Federal Realty Begins Restoration of Historic Kress Building and Welcomes Texas de Brazil to Houston Street
ROCKVILLE, Md., May 10, 2010 /PRNewswire via COMTEX/ --Federal Realty Investment Trust (NYSE: FRT) today announced that the historic Kress Building on Houston Street in San Antonio, Texas will undergo a façade renovation and restoration of the building's original art-deco style architecture, to commence in June 2010. In addition, Dallas-based Texas de Brazil will join the 168,000 square foot street retail property this fall.
The Kress Building was originally constructed in 1939 for Samuel H. Kress, philanthropist and businessman, as a Kress "five and dime" chain store. Designed by architect Edward F. Sibbert in Art Deco style reminiscent of a Spanish mission, the planned renovation of the building's unique architectural elements will begin in mid-June. The Kress Building restoration follows the successful completion of the Walgreens Building in 2008, adding one floor of office space above a completely revitalized Walgreens, which has been a part of Houston Street for over forty years.
"The Kress Building at Houston Street is a landmark of downtown San Antonio," said Jan Sweetnam, Federal Realty's chief operating officer, western division. "Federal Realty is proud to continue to create a great atmosphere, diverse retail and dining mix at Houston Street and welcome Texas de Brazil to the property this fall."
Started in 1998, Texas de Brazil has quickly grown into the United States' premier churrascaria. The restaurant's menu consists of 15 grilled meats, all prepared in the traditional Brazilian method over an open flame and carved tableside by the restaurants' authentically costumed Gauchos, as well as an elaborate salad area, wine list, dessert menu and full liquor bar. Texas de Brazil has grown to a 16-unit chain with locations throughout the U.S. and Aruba.
"Being a Dallas-based corporation, we were always looking to expand more throughout Texas, and a large part of our concept and style of service is based on the generous hospitality that Texans are known for," said Salim Asrawi, chief operating officer of Texas de Brazil. "The combination of timing and the space that came available was just the right fit for us to expand into San Antonio."
The 10,000 square foot Texas de Brazil Houston Street location will open late Fall 2010 on the first floor of The Kress Building, and will feature an extravagant wine bar, private dining rooms and Texas de Brazil's signature bar and lounge, Beijos. For more information on Texas de Brazil, please visit www.texasdebrazil.com.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 94.1% leased to national, regional, and local retailers as of March 31, 2010, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 42 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
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SOURCE Federal Realty Investment Trust