Weingarten Previews Plan for Redevelopment of Northeast Corner of Shepherd and West Gray

HOUSTON--(BUSINESS WIRE)--Houston-based Weingarten Realty Investors (NYSE:WRI)(www.weingarten.com) announced today that the company is investing more than $15 million in a redevelopment of the section of River Oaks Shopping Center located at the northeast corner of Shepherd and West Gray.

“Weingarten remains committed to maintaining the center as a popular destination for shoppers and an attractive and prosperous location for retailers and restaurants.”

Scheduled for completion in 2009, the project will add retail capacity and modernize utility infrastructure while preserving the unique curved façade, art deco and moderne architectural influences that customers and neighbors have come to enjoy and appreciate. Plans include a multi-story parking garage to be located behind the center and outdoor pedestrian areas for shoppers.

“River Oaks Shopping Center is one of Weingarten’s signature assets, and we are proud of the work we have done over the past 35 years to maintain the center’s neighborhood character while consistently making improvements that benefit our retailers and their customers,” said Patty Bender, senior vice president and director of leasing for Weingarten. The company has owned the center since 1972.

Two new multi-level buildings featuring upscale shops, restaurants and some office space will replace the existing structure. Weingarten said it is in the final states of negotiations with Barnes & Noble to anchor this redeveloped section of the shopping center. The existing Starbucks on the corner will not be impacted during construction of the new building.

The project is being carefully planned to minimize impact on the rest of the center. Site preparation at the corner of Shepherd and West Gray is scheduled to begin during the second half of this year and to be suspended during the 2007 holiday shopping season so that the area may be used as supplemental parking during those busy weeks. Construction is slated to resume in early 2008 and Weingarten expects the project will be completed in 2009.

According to Bender, the firm has participated in a number of meetings with residents of nearby neighborhoods over the past year to keep them informed about the plans and to encourage ongoing dialogue. Current tenants of the impacted retail building have been notified about the redevelopment.

Bender underscored the fact that the announced plan does not in any way impact the River Oaks Theater building.

“These improvements represent an overall effort to upgrade River Oaks Shopping Center by replacing aging utility infrastructure, providing new shopping experiences and adding amenities such as outdoor art and pedestrian conversation/rest areas,” said Bender. “Weingarten remains committed to maintaining the center as a popular destination for shoppers and an attractive and prosperous location for retailers and restaurants.”

“With improved access, increased retail space and design enhancements reflective of the center’s art deco and moderne character, we will be creating the future of the center within the context of the past,” added Bender.

About Weingarten Realty Investors

As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors (NYSE:WRI) is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in 22 states that span the United States from coast to coast. The Company’s portfolio of 389 properties includes 322 neighborhood and community shopping centers and 67 industrial properties, aggregating 47.5 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,500 tenants comprising less than 3% of its rental revenues. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Weingarten in Houston

The company was founded when immigrant Harris Weingarten opened a single grocery store in downtown Houston in 1901. As the city grew, so did the number of Weingarten groceries and the family eventually founded a real estate enterprise developing both their own stores and larger shopping centers. In the 1980s Weingarten was restructured as a real estate investment trust (REIT) that began trading publicly on the New York Stock Exchange in 1985. The company employs 350 people in the Houston area and contributed $14.5 million in property tax revenue in 2006.

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