The 445,000-sf first phase of the 1.7-million-sf Gulf Coast Town Center, and open-air center outside of Ft. Myers, FL, is scheduled to open in October. The second phase, which will have a Bass Pro Shops, Belk department store, J.C. Penney and other anchor tenants, is slated to begin by the end of the year.
Executives also announced that the 438,000-sf Southaven (MS) Towne Center is now 100% leased, with retailers such as Circuit City, Cost Plus World Market and Logan's Restaurant, and is set to open in October. A Dillard's anchor is scheduled to complete the center next spring.
The first phase of Cobblestone Village, a 225,000-sf community center in Royal Palm Beach, FL, is set to open next month, and its second phase is planned for completion next year. A Target store at that center has already opened. Another community center, the 156,000-sf Chicopee (MA) Marketplace, is slated to open next month.
In the fall of next year, CBL executives plan to complete a 60,000-sf lifestyle addition to Coastal Grand, a 929,868-sf mall the company opened last year. The new expansion, called the Village at Coastal Grand, will house fashion and home furnishings tenants.
During CBL's Q2, which ended June 30, the company's FFO rose 21%, to $83.2 million, from the same year-ago period. Net income fell 11.1%, to $46.2 million because of a portfolio sale the company profited from last year. CBL owns interests in 174 properties, including 74 enclosed regional malls.
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