Retail A” building slab will be poured by the end of this week. Over the next two weeks the metal stud framing of the walls in both buildings will take place and be immediately followed by structural steel.
We are excited to announce that we have executed a lease with LA Nail Spa for 1,551 square feet in one of the small shop buildings. We are seeing strong leasing activity for the remaining space and are working towards opening 100% occupied, while seeking the right tenant mix for long-term success.
Stirling Properties and CBL & Associates Properties, Inc. to Develop Fremaux Town Center in Slidell, Louisiana
Development Over 70% Leased Prior to Construction Start
COVINGTON, LA and CHATTANOOGA, Tenn. – January 15, 2013 – Stirling Properties and CBL & Associates Properties, Inc. (NYSE: CBL) today announced the formation of a 35/65 joint venture to develop Fremaux Town Center in Slidell, Louisiana. Once complete, the 80+ acre site will consist of two phases. Phase I will comprise approximately 295,000 square feet with anchors including Dick’s Sporting Goods, Michaels, T.J.Maxx, and Kohl’s. Phase II will include up to 300,000 square feet of additional retail space. Construction is set to begin on Phase I in March of this year, with the grand opening scheduled for the second quarter of 2014.
“Stirling Properties is excited about our partnership with CBL & Associates Properties to develop Fremaux Town Center and believes that this joint venture brings the best possible team together to build this project,” said Stirling Properties’ Senior Vice President of Development Townsend Underhill. “We believe this site has the characteristics to become a premier retail shopping destination and we are happy to continue our long and successful history of retail development in the City of Slidell.”
“Stirling Properties has a solid reputation as a leading retail developer in southern Louisiana and we are pleased to partner with them on this project,” said Michael Lebovitz, CBL’s Executive Vice President – Development and Administration. “Fremaux Town Center is well-located and is already well leased with an outstanding retail line-up. We are looking forward to announcing additional retailers as the development progresses.”
Fremaux Town Center Phase I is currently more than 70% leased with committed retailers such as Dick’s Sporting Goods, Michaels, Kohl’s, PetSmart, T.J.Maxx, LongHorn Steakhouse, dressbarn, ULTA Beauty, Lane Bryant, Rack Room Shoes, Best Buy and Versona Accessories. Fremaux Town Center will be located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, LA. Slidell is the largest municipality in St. Tammany Parish on the northern shore of Lake Pontchartrain near the city of New Orleans. The area has experienced significant growth following Hurricane Katrina. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional destination. Stirling will lead the development of the project and CBL and Stirling will jointly lease and market the center.
For leasing information, please contact Ryan Pecot by telephone at 337.572.0246 or by email at rpecot@stirlingprop.com.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interest in or manages 163 properties, including 95 regional malls/open-air centers. The properties are located in 27 states and total 91.8 million square feet including 9.4 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.
Stirling Properties to Develop Full-Service Walgreens Drugstore on New Orleans Westbank
Stirling Properties is pleased to announce the development of a new full-service Walgreens drugstore in Terrytown, Louisiana on the Westbank of New Orleans. The proposed Walgreens will be located at the intersection of Terry Parkway and Carol Sue Avenue on the site of the former A&P Grocery/Eckerd Drug anchored shopping center. The new store will be a relocation of the existing Walgreens located across Terry Parkway. “This project represents a cooperative effort between Stirling Properties and Jefferson Parish to bring back a distressed commercial property to prominence once again as a viable retail corner that will serve the people of Terrytown”, said Peter Aamodt, Vice President of Development for Stirling Properties.
The larger 17,384 square foot store will have a drive thru window and full service pharmacy and will serve as a catalyst for future development to help revitalize an aging retail corridor. Construction on the Terrytown store is slated to begin in April and open in the fourth quarter of 2013. Stirling is providing pre-development services, including lease negotiation, permitting, financing, design, as well as construction and project management.
As a preferred developer for the Walgreens Company in the Gulf South, Stirling Properties has had a long-standing relationship with the retailer. Construction is currently underway on two other Stirling Properties Walgreens developments located on Magazine Street in New Orleans, Louisiana, and on Pass Road in Gulfport, Mississippi.
For more information, contact Peter Aamodt, Vice President of Development for Stirling Properties, at paamodt@stirlingprop.com or by calling (504) 523-4481.
Walgreens on Magazine – Update 12/26/12
With the holidays upon us, Magazine Street is buzzing and so is the Walgreens construction site. The interior work now revolves around finalizing all the sheetrock work, floor preparation for italian tile, electrical services and the placement of the American Legion Medallion Logo. When we first looked at the development of this building it was clear from the beginning that the heritage of the American Legion Post should be maintained in the final form of our new store. One piece of the original building is the old terrazzo floor medallion that was carefully lifted out of the floor, and is now being prepared to be repositioned near the rear entrance of the parking lot. This will be a striking feature as you enter the building and will highlight the high level of standard of our Nation’s Armed Services. The frontage along Magazine Street is now complete with the brick vineer and precast stonework and will now see the final detail work of stucco. It will not be long before the scaffolding is down and it will be a beautiful sight.
Mid-City Market – December Update
Foundation, Standing Columns, and Joist Girders at Winn-Dixie – 12/5/12
Steel Tower Elements at Building Under Renovation – 12/5/12
We have moved forward rapidly in the site and building construction at Mid-City Market in New Orleans. At Winn-Dixie, structural steel arrived on site and we have erected the standing up columns and joist girders within the interior footprint of the 53,000 square-foot building. We have completed underground plumbing and electrical work in all the areas with the steel overhead. In the next two weeks, we will be constructing the exterior load bearing metal stud framing walls and following immediately thereafter will be structural steel at the exterior. We will be completing underground plumbing and electrical work in exterior areas within two weeks, and beginning concrete pours of the slab at Winn-Dixie on December 21st.
At the existing building under renovation, we have erected the steel tower elements for the entrances of the stores which will include Office Depot, Jefferson Feed, Panera, and Pizza Hut. The changes to the rear wall and repairs for the masonry are approximately 90% completed, and within the next two weeks the front curbs for the storefronts will be poured. We have begun the prep work and plan for the repairs for the roofing and decking to be replaced as well. The two small-shop buildings fronting Carrollton are progressing quickly as well – we are progressing with the underground work, expecting structural steel on site within the next two weeks, and aim to complete the slab pours by the end of the year.
Walgreens on Magazine – Update 12/6/12
Both interior and exterior work are progressing at a good pace this month. As the photo indicates the address precast stone was placed at the roofline just this week and the brick veneer on Magazine Street is nearly complete. This will be striking when the scaffolding is removed and when all the fine stucco detail work is complete in the next few weeks. Interior work is a combination of drywall installation, initial floor prep, electrical rough-in and final HVAC ductwork connections. The rear wall facing the parking lot is now covered with stucco and will have the finish coat in place this coming week. Things are coming together, stay tuned.
