BIRMINGHAM, Ala., Nov. 21 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) and joint venture partner Turkey Creek Land Partners today
announced plans to develop Colonial Pinnacle at Turkey Creek, a high quality
suburban lifestyle center in Knoxville, Tennessee. The Company also confirmed
that Regal Entertainment Group (NYSE: RGC), will open a state-of-the-art 18-
screen stadium megaplex in the development, under the Regal Cinemas brand.
Scheduled to open in 2005, the 82,580 square-foot cinema will be one of four
anchors in the 350,000 square foot development which will be located at the
intersection of I-40/75 and Lovell Road.
The development of Colonial Pinnacle at Turkey Creek, a high quality
suburban lifestyle center, will bring to the rapidly growing West Knoxville
area a retail development that, although quite popular across the United
States, will be new to the Knoxville MSA. In addition to Regal Cinemas,
Colonial Pinnacle at Turkey Creek will include large format stores, specialty
fashion retail and high-end restaurants into an intimate shopping experience
offering the affluent customer convenience, efficiency and ambience.
Lifestyle centers are open-air and include upscale specialty stores that
offer fashion apparel, home decor, books and music. Lifestyle centers cater to
the retail needs and lifestyle pursuits of their customers and today are
usually upscale projects located near affluent neighborhoods.
"Colonial Pinnacle at Turkey Creek is conveniently located central to the
affluent communities of West Knoxville, Farragut and Oak Ridge," stated Thomas
H. Lowder, President and Chief Executive Officer of Colonial Properties Trust.
"The immediate trade area enjoyed a 43% increase in population between 1990
and 2000 and is projected to continue to outpace national and regional growth
projections. With these strong statistics, retailers are very interested in
the development. Negotiations are ongoing with several retailers, and
announcements regarding those stores will be forthcoming."
The inclusion of Regal Entertainment Group's 18-screen megaplex will be a
catalyst in attracting other high-profile merchants. "We are excited to be
part of Colonial Properties Trust's new development, Colonial Pinnacle at
Turkey Creek," said Mike Campbell, CEO of Regal Entertainment Group's theatre
operations and Co-CEO of Regal Entertainment Group. "This dynamic lifestyle
center will not only service the West Knoxville community but will attract
moviegoers and shoppers from the entire East Tennessee region. Our new 18-
screen stadium megaplex will feature all the latest in design features,
technology, and theatre amenities. It will certainly be a showcase location
for our company and a natural component of this spectacular new upscale
center."
Regal Megaplex at Colonial Pinnacle at Turkey Creek Features and Amenities
- Stadium seating provides each moviegoer an unobstructed view of the
screen.
- Plush, high-back rocking recliner seats offer extra comfort.
- Retractable cup holders move out of the way to form love seats.
- The latest digital surround sound systems bring the movies to life.
- The Regal Crown Club loyalty program rewards frequent moviegoers.
- Fully stocked concession stands offer high quality, value-added
Combos.
- Customer service desks provide extra assistance in the spacious lobby.
- The computerized box office speeds-up ticket transactions.
- Advance tickets are also available by phone or
through http://www.REGmovies.com .
- Regal Express Kiosks offer customers fully automated ticket
purchasing.
About Regal
Regal Entertainment Group (NYSE: RGC) is the largest motion picture
exhibitor in the world. The Company's theatre circuit, comprising Regal
Cinemas, United Artists Theatres, Edwards Theatres and Hoyts Cinemas, operates
6,061 screens in 555 locations in 39 states. Regal operates approximately 17%
of all screens in the United States including theatres in 46 of the top 50
U.S. markets and growing suburban areas. We believe that the size, reach and
quality of the Company's theatre circuit not only provide its patrons with a
convenient and enjoyable movie-going experience, but is also an exceptional
platform to realize economies of scale in theatre operations and, through
Regal CineMedia, develop new sources of revenue and cash flow by utilizing
Regal's existing asset base.
About Colonial Properties Trust
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $2.8 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 19,500 apartment units, 6.5 million square feet of
office space and 15.6 million square feet of retail shopping space. In 2003,
the National Association of Industrial and Office Properties (NAIOP) named
Colonial Properties Trust "National Developer of the Year". Additional
information on Colonial Properties Trust is available on the Internet
at http://www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is
listed on the New York Stock Exchange under the symbol "CLP" and is included
in the S&P SmallCap 600 Index.
About Turkey Creek Land Partners
Knoxville, Tennessee-based Turkey Creek Land Partners is a private real
estate entity that in conjunction with First Commercial Real Estate, Inc.
financed and developed the 400 acre mixed-use development called Turkey Creek.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
http://www.REGmovies.com
CONTACT:
Sandra Lee Robertson, Senior Vice President,
Finance, +1-205-250-8788, or Linda S. Geiss, Vice President,
Media Relations, +1-205-250-8768, both of Colonial Properties
Trust
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