Chattanooga-based CBL Properties announced on Thursday it has made “significant year-end progress” on its strategy to transform its properties through redevelopment and the addition of new uses.
In 2019, CBL completed a dozen projects totaling about 650,000 square feet, with an additional five projects totaling some 490,000 square feet currently under construction, the company said.
Among those projects is the redevelopment of the former Sears store and adjacent parking lots at Hamilton Place mall in Chattanooga. Early next year, a Dick’s Sporting Goods and Dave & Buster’s restaurant and entertainment venue are to open. An Aloft Hotel also is under construction in a nearby parking lot.
According to CBL, strategies range from repurposing expansive parking fields to adding new uses such as hotels, restaurants and selfstorage facilities to backfilling anchor vacancies with concepts that resonate with today’s consumers.
“We have successfully executed our redevelopment and backfilling strategy in 2019 to strengthen our market-dominant properties by adding new uses, including executed leases with over 825,000 square feet of new-to-market entertainment operators,” said Stephen Lebovitz, chief executive officer of CBL Properties, in a statement.