Monday, December 3, 2012

The Howard Hughes Corporation (NYSE: HHC and Dillard’s, Inc. (NYSE: DDS) today announced that the department store is the latest anchor to be part of The Shops at Summerlin. The Shops at Summerlin, one of the premier regional mixed-use development sites in the U.S., is part of a planned urban center which will serve the entire Las Vegas Valley. When complete, it will include retail, entertainment, office, hotel and multi-family residential, designed to create a vibrant, walkable urban core in the heart of the affluent 22,500-acre master planned community.

The Shops at Summerlin will feature over 125 stores and restaurants in an open-air shopping environment with pedestrian thoroughfares and engaging storefronts. The contemporary “Main Street” concept will incorporate cooling shade features, rich desert landscaping and outdoor dining to create a destination with an authentic Las Vegas sophistication and glamour. The 106-acre, 1.5 million square foot complex along the Clark Country 215 Beltway will also include a nine-story office building. 

Dillard’s will build a two-level, 200,000-square-foot store in The Shops at Summerlin, with opening scheduled for fall 2014. Originally entering the market in 1984, The Shops at Summerlin marks the company’s fourth Las Vegas location and will feature Dillard’s latest enhancements in store design presenting a boutique-like format throughout the store. 

"We are pleased to announce another important milestone as we add Dillard’s to The Shops at Summerlin, building momentum for what will be the leading retail, entertainment and dining destination in the Las Vegas Valley," said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. "Retailer response to the development has been tremendous as we work to create an unmatched experience for the western rim of the Las Vegas Valley and beyond.”

“A long-time favorite of shoppers in the Las Vegas Valley and a strong retail brand, Dillard’s is a great addition to the growing anchor line-up of The Shops at Summerlin,” said Kevin Orrock, President of Summerlin for The Howard Hughes Corporation. “Thanks to convenient access to the 215 Beltway, Dillard’s and all of The Shops at Summerlin will serve not only the residents of Summerlin and neighboring communities but the entire region as well.” 

Dillard’s Chief Executive Officer, William Dillard, II, stated, “We are happy to announce our commitment to The Shops at Summerlin. This premier location will allow us to serve our Las Vegas customers at an even higher level, and we are pleased to underscore our long-standing commitment to the Las Vegas market.” 

In September, The Howard Hughes Corporation announced Macy’s had signed on as the first anchor tenant, confirming the restart of the highly-anticipated development in the heart of the acclaimed 

Summerlin master planned community. The Shops at Summerlin is anticipated to open in late 2014. The project is expected to provide approximately 1,700 jobs during construction and 2,000 when fully open.