Grand Prairie, Texas, City Council

PRIME RETAIL TO ANNOUNCE OUTLET CENTER IN GRAND PRAIRIE Grand Prairie City Council to Approve New Development October 16

Prime Outlets - San Marcos (Texas)

Prime Outlets International (Orlando, Florida)

CONTACT: Amy Sprinkles City of Grand Prairie Ph: 972-237-8140 asprinkles@gptx.org

Prime Outlets - Grove City (Pennsylvania)

Sue Helondovitch Oxford Communications Ph: 609-397-4242, ext. 176 shelondovitch@oxfordcommunications.com

GRAND PRAIRIE (OCT. 16, 2007) -- The intersection of Interstate 20 and State Highway 360 may soon see construction starting on Prime Outlets–Grand Prairie, a new 450,000-square-foot outlet center developed by Prime Retail, one of the largest and most successful developers of outlet centers in the country.

The Grand Prairie City Council is expected to approve an agreement and contract with Prime Retail at its Tuesday, Oct. 16, 2007, City Council meeting at City Hall, 317 College St. With construction slated to begin third quarter 2008, Prime Outlets–Grand Prairie is expected to open in time for 2009 holiday shopping season.

“We are thrilled to become the home of Prime Outlets–Grand Prairie,” said Mayor Charles England. “This is a great market for the upscale outlet shopper and we know Prime Retail’s new -more-

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location will be a popular shopping center for our region. We currently draw more than six million visitors to Lone Star Park, Nokia Theatre, Joe Pool Lake along with our other tourist venues, and the addition of Prime Outlets will help attract even more.”

Prime Outlets–Grand Prairie will include a compelling mix of merchants and a food court set in an open-air environment designed in an architectural style that personalizes each store front.

Restaurant sites will also be available surrounding the new outlet center.

“Prime Retail thanks the City of Grand Prairie for its warm welcome into the community,” said Giancarlo Filártiga, senior vice president of development, Prime Retail. “Our mission is to not only create pristine shopping locations for the guests we serve, but robust brand destinations that drive the passion for the best in shopping.”

The city estimates the economic impact of the 57 acre center will be more than $3 million a year in sales tax and more than $1 million a year in property tax. In addition, the mall will act as a catalyst for other retail development in the area, will provide about 500 new jobs and increase the city’s already healthy tourism business as Prime Outlets are a destination mall.

Located on the north side of Interstate 20, west of Great Southwest Parkway and east of State Highway 360, Prime Outlets–Grand Prairie will be built between the existing Garden Ridge and Cardinal Healthcare. In addition to access from I-20, SH 360 and an expanded and improved Great Southwest Parkway, Sara Jane Parkway will be extended from Great Southwest Parkway to State Highway 360, providing additional access to the property.

About Prime Retail Headquartered in Baltimore, Md., Prime Retail is the parent company of Prime Outlets and one of the largest and most successful owners of retail centers in the United States. Its portfolio spans approximately 15 million square feet throughout major markets of the United States and Puerto Rico. Adding nearly two million more square feet to its portfolio over the next several years and introducing category-defining shopping concepts, Prime Retail is positioned to become the leading retail outlet company in the industry. For more information, please visit www.primeretail.com. ###