LOS ANGELES -- The Festival Companies, Los Angeles, Calif., today announced the completion of its purchase and majority ownership of Westdale Mall, located in Cedar Rapids, Iowa, from The Rouse Company of Columbia, Md. The Festival Companies, now the managing partner of Westdale Mall, also acquired

LOS ANGELES -- The Festival Companies, Los Angeles, Calif., today announced the completion of its purchase and majority ownership of Westdale Mall, located in Cedar Rapids, Iowa, from The Rouse Company of Columbia, Md. The Festival Companies, now

the managing partner of Westdale Mall, also acquired two former anchors, Montgomery Wards and Younkers, bringing the Festival Companies' total ownership at Westdale Mall to 873,270 square feet of retail space.

"We are excited to become a part of the community and look forward to bringing a vibrant new tenant mix to the greater Cedar Rapids area," said Rosalind Schurgin, Executive Vice President, The Festival Companies.

The Festival Companies also announced its plans to invest approximately $20 million in the redevelopment of Westdale Mall. The redevelopment strategy includes updating the mall, bringing in new retailers and expanding the center by nearly 50,000 square-feet, which will be comprised of anchor and sub-anchor stores. The plan will also add a food court, sit-down restaurants and family-style restaurants, a book store, electronics retailers and tenants unique to the trade area. The redevelopment is now underway and will be a phased process allowing the tenants to operate throughout the remodeling.

"We gladly welcome the new ownership team to Cedar Rapids. This property is an anchor for the west side and we're looking forward to the revitalization they'll bring to our community," said Paul D. Pate, Mayor, City of Cedar Rapids.

To spearhead the redevelopment, The Festival Companies has hired the original architect that built Westdale Mall 25 years ago, MCG Architects of Cleveland, Ohio. MCG's design plans include energizing the mall both inside and out by creating a lively streetscape and dual entrances for individual tenants so customers can enter stores from the exterior parking lot or from inside the mall. MCG will also create a "front door" experience for Westdale Mall by giving it an updated exterior presence.

"Retail is not what it was years ago," says Greg Lyons, Design Principal, MCG Architects. "Today, it's about creating an environment that people can go to with their family or friends, where they can shop, eat, stroll and spend time. It's about creating a nice destination that is appealing for extended lengths of time, a pedestrian-friendly environment."

1 2 Next Page

"We are excited to become a part of the community and look forward to bringing a vibrant new tenant mix to the greater Cedar Rapids area," said Rosalind Schurgin, Executive Vice President, The Festival Companies.

The Festival Companies also announced its plans to invest approximately $20 million in the redevelopment of Westdale Mall. The redevelopment strategy includes updating the mall, bringing in new retailers and expanding the center by nearly 50,000 square-feet, which will be comprised of anchor and sub-anchor stores. The plan will also add a food court, sit-down restaurants and family-style restaurants, a book store, electronics retailers and tenants unique to the trade area. The redevelopment is now underway and will be a phased process allowing the tenants to operate throughout the remodeling.

"We gladly welcome the new ownership team to Cedar Rapids. This property is an anchor for the west side and we're looking forward to the revitalization they'll bring to our community," said Paul D. Pate, Mayor, City of Cedar Rapids.

To spearhead the redevelopment, The Festival Companies has hired the original architect that built Westdale Mall 25 years ago, MCG Architects of Cleveland, Ohio. MCG's design plans include energizing the mall both inside and out by creating a lively streetscape and dual entrances for individual tenants so customers can enter stores from the exterior parking lot or from inside the mall. MCG will also create a "front door" experience for Westdale Mall by giving it an updated exterior presence.

"Retail is not what it was years ago," says Greg Lyons, Design Principal, MCG Architects. "Today, it's about creating an environment that people can go to with their family or friends, where they can shop, eat, stroll and spend time. It's about creating a nice destination that is appealing for extended lengths of time, a pedestrian-friendly environment."

About The Festival Companies

The Festival Companies, a Los Angeles-based real estate advisory firm and leading shopping center developer, has developed or redeveloped more than 100 retail projects from regional malls to open-air centers throughout Southern California and in select markets nationwide. Many of these retail projects have stimulated revitalization and economic growth in their surrounding communities. The Festival Companies has leased over 12 million square feet of retail space. Recent noteworthy accomplishments include a $90 million transformation of the ailing, nearly vacant, 1950's-era Buena Park Mall into today's buena park downtown, a vibrant shopping and entertainment venue with 1 million+ square feet of new big-name retailers and an 18-screen movie theatre. For the Franciscan Metro and El Monte Town Centers, The Festival Companies carefully combined an updated design with the "sense of history" important to these ethnic communities. Today, The Festival Companies is overseeing a $55 million redevelopment of the Royal Hawaiian Shopping Center to restore it to its former position as the leading retail and entertainment destination in Waikiki. The Festival Companies has developed retail projects in 14 states comprising of over 20 million square feet. For more information on The Festival Companies, please call 310-665-9600 or visit the company's Web site http://www.festivalcos.com/.