Greenville, S.C. to Get Major Retail Development

65-acre project would create second largest retail and entertainment complex


GREENVILLE, S.C., May 22 /PRNewswire/ -- Magnolia Park Town Center, a village-style retail and entertainment center, will soon emerge on Woodruff Road at the current Greenville Mall site. Opening Spring 2008, the 65-acre property will feature a superior mix of anchor stores, upscale shops, restaurants and a movie theater to create a unique lifestyle center and community gathering place.

Magnolia Park will continue to be anchored by Regal Cinemas, the highest grossing movie theater in South Carolina, and Sports Authority, with their largest store in the state, while new anchors include Upstate region's first Costco and an expanded Rooms To Go furniture store. Discussions are underway with additional retailers, some new to Greenville and others currently in the market but searching for additional locations. With more than 676,000 square feet of space, Magnolia Park will be the second largest retail center in the Upstate of S.C.

Canyon Gulfside Greenville LLC, a partnership between Gulfside Development Company, Inc. and Canyon Capital Realty Advisors, owns and is developing the property. "This is one of the most prime and underutilized real estate sites in the state, and we feel it can become a landmark destination for the region," said Jackson Ward, a principal with Gulfside Development. "We want Magnolia Park Town Center to reflect the high quality of life represented in Greenville with upscale shops and restaurants, contemporary yet refined architecture and lush landscaping."

Urban redevelopment is a vision that Magnolia Park partners Gulfside Development and Canyon Capital Realty Advisors share and can be seen in past projects, including Downtown Dadeland, a mixed-use development in South Miami. Additional plans for Magnolia Park potentially could include office, residential and hotel elements. "The residential and hotel components of Magnolia Park are still being evaluated and will be included if deemed viable," said Ward. "While we prefer mixed-use properties, we are looking at the Greenville market carefully to ensure the feasibility of adding those options to the strong retail element in Magnolia Park."

As with previous projects, Canyon Gulfside is working with local companies for the design and construction of Magnolia Park. Pazdan-Smith Group Architects has been working with the development team for months on creating the best use of the space and a design that exemplifies Greenville. Harper Corporation will manage all aspects of construction, including the demolition of Greenville Mall this fall. Spake Real Estate, located in Asheville, North Carolina, will be manager of development and brokerage while The Shopping Center Group, in Charlotte, N.C., will be the leasing agent.

About the Partners

Gulfside Development Company, Inc., is a real estate investment and development company focusing on value-added investments. Headquartered in Miami, Florida, Gulfside has developed more than five million square feet of prime retail and commercial space throughout the Southeast U.S. during the past seven years. The fully integrated firm has in-house expertise in acquisition, development, construction management, asset management, and dispositions and financing. Its principals have longstanding relationships within the real estate and investment arenas, and share a passion and particular expertise in urban redevelopment.

Canyon Capital Realty Advisors, and its affiliates, including Canyon Capital Advisors, are money management firms and registered investment advisors headquartered in Los Angeles, California. Canyon's real estate activities focus on providing debt and equity capital to real estate owners and operators, developers, corporations and entrepreneurs. Canyon's equity programs seek to identify, enhance and capture value through the development, redevelopment, acquisition, and the repositioning of real estate. Property types include retail, residential, industrial, hospitality, office and mixed use.

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