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POCONO MANOR, PA-CBL & Associates Properties Inc. has entered into a 50/50 joint-venture agreement with Matzel Development to develop, own and manage the planned 616,000-sf retail village component of Pocono Manor Resort & Casino. The deal is contingent on Matzel's receipt of one of the state's casino licenses designated for a resort, which is expected to be determined by the end of this year.

If Matzel doesn't obtain a gaming license, "we'll re-evaluate our participation at that time," a CBL spokeswoman tells GlobeSt.com. No preleasing has yet taken place. "It will be a combination of restaurants and retail," the spokeswoman says, "and we have relationships with national companies." She declined to describe potential tenant targets and adds, "we don't disclose asking rental rates." Nor would she provide an estimated construction cost for the retail component. No date is set for groundbreaking, but she reiterates that the $1.4-billion resort and casino project has scheduled a 2008 opening.

In a statement, Stephen Lebovitz, CBL's president, welcomed working with the development team "as they seek a gaming license." The retail village, he says, "will consist of upscale specialty shops [that] truly complement the hotel and casino elements of the proposed project." CBL, which is based in Chattanooga, TN, currently owns and manages four malls in Pennsylvania, including Westmoreland and Monroeville malls near Pittsburgh, Stroud Mall in Stroudsburg, and York Galleria in York.