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|Lee County Commissioners Approve Plans for Coconut Point|
INDIANAPOLIS, March 5 /PRNewswire-FirstCall/ -- Lee County (FL) commissioners unanimously approved the Development Agreement last week addressing the allocations for offsite improvements for the planned Coconut Point project being co-developed by Simon Property Group, Inc. (NYSE: SPG) and Oakbrook Properties. Coconut Point is a planned 500-acre, mixed-use town center site located in Estero, FL. Phase I of the Town Center at Coconut Point is scheduled to open in October 2005 with Phase II opening in September 2006. Plans call for 100 stores, restaurants, office space, hotels and 200 luxury condominiums.
Under the agreement approved by the commissioners, SPG and Oakbrook will contribute $14.8 million to Lee County to create new roads and improve existing roadways that will be impacted by the project. In addition, the project will construct various offsite improvements, bringing the total offsite contribution to the South Lee County project to over $25 million. Existing roads to be improved are Corkscrew Road, Old U.S. 41 and Sandy Lane.
"We're pleased that the Commissioners have approved the Agreement. We remain firmly committed to the project and are looking forward to starting sitework this spring," said Tom Schneider, executive vice president of development at SPG. "We're excited to deliver a project that the residents of Lee and Collier Counties will enjoy for years to come."
Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 247 properties in North America containing an aggregate of 191 million square feet of gross leasable area in 37 states plus Canada, as well as ownership interests in other real estate assets in the U.S. The Company holds interests in 47 assets in Europe (in France, Italy, Poland and Portugal). Additional Simon Property Group information is available at www.simon.com .
SOURCE Simon Property Group, Inc.
/CONTACT: Les Morris of Simon Property Group, +1-317-263-7711/