Emory Point retailers open for business
Pre-development for Phase II begins
ATLANTA (Jan. 22, 2013) – Retailers at the first phase of Emory Point, the $100+ million mixed-use project developed by Cousins Properties Incorporated (NYSE: CUZ) with Gables Residential in northeast Atlanta, are now open for business. The project is also in the pre-development stages for Phase II, which will include an additional 40,000 square feet of retail and restaurant space.
The development – a collaboration between Atlanta-based firms Cousins and Gables – is the first ground-up retail development in the Emory market in 20 years, and was one of the first construction projects started in Atlanta after the recession.
The 80,000-square-foot retail component of Phase I is nearly 90 percent committed, with only three spaces remaining available for lease. Emory Point showcases diverse national and local brands, including retailers Jos. A. Bank Clothiers, LOFT by Ann Taylor, Lizard Thicket, Francesca’s Collections, American Threads, Strippaggio and fab’rik; restaurants Tin Lizzy’s, Marlow’s Tavern, La Tagliatella, Burgerfi, Bonefish Grill, Which Wich, The General Muir, F2O, Sweet Monkey and Paradise Biryani Point; as well as Jazmin Spa and CVS Pharmacy.
“Our commitment to bringing a diverse mix of retailers, restaurants and professional services to the area has resonated well with the surrounding neighborhoods and communities,” said Mike Cohn, Cousins’ executive vice president. “Emory Point has had a very successful opening and we look forward to seeing the development grow as merchants continue to open and Phase II planning progresses.”
Leasing momentum continues to increase for the 443 apartment units built in Phase I, which will continue to open in stages. Construction of Phase II is slated to begin in early summer.
About Emory Point
Emory Point is a mixed-use development with 80,000 square feet of retail space and 443 luxury apartments in Phase I. The project is a partnership between Cousins, Gables Residential and Emory University. The more than $100 million development is in the heart of the Clifton Corridor, near the Centers for Disease Control and Prevention, Emory University and Emory Healthcare. It is the first new retail construction in the area in more than 20 years and the largest private development to start inside the Perimeter in more than three years. Cousins and Gables – two experienced Atlanta-based development companies – are collaborating for the first time on Emory Point. The second phase is projected to break ground in 2013 and the third phase will be developed according to market demand.
About Cousins Properties Incorporated
Cousins Properties 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 development projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space and 20 million square feet of retail space. The company is a fully integrated equity real estate investment trust and trades on the New York Stock Exchange under the symbol CUZ. For more information, 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 37,000 apartment homes under management, including a corporate-owned portfolio of 55 stabilized communities comprising approximately 14,400 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 2,000 apartment homes through its shadow pipeline of undeveloped land owned. For more information please visit www.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.