EDENS Generating Over 10,000 Job Opportunities In Virginia With Current Developments

MERRIFIELD, Va., July 11, 2012 /PRNewswire/ -- EDENS, one of the nation's leading retail real estate owners and developers, is continuing to positively impact the Virginia economy in a large way, by creating thousands of jobs throughout the state.

Mosaic located in Fairfax, VA, scheduled to open in September 2012, will provide approximately 3,175 jobs during construction and will create up to 3,150 permanent jobs after completion.  The Shops At Stonefield, located in Charlottesville, VA, will provide approximately 1,775 jobs during construction and will create approximately 870 permanent jobs after completion.  The Haymarket Village Center, located in Prince William County, VA, will provide approximately 625 jobs during construction and will create approximately 520 permanent jobs after completion.

Within EDENS' Virginia portfolio, the Company owns and manages 20 operating retail properties, totaling 2.1 million square feet.  Mosaic, the Shops At Stonefield and Haymarket Village Center are currently under construction, totaling approximately 3.2 million square feet, which will add 1.1 million square feet of retail to the overall EDENS Virginia portfolio. 

In addition to new jobs, EDENS' developments are generating significant new revenues for the state.  In 2011, EDENS paid $6.2 million in property taxes on Virginia assets.  Over $700 million in retail sales were recorded at EDENS shopping centers in Virginia in 2011.  Consumers shopping at EDENS centers paid approximately $35 million in Virginia sales taxes in 2011.

These revenues for Virginia will grow in the future.  Mosaic will drive approximately $675 million in additional tax revenues over a 30-year period.  The Shops At Stonefield will drive approximately $85 million in additional tax revenues over a 10-year period.  Haymarket Village Center will drive approximately $50 million in additional tax revenues over a 10-year period.

About EDENS:
EDENS develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast.  Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 130 retail centers.  EDENS has Regional Headquarters in Boston, New York, Washington D.C., Atlanta, Miami and Columbia, SC.  For additional information about the Company and its retail real estate portfolio, please visit www.edens.com.

SOURCE EDENS