CHARLOTTE, N.C., Nov. 6, 2015 /PRNewswire/ -- A joint venture between Lincoln Harris and The Cato Corporation (NYSE: CATO) has filed for rezoning of a 360-acre site in York County, South Carolina. The plans for the site, which included the former Charlotte Knights' baseball stadium, provide for 4 million square feet of Class A office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.
Cato selected Lincoln Harris to be their joint venture partner earlier this year.
"We are excited to partner with a company like The Cato Corporation to bring this much-needed development to the state," said Johno Harris III, President of Lincoln Harris. "This site offers a fantastic location immediately adjacent to one of the first interchanges in South Carolina off I-77. Many companies have expressed a strong desire to locate to South Carolina, specifically to this growing region."
The Cato Corporation purchased 300 acres in the Gold Hill Road area in 2012, with plans to build a distribution center. And more recently, Cato purchased the former Charlotte Knights' baseball stadium site and other adjacent parcels.
"Cato is excited about the development of the Gold Hill property," said John Cato, CEO of The Cato Corporation. "Although our original intent for the property was development of a new Cato distribution center, we now feel the property has greater potential as a Class A mixed-use development. Cato has enjoyed a strong working relationship with York County, and has invested in additional property within York County for future distribution center development."
The joint venture plans to finalize rezoning in the first quarter of 2016. Phase I is slated to include 500,000 square feet of office space, 100,000 square feet of retail space, 300 residential units and a 150-room hotel.
About Lincoln Harris:
Through its affiliation with Lincoln Property Company, Lincoln Harris provides clients with a national platform and unparalleled institutional resources including more than 6,800 employees in 47 administrative offices across the nation. The company manages more than 150 million square feet and last year completed more than $2 billion in real estate transactions on behalf of clients. Lincoln Harris team members take pride in developing and implementing comprehensive national real estate programs for their clients and cultivating a sense of trust in the communities they serve and the individual transactions they service.
About The Cato Corporation:
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion". The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags and shoes at exceptional prices every day. Select Versona merchandise can also be found at www.shopversona.com. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.
Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected or estimated financial results are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, the following: general economic conditions; competitive factors and pricing pressures; the Company's ability to predict fashion trends; consumer apparel buying patterns; adverse weather conditions and inventory risks due to shifts in market demand and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.
SOURCE The Cato Corporation