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Colonial Pinnacle set to open 2005
Major anchor commitment to signal start of second phase

Artists’ rendering of Regal Cinema, one of four anchors in Colonial Pinnacle center complex.
The second phase of a new lifestyle center in Turkey Creek will start “once the anchor commits to the area,” said James Nixon of Turkey Creek Land Partners.

“It’s going to be anchored by a major department store,” he said of Colonial Pinnacle center, scheduled to open in 2005 at the intersection of I-40/75 and Lovell Road.

Although Nixon could not release the name of the retailer, he said it would be 115,000 square feet with 60,000 square feet of shops adjacent to it.

Construction will begin on Colonial Pinnacle’s first phase this spring. Nixon said the development would have “mall quality tenants in a town setting.”

Adding to the town setting will be 65 single-family homes, which will carry a price tag in the $400,000 range, Nixon said.

The average home will be between 2,500 and 3,000-square-feet, he added.

The development, Turkey Cove, will be constructed on 34 acres that Nixon said Turkey Creek Land Partners would close on this week.

The land is located in the second phase of the development behind the future site of the new 18-screen Regal Megaplex and between the Stone Crest and Sweet Briar subdivisions. Construction will begin this spring.

Regal Cinemas was the first anchor to commit to the 350,000 square-foot development.

The new state-of-the-art 82,580 square foot cinema will open spring 2005, said Dick Westerling, senior vice president of marketing and advertising for the Regal Entertainment Group.

The megaplex will be the largest property in its hometown of Knoxville, he added.

“It will be a showcase theater for our company,” Westerling said. “It will feature all the latest in design and theater amenities.”

According to a press release from Colonial Properties Trust, the Birmingham, Ala.-based retail estate investment trust that teamed up with Turkey Creek Land Partners to develop the lifestyle center, the new 18-screen Regal will include stadium seating, the latest digital surround sound system and high-back rocking recliner seats.

There will also be Regal Express Kiosks “set up in proximity to the theater,” Westerling said, but “we have discussed putting them into other high traffic areas.”

The “computer-assisted” kiosks will allow patrons to purchase tickets and pick-up those purchased in advance. They will also have ATM capabilities.

Westerling said Colonial Pinnacle “lends itself” to this type of cinema facility.

“With the upscale specialty shops, retail and high end restaurants, it will attract patrons and shoppers from around the area. It will provide a larger draw for us around the East Tennessee region,” he said.

The new theater will employ around 100 to 120 full and part-time workers, Westerling said.

“Normally that is what a theater of that size employs,” he said. “And it will fluctuate seasonally.”

Even though the new megaplex in being constructing in close proximity to Regal’s 10-screen Farragut Towne Square, Westerling said the company plans to continue operating the location.

“No plans currently exist for any changes at Farragut,” he said. “At this time, we want to continue to operate that facility.”

Westerling said he is confident that the new megaplex and lifestyle center will feed well off each other.

“The theater will compliment the lifestyle center and helps create a draw for moviegoers and shoppers,” he said. “The center will compliment the theater in a similar way.”

The concept of a lifestyle center, although quite popular across the country, is the first in the Knoxville area.

According to the Colonial press release, lifestyle centers are open-air and include upscale specialty stores that offer fashion apparel, home décor, books and music, and are usually upscale projects located near affluent neighborhoods.

Nixon said Farragut is an ideal location for such development.

“Farragut is a very desirable place to live,” he said. “It’s a quality environment with residential growth and development and a good level of income.”

“Farragut is the heart of Knoxville’s southwest quadrant…the area had 40 percent of building permits this year,” Nixon added. “It’s going to be the retail, entertainment and medical hub of Knoxville and West Knox County.”

Population growth in the area has drawn a lot of interest in the development.

“The immediate trade area enjoyed a 43 percent 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,” Thomas H. Lowder, president and CEO of Colonial Properties Trust, stated in a press release.

Colonial Properties Trust 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.

The company has a total market capitalization of $2.8 billion. In 2003, the National Association of Industrial and Office Properties named the company National Developer of the Year.

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