LOS ANGELES, April 11, 2007 (PRIME NEWSWIRE) -- Grill Concepts, Inc. (Nasdaq:GRIL) today announced the lease signing for a Daily Grill restaurant in CityNorth, one of the nation's largest mixed-use urban developments, currently under construction in Phoenix's Northeast Valley. Expected to open late 2008, construction for the 7,500 square-foot, company-owned CityNorth Daily Grill is budgeted at $3 million.
"We are excited to confirm the latest addition to our new restaurant lineup, which now includes Daily Grill openings in Phoenix, Memphis, Seattle, Austin and Dallas," said Philip Gay, chief executive officer. "The Phoenix area is reportedly one of the fastest-growing and most demographically desirable regions in the country. And the CityNorth project represents the ideal urban environment for the Daily Grill to become a regular neighborhood staple for our cooked-from-scratch, classic American cuisine."
CityNorth is an exceptional, mixed-use development of 5.5 million square feet, offering all the best aspects of city living. Easily accessible and situated at Loop 101 and 56th Street, the development will feature more than 1.2 million square feet of retail space with everything from haute couture to art galleries. Additionally, a new 144,000 square-foot Nordstrom department store is scheduled to open in fall 2009. Meticulously landscaped plazas, sculpture gardens, enthralling architecture and streets that encourage Main-street style mobility will round out the shopping experience. CityNorth's sophisticated, year-round environment will serve the interactive lifestyle of residents and visitors with a synergistic mix of retail, restaurant, residential, hotel, office, cultural, civic, entertainment and fitness uses.
Gay added: "We now have five executed leases for new restaurant openings through 2008. With strong comparable sales trends reinvigorating our efforts, we look forward to continued progress with our accelerated expansion plans."
CityNorth is being co-developed by Thomas J. Klutznick Company and Kenneth A. Himmel. Thomas J. Klutznick Company is a privately held real-estate investment, development and consulting firm headquartered in Chicago. Kenneth A. Himmel, CEO of Related Urban, is a renowned developer of premier mixed-use projects. Among other leading projects, Klutznick and Himmel have collaborated on such developments as 730 North Michigan in Chicago, Copley Place in Boston, and Reston Town Center in Reston.
About Grill Concepts, Inc.
Grill Concepts owns and manages upscale casual and fine dining, full service restaurants under two core brand names: The Grill on the Alley and Daily Grill. The company operates 25 restaurants including five The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California; Chicago, IL; and Dallas, TX as well as 20 Daily Grill restaurants in Southern and Northern California; the Washington, D.C. metropolitan region; Houston, Texas; Portland, Oregon; and Skokie, Illinois.
This news release contains forward-looking statements, which are based on current operations, plans and expectations. Such statements include, but are not limited to, the company's ability to continue expanding its restaurant network, projected opening dates of restaurants and projected opening dates of restaurants currently under letters of intent. Actual results may differ materially from these statements due to risks and uncertainties beyond the company's control, which are detailed from time to time in its filings with the United States Securities and Exchange Commission.