At the same time, CBL is developing Cobblestone Village, a a 305,000-sf, 45-acre center in St. Augustine, FL, 100 miles north of Downtown Orlando and about 150 miles southeast of Panama City. Cobblestone Village has an expected spring 2003 opening.
In a cash-stock-debt deal, CBL paid Panama City Associates LLC $76.64 per sf for the 54-acre property at 23rd Street (State Road S-390A) and Cove Boulevard (State Road 77). Panama City Associates is an affiliated of Detroit-based Robert Aikens and Associates LLC. The property's location was crucial in CBL's acquisition decision.
"Panama City Mall is 65 miles away from the nearest competing mall and serves a growing trade area of approximately 260,000, plus an annual tourist count exceeding four million," CBL chairman/CEO Charles B. Lebovitz says in a prepared statement.
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