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Washington Prime Group Announces Latest Redevelopment Project with Expansion at Classen Curve

COLUMBUS, Ohio--(BUSINESS WIRE)--May 2, 2017-- Washington Prime Group Inc. (NYSE: WPG) today announced its most recent redevelopment effort, a multitenant expansion at Classen Curve located in Oklahoma City, OK. The $11.5M expansion, which will add approximately 30,000 SF to an already vibrant lifestyle center, is expected to open in two phases starting the fourth quarter of 2017.

Lou Conforti, CEO and Director: “As previously discussed, our objective is to deliver on value enhancing redevelopment opportunities which result in differentiated tenancy. We currently have more than 45 projects ranging between $1-$60M substantiating our $125-$150M of annual capital spend with an average estimated project yield of 9.5%.”

As part of the expansion, Classen Curve will welcome first-to-market Athleta, Evereve and Soft Surroundings, as well as Board Room Salon for Men and Francesca’s. Apart from the expansion, the Company is pleased to announce that Bassett Furniture and first-to-state Cos Bar will join the dynamic retail offerings at the center.

David Allsbrooks, General Manager of Classen Curve: “We are excited for the expansion at Classen Curve which demonstrates our commitment to our guests and Oklahoma City. The center continues to grow, bringing unique national and local retailers and restaurants. This project allows us to expand upon our already diverse merchandise mix, solidifying Classen Curve as the premiere lifestyle destination in heart of Oklahoma City.”

Recent openings at Classen Curve include Cycle Bar, Lily Rain and Rustic Cuff.

About Classen Curve and Nichols Hills Plaza

Located just 5 minutes from downtown Oklahoma City, Classen Curve and Nichols Hills Plaza comprise of a unique collection of national and locally-owned retailers and dining choices in the heart of Oklahoma City. Popular stores and dining options include Anthropologie, CK & Company, Kendra Scott, lululemon athletica, On a Whim, Red Coyote Running and Fitness, Republic Gastropub, Saturn Grill, Starbucks, Trader Joe’s, West Elm, Whole Foods Market and Zoe’s Kitchen.

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with an investment grade balance sheet, leveraging its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Trademark registration for the name Washington Prime Group is pending. Learn more at www.washingtonprime.com.

Source: Washington Prime Group Inc.

Washington Prime Group Inc.
Kimberly A. Green, 614-887-5647
kim.green@washingtonprime.com