Washington Prime Group Inc. (NYSE: WPG) today announced updates to redevelopment efforts at The Mall at Johnson City, located in Johnson City, Tennessee. Highly sought-after food and beverage concepts Chipotle Mexican Grill and Chicken Salad Chick will make their debut in the Tri-Cities and will anchor a new, multi-tenant building along North Roan Street at The Mall at Johnson City.
Chipotle, a leader and innovator in the food industry, is committed to serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Chicken Salad Chick is the nation’s only southern inspired, fast casual chicken salad restaurant concept. Both exciting new concepts are expected to open in spring 2021.
Washington Prime Group is in active discussions with a lineup of both regional and national food and beverage concepts to join Chipotle and Chicken Salad Chick in the new, high-visibility space at The Mall at Johnson City.
Previously announced leasing and development initiatives include the following:
- Construction of HomeGoods, its first location in the Tri-Cities, is underway to anchor the replacement of the former Sears;
- Palmetto Moon, which opened on June 5, 2020, unites the flair and comforts of southern living with stylish apparel, footwear, gifts, and collegiate wear. This new to market retailer has been very well received by the community since its grand opening;
- In-demand retail concepts Rose & Remington and Curve & Cloth will make their debut in the Tri-Cities and are expected to open at The Mall at Johnson City in spring 2021; and
- The Mall at Johnson City will undergo a planned renovation of the interior common areas and exterior entrances, which will include aesthetic upgrades such as new seating, lighting, flooring and finishes.
Lou Conforti, CEO and Director of Washington Prime Group stated: "Why did the Chicken Salad Chick Cross the Roan Street in Johnson City, Tennessee? I’ll tell you why...so our guests at Johnson City Mall could enjoy such Southern favorites as Olivia’s Old South and Jalapeño Holly. While I’ve never met Stacy Brown, the founder of Chicken Salad Chick, her prowess when it comes to all things poultry is known far and wide. So I shouldn’t have to egg you on when they open up next spring. I’m not yolking...with nearly 150 locations Chicken Salad Chick ain’t clucking around.
"It’s late Saturday evening as I finish up this press release and I have to admit a carnitas burrito with guacamole, black beans and tomatillo-green chili salsa sounds really good right about now. Chipotle Mexican Grill has been a mainstay in my household for fifteen years or so for a couple of reasons. First of all, they’re food is always fresh and, plain and simple, delicious. Second, as both of my teenage daughters are vegetarian, Chipotle is one of the few places where I am able to satisfy their herbivorous as well as my carnivorous cravings."
The Company proactively executed an agreement in 2019 to gain control of the Sears site for planned redevelopment. Planning for this redevelopment effort, which includes a series of initiatives to enhance the guest experience at The Mall at Johnson City, has been thoughtfully completed with input from the City of Johnson City and existing tenants.
The ongoing leasing and development efforts collectively reinforce The Mall at Johnson City’s location along North Roan Street as the premier retail corridor in the Tri-Cities. With many unique and market-exclusive retailers, The Mall at Johnson City is well positioned for long term success.
HomeGoods, Chicken Salad Chick, Chipotle, Rose & Remington and Curve & Cloth are expected to be complete and open in 2021. WPG intends to celebrate these exciting additions at a community event celebrating The Mall at Johnson City’s 50th Anniversary. Due to the Company’s focus on the health and safety of its guests, retailers, employees and community partners during the ongoing COVID-19 pandemic, timing and details relating to the 50th Anniversary community event will be announced as circumstances stabilize and return to normal.
About Washington Prime Group
Washington Prime Group: National footprint with local flavor. With 100 town centers throughout the US, we’re as American as apple pie. As a matter of fact, we are also as American as deep dish pizza in Chicago, Hawaiian poke salad, vegan spring rolls in Malibu, El Paso Tex-Mex, Maryland crab cakes, kimchi in Orange County, Memphis barbeque and a Kansas City porterhouse. Our well regarded infrastructure, from Hawaii to Connecticut, and pretty much everywhere else in between, allows our tenant and sponsor partners to benefit from the operating efficacy and economies of scale at a large national real estate company, alongside local management who possess comprehensive knowledge of the specific locale within which they reside. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Group Inc. ("WPG") concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as "anticipate," "believe," "confident," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase store occupancy and same-store operating income; risks associated with the acquisition, disposition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; losses associated with closures, failures and stoppages associated with the spread and proliferation of the coronavirus (COVID-19) pandemic; to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under "Risk Factors". The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect new information, subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.