GGP Ggp Inc. (delisted)

Clackamas Town Center will enhance its position as a dominant super-regional shopping destination with an 18-month, multi-million dollar expansion scheduled to begin this month. Clackamas Town Center announces today that the dramatic 250,000-square-foot expansion -- scheduled for completion in November 2007 -- will add approximately 40 new stores and restaurants and a new 75,000-square-foot, 20-screen theater complex. New tenant additions coming to the center include two destination restaurants -- Claim Jumper and the fourth Portland-area Romano's Macaroni Grill developed by Vancouver, WA-based Waterloo Restaurant Ventures -- and the theater complex operated by Century Theatres. The recently opened Barnes & Noble in Clackamas Town Center is representative of the upscale retailers the mall is attracting. Representing its first major expansion since it opened more than 20 years ago, the transformation is designed to reflect the shopping needs, tastes and lifestyles of the east metro area and beyond. Combining new outdoor and indoor shopping and dining experiences, the development's design will represent the forefront of national trends in retail center design. In a distinctive "Northwest Metropolitan" design theme, two new outdoor villages will flank the existing center with outside storefronts, creating a dynamic street of shops and a pedestrian-friendly shopping environment. "We expect that the transformation will redefine the shopping and entertainment experience at Clackamas Town Center and beyond," said Leslie Boies, marketing manager for the 107-acre center. New lifestyle retailers will be among the new major shopping additions, and filmgoers will also see a major upgrade with the addition of the new 20-screen, state-of-the-art stadium-style theater complex. Dining will take on a new look with a completely renovated interior Food Court, including the addition of a fireplace. The redevelopment will include several new "stand alone" full-service restaurants and other dining options. In what will be perhaps the most noticeable change, shoppers will be greeted with eye-pleasing storefronts and dramatic new main mall entrances -- enhanced with rich color schemes and protective canopies. With the addition of the new villages, the center will look and feel more like a pedestrian-friendly, upscale "downtown" retail area. New landscaped plazas, water features, walkways and street improvements will blend together to create a dramatically restyled lifestyle center. To accommodate the two-tier topography of the site, new escalators, an elevator near Nordstrom and stairways will provide easy pedestrian access throughout the redevelopment. Along with new stores and restaurants, Clackamas Town Center will also feature new amenities, including upscale family restrooms, soft seating areas and new interior detailing ranging from new glass handrails to floor tiles. Landscaping will spotlight seasonal potted plantings, basalt rock features and a distinctive "eco fountain" featuring turtles and koi fish. "An appealing architectural design and high-caliber retailers will encourage customers to shop, relax and enjoy the inviting atmosphere," said Boies. The dramatic transformation has already started with the recent opening of the new Barnes & Noble store, one of the first key retailers in the redevelopment. The 33,400-square-foot store features an extensive book and periodical selection and a wide variety of technological features, including state-of-the-art Wi-Fi, an advanced technology music-listening system and other features. The project includes the addition of new parking structures, including the mall's 783-space, multi-deck structure and a new TriMet transit center with accompanying parking for 795 vehicles (the existing transit center will be temporarily relocated during construction). Clackamas Town Center's expansion and remodeling will result in an economic boost for the area with the expected addition of 600 permanent retail jobs and 1,645 construction jobs. Currently spanning 1.185 million square feet, Clackamas Town Center is already recognized as a regional attraction. Existing anchors include Nordstrom, Meier & Frank, JCPenney, Meier & Frank Home Store and Sears. It currently boasts 185 specialty stores. New stores, additional restaurants and entertainment choices will add to the center's reputation as an exciting and fun place to shop, dine and be entertained. Clackamas Town Center will serve a growing population base in the east metro area. About 13,000 acres will be added to the urban development area near Clackamas Town Center, which could result in the construction of nearly 26,000 new homes and living units, according to government projections. For more information on Clackamas Town Center, visit http://www.clackamastowncenter.com/. About General Growth Properties: Clackamas Town Center is owned and managed by General Growth Properties, Inc., the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has an ownership interest in or management responsibility for a portfolio of more than 200 shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company Web site at http://www.generalgrowth.com.