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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
Belz Enterprises Breaks Ground For Flagship
Factory Outlet Mall In Puerto Rico
Memphis, Tennessee (May 7, 1998) -- Belz Enterprises has broken ground on
an approximately 122-acre tract 15 miles east of San Juan, with visibility and
accessibility on PR-3 in Canovanas, for what will be the first enclosed factory outlet
mall ever built in Puerto Rico.
The approximately 350,000-square-foot Phase I of the much-anticipated
project, to be known as Belz Factory Outlet World Canovanas, is expected to open by fall
of next year.
This certainly will be one of our flagship factory outlet mall
developments, states Andrew J. Groveman, President of Belz Enterprises Factory
Outlet Division, which coincidentally began construction of the first Factory Outlet Mall
in the United States exactly 20 years ago in Lakeland, Tennessee, just outside of Memphis.
Its latest project will be an enclosed mall comprised of five connected
buildings, each with a different mood and streetscape depicting Old San Juan. The
centers food court will feature a rain forest/entertainment theme with rockscapes
and waterfalls.
The projects initial phase will have approximately 80 tenants,
according to Mr. Groveman. The retail mix will closely resemble the mix in our
Orlando, Florida and Las Vegas, Nevada factory outlet developments, he says.
The first phase will feature designer outlets as well as highly recognizable
manufacturer outlets in almost every category.
The site itself is conveniently located on Highway PR-3, the major
east/west corridor that literally passes by the front door of this project. In addition,
current construction to extend Highway 66 will create a connector that will border the
mall on its western property lines. This will position the Canovanas mall in the
center of the action, making it easily accessible from anywhere on the island, notes
Mr. Groveman.
The Belz development will also be well positioned to take advantage of
the over 4 million tourists who visit Puerto Rico annually, spending $1.7 billion,
according to the Puerto Rico Tourism Board.
Belz has chosen Soltero Munoz Architects to work on this project. In
addition, the renown Jerde Partnership from Encino, California has been engaged as the
design architect for this project. We wanted to create something special and
constructing the team of Soltero Munoz and Jerde Partnership ensures us the ability to
deliver a shopping environment that is not only unequaled in Puerto Rico but one that will
also offer something for everyone in the family, says Mr. Groveman. This
development will characterize a design that will represent an environment for the next
century.
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 Nashville, Lakeland and Pigeon Forge, Tenn., Las
Vegas, and Orlando, Fla. In addition to Puerto Rico, Belz is developing a factory outlet
mall in St. Augustine, Fla., 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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