2011 CBL & Associates Annual Report

CBL & Associates’ 2011 Annual Report confirms that by the end of 2011, Monroeville Mall’s JCPenney/Cinemark transformation was already an active corporate redevelopment project. The report listed “Monroeville Mall – JC Penney/Cinemark” as a mall redevelopment under construction, with a total project size of 464,792 square feet, a projected cost of $26.178 million, and an expected opening window of Fall 2012/Winter 2013. In CBL’s property listing, Monroeville Mall was still a large, highly leased regional mall, with 1,291,493 total square feet of gross leasable area and 96% leased mall-store space. The anchor list included JCPenney, Macy’s, Barnes & Noble, Best Buy, ULTA, and the former Boscov’s location marked as “under redevelopment.” In hindsight, that phrase captured the hinge moment: the old Boscov’s shell was being prepared to receive JCPenney, while the original 1969 Penney’s building — one of the mall’s most important Dawn of the Dead landmarks — was entering its final period before conversion into the Cinemark theater complex.