COLLEGEVILLE, Pa., Jan. 16 /PRNewswire/ -- The Audubon Land Development Corp. today announced the preliminary plan for Phase I of the 140-acre master-planned development was approved by the Upper Providence Township Board of Supervisors. The first phase of the project, located at the intersections of Routes 422, 29 and 113 in Collegeville, includes an open-air town center with 505,092 square feet of big-box retail, specialty retail, restaurant, entertainment and service operations and will open in August of 2007.

"We are thankful for the support of the our local officials, and promise to bring an exciting and new shopping, dining and entertainment destination to our community," said Tony D'Orsogna, vice president of office and retail properties for Audubon Land Development Corp. "The lifestyle center will have a main street environment, unique to the area. It will reflect the taste and sensibilities of our great market, and create a dynamic and entertaining place where people will want to be."

The Chicago-based Urban Retail Properties Co. is providing development consulting and retail leasing functions for the new project.

"There are very few markets in the country where this type of master-planned retail, dining, hotel and office community can work today," said Ross Glickman, CEO of Urban Retail Properties Co. "The project's location in one of the nation's most densely populated, affluent market and its diversity of uses will make the center a home run for all the components and for area residents."

Providence Town Center is part of a 140-acre, master-planned community being developed by Audubon Land Development Corp, to eventually include hotel and office uses in addition to retail. The lifestyle streetscape of the retail component will reflect the history, character and architecture of Greater Philadelphia, creating a pedestrian-friendly environment for shopping, dining, entertainment or just meeting friends.

"Providence Town Center is composed of small town style architecture and streetscapes, similar to those found in western suburbs of Philadelphia," said Neil Liebman of Bernardon Haber Holloway Architects, architects for the project. "The mixed uses along with the attention to detail will create a retail experience that will remain interesting visit after visit."

About Audubon Land Development Corporation

Audubon Land Development Corporation is a family owned and operated business with over 40 years of development, building and management experience. Audubon Land affiliates have built over 3,000 homes in eastern Pennsylvania, as well as many commercial facilities including apartment complexes, the Audubon Square Shopping Center, The Hilton Homewood Suites in Audubon, the 422 Business Center, the Marketplace at Oaks, including Target, Loews and Regal Cinema. Audubon also has under construction, the Shannondell Retirement Community.

About Urban Retail Properties Co.

Headquartered in Chicago, IL and with offices in Florida, Massachusetts, Washington, DC, New York, Iowa, Texas, and Georgia, Urban Retail Properties Co. is the nation's leading third-party real estate manager, managing 40 million square feet of space in 20 states and the District of Columbia. Urban Retail is privately held and independently owned, and has been responsible for the development of premier destination shopping and mixed-use projects including Water Tower Place and 900 North Michigan Shops in Chicago, Copley Place in Boston, and the redevelopment of the Galleria in Houston and Century City Shopping Center in Los Angeles. The company was formed more than 30 years ago and manages a diverse portfolio, including retail, office, and government projects. In addition to Providence Town Center, Urban Retail is involved in other new development projects including Branson Landing, a $420 million public/private project in Branson, MO slated to open in April 2006; Waterside Place, a 1.7-million-square-foot mixed-use project in Boston, MA scheduled to open in 2009; as well as projects in Gainesville and Sarasota, Florida.

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