Wednesday, September 19, 2012

The Howard Hughes Corporation (NYSE: HHC) and Macy’s, Inc. (NYSE:M) today announced that Macy’s will serve as the first anchor for the Shops at Summerlin. The agreement confirms the restart of the highly‐anticipated development in the heart of the acclaimed Summerlin master planned community.

The Shops at Summerlin, one of the premier regional mixed‐use development sites in the U.S., will be 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.

Macy’s will build a two‐level, 180,000‐square‐foot store in the Shops at Summerlin, with opening scheduled for fall 2014. It will be the first full‐line Macy’s store to open in the Las Vegas market since 1996. The Macy’s will include fashions for men, women, children and home. Construction of the Macy’s store is expected to begin in fall 2013.

“Macy’s will be an exceptional cornerstone in the high‐end retail experience we are creating for the Las Vegas Valley community,” said Kevin Orrock, president of Summerlin and vice president of master planned communities for The Howard Hughes Corporation. “This milestone confirms that the Las Vegas economy is recovering, with Summerlin leading the way.”

“Our plan to create a dynamic downtown for Summerlin with a line‐up of best‐in‐class retail and entertainment experiences exemplifies our mission to create timeless places and our commitment to excellence,” said David R. Weinreb, CEO of The Howard Hughes Corporation. “Summerlin is an important asset which will deliver meaningful, long‐term value to our shareholders.”

“Macy’s Summerlin will focus on the residential population in this important market,” said Peter Sachse, Macy’s chief stores officer. “We will be tailoring our merchandise assortments of well‐known brands to local customer needs, with an emphasis on the distinctive fashion, value and magical shopping experience for which Macy’s is known.”