FOR IMMEDIATE RELEASE
The Howard Hughes Corporation
504-949-3999 ext, 222
THE HOWARD HUGHES CORPORATION ANNOUNCES
REDEVELOPMENT OF RIVERWALK MARKETPLACE INTO UPSCALE OUTLET CENTER
First Upscale Downtown Outlet a Key Component of New Orleans Retail Revitalization
NEW ORLEANS (July 26, 2012) - The Howard Hughes Corporation (NYSE:HHC) is pleased to announce plans for the redevelopment of Riverwalk Marketplace into an upscale outlet center - The Outlet Collection at Riverwalk.
"The Howard Hughes Corporation is pleased to officially announce our plans to create The Outlet Collection at Riverwalk," said Mark Bulmash, Senior Vice President of Development for The Howard Hughes Corporation. "Our leadership team is committed to being a part of New Orleans' continued revitalization and look forward to bringing a dynamic new concept to this vibrant, charismatic city."
"New Orleans residents have made it clear they need retail," said Mayor Mitch Landrieu. "This planned redevelopment proposes a new tenant mix that will restore Riverwalk as a favorite place to shop for tourists and locals alike and is another step in making New Orleans a regional shopping destination."
Planning to invest approximately $70 million into the transformation of the unique retail venue, The Howard Hughes Corporation will expand its footprint by about 50,000 square feet to an approximate total of 250,000 square feet. The Outlet Collection at Riverwalk will showcase top national retailers with established outlet stores as well as some local retail, dining and entertainment options. Along with being the nation's first outlet center located in a downtown setting, many of the retail establishments will be the first location in Louisiana, New Orleans and the Gulf region for their respective brands. A market that has long been under-served in the retail sector, New Orleans has approximately 30% less square feet of retail per capita than the national average, an important issue among city leaders. Additionally, the mall has not been updated in any significant way by previous owners since its grand opening in 1986, making this a much-needed revitalization.
Rod Miller, President and CEO of the New Orleans Business Alliance added, "This investment by the Howard Hughes Corporation further underscores the opportunity and viability of the New Orleans market. The New Orleans Business Alliance is passionate about improving the city's retail landscape and believes this project has potential to be catalytic in anchoring the Canal shopping district. We will continue to work with Howard Hughes and the City to see this project and others like it to completion."
"The Howard Hughes Corporation's investment in The Outlet Collection at Riverwalk is important to not only District C, but also to the entire city," said Councilmember Kristin Gisleson Palmer. "The property's strategic location and easy access for residents both on the East Bank and West Bank represents a great opportunity for long-term improvement to New Orleans retail and continued development along the riverfront. I am thrilled to partner with The Hughes Corporation to bring this exciting project to our city and proudly look forward to the many more great things to come."
Construction will begin later in 2012, and the property is expected to reopen in late 2013. Information about The Howard Hughes Corporation can be found at visit http://www.howardhughes.com/. Additional information about The Outlet Collection at Riverwalk is at http://www.riverwalkmarketplace.com/.
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. The company's properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC, and is headquartered in Dallas, Texas. For more information about HHC, visit http://www.howardhughes.com/.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize," "plan," "intend," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation's filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.