One Scottsdale First Project to Source Joint Expertise in Placemaking, Luxury Retail PHOENIX, March 4 /PRNewswire-FirstCall/ -- The Macerich Partnership,L.P., the operating partnership of Macerich(R) (NYSE: MAC), andaward-winning luxury community builder DMB Associates, Inc. (DMB), todayannounced a broad regional alliance that will bring together DMB'sreputation for excellence, attention to detail and richly appointedplacemaking with Macerich's retail development, leasing and operationsexpertise. The first joint venture in the Macerich-DMB alliance will be OneScottsdale, an approximately 120-acre project located on the northeasterntip of the Scottsdale Road corridor. The venture will focus on the retailcore of the project which makes up 55 of the 120 acres. Planned in phases,One Scottsdale will be the home to Dial Corporation's Headquarters andResearch Center, which is currently under construction. Approval for up to1.8 million square feet of commercial development will allow for asignificant amount of luxury retail opportunities. As a part of the joint venture for One Scottsdale, DMB will continue tolead the luxury residential, office and hospitality elements, and Macerichwill assume responsibility for the development, leasing and operations ofthe project's retail component. "DMB is the architect of exceptional placemaking -- they are thestandard for luxury living in the Western United States," said Art Coppola,president and CEO of Macerich. "The level of detail that is applied inbringing each very distinctive project to life is unmatched and somethingwe have always admired. "The vision that DMB has created for One Scottsdale raises the bar, andwe are proud to be their partner in One Scottsdale and the future ofArizona." One Scottsdale's coveted location puts it in the heart of Arizona'sopulence. Within a three-mile radius, the average household income is$110,292, and the project's 10-mile trade area boasts more households withan average income above $100,000 than in Bal Harbour and Naples in Florida,The Hamptons in New York, Aspen in Colorado and Carmel in California. DMB and Westcor, Macerich's Arizona subsidiary, were founded in Arizonain 1984 and 1969, respectively. Together these two companies have shapedthe state's most noted luxury communities and regional shoppingdestinations. DMB's portfolio includes DC Ranch, Silverleaf and Verrado,while Westcor's portfolio includes Scottsdale Fashion Square, BiltmoreFashion Park and Kierland Commons. "At DMB, our partnerships always start with relationships based onmutual respect and trust. This partnership is the perfect alignment of corevalues, geographic priorities and complementary business expertise betweentwo companies with a vested interest in Arizona and how it grows," notedDrew Brown, CEO for DMB. "With our combined skill sets, expertise and dedicated teams, our newpartnership will realize the vision of One Scottsdale and produce what'sbest for the region and the people who live here." In partnering with DMB, Macerich has the opportunity to reflect thevision for One Scottsdale with the proposed land use plan for Palisene,which was developed in the early 1990s and is currently proposed for landowned by the Arizona State Land Department and demonstrate the importanceof this corridor by successfully melding them into a luxury destinationsecond to none for north Scottsdale. DMB's and Macerich's collaboration onOne Scottsdale will play a role in developing a true point of arrival forthe intersection of Scottsdale Road and Loop 101, the gateway to one of themost desirable addresses in the United States. One Scottsdale is a unique luxury retail and lifestyle communitylocated in one of the most affluent communities in the nation. OneScottsdale will serve as one of the premier shopping, fine dining andtravel destinations in the western United States, encompassing a collectionof high-fashion retail shops and upscale restaurants, up to 400 boutiqueresort hotel rooms, and a diversity of luxury residential housing. OneScottsdale is planned to be a landmark destination for visitors toScottsdale, as well as area residents and seasonal homeowners. DMB is a diversified real estate investment and development firm withreal estate holdings through affiliated companies where people and theirpassions unite. Founded in 1984, DMB is one of the most active communitydevelopers in the West. Its projects include resort/recreational andprimary home communities, country clubs, signature commercial properties,health clubs and spas. Additional information about DMB can be found athttp://www.dmbinc.com. Macerich is a fully integrated self-managed and self-administered realestate investment trust, which focuses on the acquisition, leasing,management, development and redevelopment of regional malls throughout theUnited States. The company is the sole general partner and owns an 85%ownership interest in The Macerich Partnership, L.P. Macerich now ownsapproximately 77 million square feet of gross leaseable area consistingprimarily of interests in 72 regional malls. Additional information aboutMacerich can be obtained from the Company's Web site athttp://www.macerich.com. Note: This release contains statements that constitute forward-lookingstatements. Stockholders are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risks,uncertainties and other factors that may cause actual results, performanceor achievements of the Company to vary materially from those anticipated,expected or projected. Such factors include, among others, generalindustry, economic and business conditions, which will, among other things,affect demand for retail space or retail goods, availability andcreditworthiness of current and prospective tenants, anchor or tenantbankruptcies, closures, mergers or consolidations, lease rates and terms,interest rate fluctuations, availability and cost of financing andoperating expenses; adverse changes in the real estate markets including,among other things, competition from other companies, retail formats andtechnology, risks of real estate development and redevelopment,acquisitions and dispositions; governmental actions and initiatives(including legislative and regulatory changes); environmental and safetyrequirements; and terrorist activities which could adversely affect all ofthe above factors. The reader is directed to the Company's various filingswith the Securities and Exchange Commission, including the Annual Report onForm 10-K for the year ended December 31, 2007, for a discussion of suchrisks and uncertainties which discussion is incorporated by reference.
