FOR IMMEDIATE RELEASE
THE CORDISH COMPANIES ANNOUNCE PLANS TO DEVELOP
UPSCALE OUTLET CENTER AND ENTERTAINMENT DISTRICT IN LA VISTA
LA VISTA, NE (January 24, 2011) - The Cordish Companies, one of the largest and most respected developers in the world, has announced plans to develop an upscale outlet center and entertainment district in La Vista's Southport West Development. Southport West rests on 137 acres and is located on Interstate 80 and the Harrison Street interchange (exit 442) in La Vista, Nebraska, a burgeoning Omaha suburb. It is already home to a Cabela's, La Vista Conference Center and several hotels.
The Cordish Companies' vision is to create a regional shopping and entertainment destination that will build on the success of Southport West's existing businesses and hotels. The initial phase of the project will consist of an upscale outlet center and entertainment district, all of which will be linked through extensive public gathering spaces, pedestrian friendly walkways and streetscapes. Similar to Cordish's award-winning outlet center in Atlantic City, NJ called The Walk, The Outlets at Southport West will boast many of the country's leading brand name retailers. The entertainment district, Live! at Southport West, will include a mixture of dynamic national and regional restaurants and entertainment venues surrounding a live events plaza. Throughout the year, the events plaza will feature a variety of free events for residents and visitors including live music, art festivals and special performances.
The first phase of the development will total approximately 435,000 square feet, with a construction budget totaling approximately $114 million. The project has been master planned to include additional phases of retail and entertainment development in excess of 100,000 square feet. The development will create hundreds of new construction and permanent jobs in La Vista.
"We are extremely excited to announce such a major development in La Vista." said Blake Cordish, Vice President of The Cordish Companies. "We are confident the project will be a tremendous success and will help fulfill the City's vision of creating a dynamic regional tourism destination. Our company and my family are committed to deliver and operate a development of the highest quality that exceeds the expectations of the community and its visitors. We look forward to working with the City, Mayor and major stakeholders in making this important project a reality." The first phase of the development is projected to generate approximately 1.2 million new, unique trips to the City of La Vista.
The Baltimore-based developer has an international reputation for creating highly successful mixed-use projects and has been awarded seven Urban Land Institute Awards for Excellence, which is more than any other developer in the world. Notable projects include: The Power Plant in Baltimore, MD; Charleston Place in Charleston, SC; Seminole Hard Rock Resorts in Florida; The Power & Light District in Kansas City, MO; Fourth Street Live!, Louisville, KY; and The Walk, Atlantic City, NJ.
"We could not be more excited that a world-class company like The Cordish Companies is coming to La Vista. The Cordish Companies are in a league all their own with a track record that stretches over a century," stated Mayor Douglas Kindig. "The City has long held a vision for Southport West to be a regional tourism destination and today's announcement will help us fulfill that. Along with strong anchors like Cabela's and JQH Hotels/La Vista Conference Center, The Cordish Companies has the expertise and resources to deliver a best in class development that will greatly enhance our community."
Southport West Partners, LLC Managing Member Dean Hokanson echoed the Mayor's confidence in the developer, stating, "After talking to developers from around the country, there is no one that even comes close to creating unique destinations of the highest quality that The Cordish Companies delivers." Fellow Managing Member Dennis Hoth added, "We have anchor tenants that are irreplaceable and cannot be duplicated in our trade area and The Cordish Companies will build on this strength by adding unique shopping and entertainment experiences. The City of La Vista and Mayor Doug Kindig have demonstrated progressive foresight and tenacity. This has truly been a collective and impressive effort by all parties involved."
The project is poised for commercial success, as currently no comparable outlet center exists for more than 200 miles in any direction. La Vista's Southport West is a gateway to the Omaha metro area, with a 90,000 vehicle count per day, ideal access, existing infrastructure, and Interstate-80 visibility. The success of the recently opened Cabela's and JQH Hotel/La Vista Conference Center has already made Southport West one of the top tourist destinations in the State of Nebraska.
Southport West Partners, LLC and the City of La Vista have been in lengthy discussions with The Cordish Companies regarding the development and proposed construction, by the City, of public streets, additional public parking and other public improvements within the boundaries of Southport West. It is anticipated that the project will be presented to the La Vista City Council on February 1, 2011 at which time a Memorandum of Terms Sheet will be presented for consideration and a general timeline will be fleshed out.
About The Cordish Companies
The Cordish Companies (www.cordish.com
), now in its fourth generation of family ownership, is an international conglomerate of businesses including one of the leading entertainment and real estate development companies in the United States. The company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential. The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from restaurants/clubs to live music promotion and film/media distribution. The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.
The Cordish Companies is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban and suburban locations. Many of The Cordish Companies' projects are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa, FL.
The Cordish Companies has received the highest possible national awards in its various areas of expertise. In real estate, The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence.