COLUMBUS, Ohio, July 10, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE: WPG ) today announced that the Company has partnered with COhatch to deliver shared work, event and lifestyle space to Polaris Fashion Place, Central Ohio’s premier retail destination. This reflects Washington Prime Group’s objectives to diversify tenancy, activate common areas and satisfy its demographic constituencies’ demand for differentiated services, while reinventing its retail venues as community-focused, mixed use spaces.
Lou Conforti, CEO and Director, stated: “Plain and simple, our assets serve as town centers and COhatch emphasizes this gathering place approach via a combined coworking, lifestyle and entrepreneur incubation venue which allows for various social events and activities whether day or evening.”
COhatch will co-create and co-develop space at Polaris Fashion Place, starting with the takeover and restoration of “The Pub”, located at the outdoor, lifestyle area of the center. By day, COhatch “The Pub” will serve as a coworking and event space, and by night, “The Pub” will serve as a craft beer bar and entertainment venue featuring local microbrewers.
As part of its agreement with Washington Prime Group, COhatch will subsequently expand and integrate its concept further within Polaris Fashion Place with a variety of shared-space services, including coworking and The Madery Makers and Market. The Madery Makers and Market at Polaris Fashion Place will offer social enterprises – local businesses with a non-profit mission – a bricks-and-mortar presence in an experiential retail setting. Guests will be able to see goods produced and buy artisan gifts such as candles, handbags, jewelry and accessories, while supporting people and communities in need.
COhatch Founder Matt Davis said: “Polaris Fashion Place offers us an A+ lifestyle center to help our members grow their businesses, maximize their creativity in meetings and help them live their best life, while giving back to the community. Our vision is to provide the spaces, locations, tools, and activities to create an ideal lifestyle for our members enabling us to build our amenities for members in the perfect fifth location.”
About COhatch
COhatch, a new kind of shared work, social, and family space built on community, offers members the services, activities, and amenities to live a fully integrated life that balances work, family, well-being, community and giving back. Founded in 2016, COhatch was created through the collaboration of a group of friends who wanted to live out their ideal lives and improve their community. COhatch currently has two locations in Worthington, Ohio and two under development in Delaware and Upper Arlington, Ohio with additional sites planned in the Midwest. COhatch plans to open more than a dozen total locations within the next five years. Visit www.cohatch.com for more information.
About Polaris Fashion Place
Polaris Fashion Place® is Central Ohio’s premier shopping destination offering market-exclusive brands and locally-owned specialty shops to more than two million locals and tourists alike. Polaris Fashion Place also hosts more than 75 events a year including: Live@Polaris, KidX Club®, Mommy Mile, Made Local Marketplace, the Easter Bunny and Santa Photo Set. The town center is home to more than 190 national and local retail, dining and entertainment options. At Polaris Fashion Place, guests can find Tangible™ Collective, which features the best up-and-coming online brands, hand-picked and ready to be discovered and shared. A dynamic offering of things to do along with things to buy keeps guests engaged and returning often. Polaris Fashion Place and KidX Club are registered trademarks of Washington Prime Group Inc. Trademark and patent registrations for Tangible are currently pending. For more information, visit www.polarisfashionplace.com.
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. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.
Contact
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.com
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase mall store occupancy and same-mall operating income; risks associated with the acquisition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; failure to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.
