Cousins Signs Retailers for Emory Point
Mixed-use development secures initial retailers
ATLANTA (October 31, 2011) – Cousins Properties Incorporated (NYSE: CUZ) today announced the first group of retailers to sign leases at Emory Point. Located in the Clifton Corridor, adjacent to the Centers for Disease Control and Prevention and in close proximity to Emory University and Emory Healthcare, Emory Point is a vertically integrated mixed-use development.
The first group of retailers includes: CVS, Jos A. Bank, Marlow’s Tavern, Which Wich, Solar Dimensions and Carriage Cleaners.
“From locally owned stores and restaurants to national chains, Emory Point will provide the trade area with a unique mix of upscale retail and restaurant options,” said Larry Gellerstedt, Cousins President and CEO. “Additionally, Emory Point retailers will create approximately 600 jobs for the local community.”
The $100+ million Phase I of the project will include more than 80,000 square feet of retail space and 443 luxury apartments. Construction began in July and is expected to be complete by fall 2012. The second and third phases of the project will be developed according to market demand.
The development includes the first new retail project built in the trade area in 20 years; the largest private development start inside the Perimeter in more than three years; and the first partnership between Cousins and Gables – two Atlanta-based development companies.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit cousinsproperties.com
About Gables Residential
With a mission of Taking Care of the Way People Live®, Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. Gables Residential owns, develops and manages multi-family communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California, and metropolitan Washington, D.C. Additionally, it has third-party management
operations in the Chicago, New York, Boston, Phoenix, Central and North Florida, and Washington State markets. Gables Residential enjoys a healthy portfolio with approximately 38,000 apartment homes under management, including a corporate-owned portfolio of 62 stabilized communities comprising approximately 16,000 apartment homes. An additional 7 communities are under development/lease-up, comprising approximately 2,000 apartment homes. Gables also has the ability to develop another 2,400 apartment homes through its shadow pipeline of undeveloped land owned. For more information please visit gables.com.
Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousins’ financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.