CBL and The Benchmark Group Announce Premier Lifestyle Center Development in Northeast Florida

CBL & Associates Properties, Inc. (NYSE:CBL) of Chattanooga, TN and The Benchmark Group of Amherst, NY, today announced that they have formed a 50/50 joint venture partnership to develop "The Pavilion at Port Orange,” an open-air lifestyle center in Port Orange (Daytona Beach), FL. The 550,000 square-foot (including outparcels) retail, dining and entertainment destination will feature lifestyle anchors Belk fashion department store, and a state-of-the-art 14-screen Hollywood Theater, junior anchors including a national bookstore and an electronics superstore, plus upscale specialty retailers and restaurants. The Pavilion at Port Orange will also feature more than 31,000 square feet of office space above the retail. CBL is responsible for the development, leasing and management of the property. Construction will get underway in the first quarter of 2008 and the center is scheduled to open in fall 2009. "We are excited to partner with The Benchmark Group on this open-air lifestyle center development in Port Orange. The Benchmark Group’s level of expertise and professionalism is an asset to this development and we value this partnership,” said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "We are pleased to have Belk and Hollywood Theaters among the premier retailers and entertainment destinations at the center. We continue to receive tremendous interest from our retail partners who want to join The Pavilion at Port Orange and we plan on announcing even more lifestyle retailers and unique restaurants in the months ahead.” Lebovitz added, "The Pavilion at Port Orange will further complement the success of CBL’s Volusia Mall that is also located in the Daytona Beach market. The new retail development will bring additional first-class retailers to the area.” The Pavilion at Port Orange will offer customers a unique shopping experience with Main Street style architecture, two-story themed buildings and extensive landscaping in an open-air pedestrian-friendly environment. A focal point of the development will be a seven-acre lake surrounded by numerous upscale sit-down restaurants overlooking the water. The lifestyle center will also feature a community pavilion along the lake that will serve as a gathering place for residents and tourists and a covered children’s soft play area. Curbside parking will provide customers with easy and convenient access to the shops. The entertainment aspect of The Pavilion at Port Orange will debut a state-of-the-art 14-screen Hollywood Theater, the first of its kind in the area. The multi-screen theater will offer plush, high-backed seats with an unobstructed view (stadium seating), digital surround sound and various other amenities providing moviegoers with a premier entertainment experience. "CBL is a leader in the shopping center industry and we look forward to working with them on The Pavilion at Port Orange development,” said Martin Dellebovi, vice president – development, Benchmark Group. "This development will introduce several new upscale retailers, restaurants and a movie theater to the market. The architecture will be characteristic of Florida vernacular including wood, stucco, verandas and shutters that complement and blend with the local community.” The Pavilion at Port Orange is in an ideal location on 73 acres of land at the northwest corner of I-95 at Taylor Road. Williamson Boulevard will also serve as the main access point to the center. The Pavilion at Port Orange will be situated in the retail hub of the market area, which draws from a strong demographic base in the surrounding communities of Port Orange, New Smyrna Beach, Edgewater and Southern Volusia County. The center is located almost ten miles from CBL’s market dominant Volusia Mall in Daytona Beach. The Pavilion at Port Orange’s architect is Artech Design Group of Chattanooga, TN and general contractor for the project is EMJ Corporation also of Chattanooga. Persons interested in learning more about leasing space should contact the following representatives: Specialty Shops: Greg Wilson Leasing Manager - Development Leasing 423-490-8612 greg_wilson@cblproperties.com   Anchor or big box opportunities/office space: Geoff Smith Vice President - Development 423-490-8345 geoff_smith@cblproperties.com   Bob Elliott Development Manager 386-254-2834 bob_elliott@cblproperties.com   Restaurants: Bryant Siragusa National Director of Mall Restaurants and Entertainment 423-553-8790 bryant_siragusa@cblproperties.com   Peripheral Property: Brian Platock The Florida Shopping Center Group 904-565-4052 brianp@theshoppingcentergroup.com About The Benchmark Group Benchmark is a family owned real estate development, acquisition and management company whose roots date back to the late 1960's with the development of one of the country's first enclosed regional malls in Amherst, NY. The company's portfolio today is valued at approximately $1 billion and includes retail, office and multi-family residential in 12 states with it's most extensive holdings in New York, Ohio and Florida. About CBL & Associates Properties, Inc. CBL owns or manages four regional malls/open-air centers in Florida including Volusia Mall in Daytona Beach, Gulf Coast Town Center in Fort Myers, Panama City Mall in Panama City and Lakeshore Mall in Sebring. CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 130 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 75.0 million square feet including 1.8 million square feet of non-owned shopping centers managed for third parties. CBL currently has fifteen projects under construction totaling 2.7 million square feet including Pearland Town Center in Houston (Pearland), TX; CBL Center II in Chattanooga, TN; three lifestyle/associated centers, nine mall expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at cblproperties.com. Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' incorporated by reference therein, for a discussion of such risks and uncertainties.