FROM:
Andrew J. Groveman   
Belz Enterprises
The Tower at Peabody Place
100 Peabody Place/Suite 1400
Memphis, TN 38103

CONTACT:       
Rubenstein Associates, Inc.
Public Relations, Tel: 212/843-8088            
Dawn Rowan

FOR IMMEDIATE RELEASE

Construction Begins In St. Augustine, FL.
On Belz Enterprises’ Latest Factory Outlet Mall

Memphis, Tenn. (July 17, 1998) -- Belz Enterprises has begun construction on its latest factory outlet mall, which is rising on a picturesque, approximately 80-acre tract, in St. Augustine, Florida. The enclosed, climate-controlled mall, which will offer 252,000 gross leaseable square feet in Phase I, is expected to open by summer of next year.
    “Development of the St. Augustine mall is in keeping with Belz’s strategic plan to expand our presence in one of the country’s best vacation spots,” says Andrew J. Groveman, President of Belz Enterprises’ Factory Outlet Mall Division. “We hope to fulfill the demands of today’s discerning shoppers, both residents and tourists alike, and enhance their overall shopping experience.”
    The Belz Factory Outlet Mall - St. Augustine promises a diverse mix of designer and famous brand manufacturers as well as restaurant and entertainment facilities for the entire family.
     Included among the prestigious and highly recognizable retailers to sign on as Belz Factory Outlet World - St. Augustine’s initial tenants are Remington Factory Outlet Store, Samsonite, Vitamin World, Hush Puppies, Adidas Company Store, Black & Decker, Nike, Easy Spirit, Danskin and Perfumania, to name just a few. The mall will open 90% leased, according to Mr. Groveman.
    “We plan to create a one-of-a-kind shopping experience for the factory outlet shopper making Belz Factory Outlet World the place to shop in St. Augustine,” emphasizes Mr. Groveman.    
    Conveniently located only minutes from resorts, vacation homes and historic sites, the St. Augustine mall offers easy access from Interstate 95 and is within 30 miles of downtown Jacksonville, Florida with over one million people.
    The combined tourism of Jacksonville and St. Augustine is over three million people a year. Of the over 40 million people who visit Florida as tourists annually, 10 million are expected to travel by automobile on Interstate 95, from which you can see Belz’s other renown Florida developments, Belz Factory Outlet World and Belz Designer Outlet Centre in Orlando.
    With headquarters in Memphis, Belz Enterprises is a multi-faceted real estate company with more than 25 million square feet of developed property including over 40 shopping complexes, ranging from community shopping centers to regional malls.
     Belz owns and manages Factory Outlet Worlds in Lakeland and Pigeon Forge, Tenn., Las Vegas, and Orlando, Fla. Belz also operates the 100 Oaks Mall in Nashville, Tenn. In addition to St. Augustine, Belz is developing a factory outlet mall in Puerto
Rico, and “Festival Bay at International Drive”, a lifestyle retail complex in Orlando. The company has also developed and owns a group of premier hotels, including the flagship Peabody Hotels in Memphis and Orlando.

 
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