Contact: Keith Britt
Thompson & Co.
or Andrew J. Groveman
Belz Enterprises

Belz Enterprises Develops Two New Factory Outlet Malls

MEMPHIS, Tenn. (April 1, 1997) – Construction is expected to begin this fall on Belz Enterprises two newest Factory Outlet Worlds. The Factory Outlet Worlds will be located in St. Augustine, Fla. and San Juan, Puerto Rico. Both malls are slated to open in the fall of 1998.

"The outlook on the tourism industry in both St. Augustine and Puerto Rico has never been brighter," said Andrew J. Groveman, president of Belz Factory Outlet Mall Division. "We are pleased to be contributing to this growth with the additions of the Belz Factory Outlet Worlds."

Both Malls are promising a diverse mix of designer and famous brand manufacturers as well as restaurant and entertainment facilities for the entire family.

Belz is pioneering the effort of constructing the first ever factory outlet mall in San Juan, Puerto Rico. Belz Factory Outlet World in Puerto Rico will house 345,000 sq. ft. of outlet space, including plans for a multi-screen cinema.

The site, with superb visibility and accessibility to the greater San Juan metropolitan area, is located on Highway 3, a major east/west thoroughfare in Puerto Rico.

Belz Factory Outlet World at St. Augustine Centre will be an enclosed, climate controlled outlet mall with 252,000 sq. ft. of outlet space in Phase I. Coupled with the existing general outlet center across the street, this designer-oriented facility will create a major shopping complex just south of the new PGA Hall of Fame, and its accompanying residential and commercial golf course development.

Only minutes from resorts, vacation homes and historic sites, Belz Factory outlet World - St. Augustine Centre, has easy access from Interstate 95 and is within 30 miles of downtown Jacksonville, Fla.

"As a pioneer in the industry, Belz is excited to be expanding our presence into two of this country’s best vacation spots," said Groveman. "We hope to fulfill the shopping demand of residents and tourists in both cities and enhance their overall shopping experience."

Belz Enterprises is a leading developer and manager of factory outlet malls nationwide. Belz operates factory outlet malls in Orlando, Fla., Las Vegas, Nev., Pigeon Forge, Tenn., Lakeland, Tenn., and Wentzville, Mo.

Credited with a number of industry-wide achievements, Belz Enterprises was honored with the 1995 Value Retail Development. Headquartered in Memphis, Tenn., Belz is a multi-faceted real estate company with more that 20 million sq. ft. of developed property including more than 40 shopping complexes, ranging from community shopping centers to regional malls, as well as, industrial/warehouse/distribution facilities and developments, office parks and corporate campuses, hotels like The Peabody Hotels in Memphis and Orlando, and residential developments.