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    CityPlace Opening Ceremony Held in Downtown LB

    (November 9, 2002) -- CityPlace held an official grand opening ceremony on November 8.

    The development, bounded generally by 3d St., 6th St., Pine Ave. and Elm St., replaces the former LB Plaza enclosed mall (built in 1982, demolished in 2000).

    We post a CityPlace tenant roster below. Some business opened prior to the official grand opening ceremony.

    CityPlace developer Developers Diversified Realty Corporation (DDR) describes CityPlace as creating "a new urban village in a vibrant, pedestrian-oriented atmosphere." 4th and 5th St., which were closed off during the tenure of the former LB Plaza, have been restored as open streets. At some locations, street-level retail is located below residential units due to open in 2003.

    "DDR has invested in downtown Long Beach because we believe in the community and its tremendous potential as a thriving retail center," said Eric Mallory, DDR's senior VP of development in the release. "Every indication is that CityPlace will be a monumental success for DDR and the City this holiday season and for many years to come," he added.

    DDR's release quotes LB Mayor Beverly O'Neill as saying, "CityPlace is a first-class project that serves not only downtown residents but also is bringing people from other parts of Long Beach and surrounding communities. It's heartwarming to see so many people shopping in downtown Long Beach again."

    In its release, DDR says key elements of CityPlace include:

    • Approximately 450,000 square feet of retail space.
    • 221 apartment units in five buildings built by PCS Development, Inc. of Los Angeles. Rents: $1,100-$2,500/month. Projected completion: Spring 2003.
    • 120 loft condominiums by Urban Pacific Builders of Long Beach. Prices: $250,000-$450,000. Projected completion: Fall 2003.
    • Parking for 2,900 vehicles.

    The release adds that CityPlace "features an Art Deco style with colors, materials and textures that integrate with surrounding areas." Under LB's public arts program, DDR incorporated restoration of "Long Beach Recreation," an historic tile mosaic originally designed for the old LB Municipal Auditorium facade in 1932. The mosaic, now located on the north side of Third Street just west of the Promenade, will be incorporated into the lobby of a residential building planned for that location.

    In addition, two companion murals were created specifically for CityPlace by LB artist Sandow Birk, and 1,500 square feet of space is being provided at a discounted rate to a community theater company, The Found Theatre.

    Developer DDR says the "total estimated project value is $100 million. CityPlace is expected to generate approximately $1.9 million per year in new sales tax, property tax and other revenues for the City of Long Beach. It is expected to create approximately 850 new jobs, not including the temporary jobs created during construction."

    The master developer of CityPlace is Developers Diversified Realty Corporation. CityPlace is owned by Coventry Long Beach Plaza LLC, a partnership between DDR, Prudential Real Estate Investors (PREI) and Coventry Real Estate Partners.

    The CityPlace tenant roster provided by DDR is as follows:

    Retail storesSquare feetOpening date (projected)
    Wal-Mart134,144October 30
    Nordstrom Rack30,216August 22
    Ross Dress for Less28,248August 22
    Anna's Linens11,875October 3
    KB Toys6,026(July 2003)
    Ashley Stewart3,500October 19
    Footaction3,476(July 2003)
    Payless Shoe Source2,977October 30
    Impressions Shoes1,983(2003)
    T-Mobile1,935(November 15)
    Crescent Jewelers1,500(November 15)
    GNC1,455(November 15)
    Sally Beauty Supply1,420(December 1)
    Luxury Perfumes1,030(December 1)
    Claire's 880(December 15)
    Grocery/DrugSquare FeetOpening Date (projected)
    Sav-on14,740(November 21)
    Food/BeverageSquare FeetOpening Date (projected)
    Togo's/Baskin Robbins2,464(December 15)
    Panda Express2,073(December 1)
    Starbucks1,696(December 15)
    Chopsticks1,365(December 15)
    Subway1,132(December 15)
    ServicesSquare FeetOpening Date (projected)
    Bank of the West3,715(January 2003)
    ProfessioNail1,403(December 15)
    Fantastic Sam's1,261(January 2003)
    Dominic Nail Salon1,017(June 2003)
    EntertainmentSquare Feet
    Found Theatre1,528
    CommunitySquare Feet
    LBPD Substation1,305

    DDR is also developing the Pike at Rainbow Harbor on the downtown LB waterfront. Construction began in May.

    Based in Cleveland, DDR is a national real estate firm "actively developing, acquiring, managing and investing in income-producing retail shopping centers. DDR's portfolio includes 361 retail properties totaling 62 million square feet in 43 states," its release said.

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