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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 7-Aug-2003
Las Vegas Premium Outlets Holds Ribbon-Cutting Ceremonies; Center Fills High-End Niche in Las Vegas Market
ROSELAND, N.J.--(BUSINESS WIRE)--Aug. 7, 2003--Las Vegas Premium Outlets, a joint venture project of Chelsea Property Group, Inc. (NYSE: CPG) and Simon Property Group, Inc. (NYSE: SPG), held ribbon-cutting ceremonies today celebrating its grand opening.
Las Vegas Premium Outlets, located in Las Vegas, Nevada, is a 435,000 square-foot single-phase outlet center located between the Grand Central Parkway and Interstate 15 near the intersection of U.S. Route 95, approximately 2-1/2 miles from the north end of the Las Vegas "Strip." Its 120 stores include Ann Taylor, A/X Armani Exchange, Benetton, Bose, Brooks Brothers, Calvin Klein, Coach, Crabtree & Evelyn, Dolce & Gabbana, Elie Tahari, Jones New York, Kenneth Cole, Lacoste, Nautica, Nike, Polo Ralph Lauren, St. John, Theory, Timberland, Tommy Hilfiger and Wolford.
Modeled on Orlando Premium Outlets - Chelsea and Simon's highly successful Orlando, Florida project completed in 2000 - Las Vegas Premium Outlets has its own distinctive feel. The center covers approximately 40 acres of land, and its architectural motif reflects its western American locale. Sheltered walkways extend to all points in the property's shopping areas, and a high-profile roofline captures excellent highway visibility. In addition to a high-quality mix of branded retail, the property has a centrally located food court and offers a variety of food and beverage options.
"Diversifying the economy is good for business and great for my city. I am proud to have forged a partnership with two of the finest retail real estate developers in the country. With the opening of Las Vegas Premium Outlets, shopping in downtown Las Vegas has been redefined," said Mayor Oscar B. Goodman at ceremonies this morning.
David Bloom, Chairman and Chief Executive Officer of Chelsea, said, "Las Vegas Premium Outlets fills a need in Las Vegas for an upscale, conveniently located outlet center that appeals both to tourists and area residents. With its size and tenant mix, we are confident that it will quickly become the destination of choice for brand- and value-conscious shoppers in this market. We are also delighted to be partners again with Simon Property Group, in a market that they know extremely well and on a project that we believe will be as successful as our first joint development in Orlando.
"Las Vegas remains one of the most exciting growth stories in the country. With the acquisition of Belz Factory Outlet World - Las Vegas last week, we are very pleased to have established Chelsea in this important market with what we believe will be the two dominant properties of their respective types," Mr. Bloom added.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 62 Premium Outlet(R) and other shopping centers - containing 16.3 million square feet of GLA - in 32 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; Desert Hills Premium Outlets, near Palm Springs, California; and Gotemba Premium Outlets, near Tokyo. Please see www.cpgi.com for more information.
Statements in this news release that are not strictly historical are "forward-looking" statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Chelsea Property Group believes the expectations reflected in such statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Forward-looking statements involve known and unknown risks that may cause actual results to differ materially from expected results. Risk factors include, without limitation, the receipt of regulatory entitlements for and completion of development projects in the United States or abroad; construction risks; the availability and cost of capital and foreign currency; credit risk; the Company's ability to lease its properties; retail, real estate and economic conditions; risks inherent to being a partner in joint ventures; competition; and other risks detailed from time to time in Chelsea Property Group's reports to the Securities and Exchange Commission. The Company accepts no responsibility for updating forward-looking statements.
CONTACT: Chelsea Property Group, Inc.
Leslie T. Chao/Michael J. Clarke, 973-228-6111
SOURCE: Chelsea Property Group, Inc.
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