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Wednesday, 5.28.14

Forbes and Taubman Announce the Signing of Macy's and Bloomingdale's at The Mall At Miami Worldcenter

Project will bring 750,000 SF of retail to downtown Miami

The Forbes Company and Taubman Centers, Inc. (NYSE: TCO) announced today that fashion retail giant Macy's, Inc. (NYSE: M) will open full-line stores for both Macy's and Bloomingdale's at Miami Worldcenter – one of the largest mixed-use urban developments in the United States.

The Forbes Company, a nationally-recognized owner, developer and manager of distinctive regional shopping centers, and Taubman Centers, a real estate investment trust that owns, develops, acquires and operates regional shopping centers internationally, made the announcement in conjunction with Miami Worldcenter's Master Developer, Miami Worldcenter Associates. The Forbes Company will oversee the development and management of approximately 750,000 square feet of retail space as part of Miami Worldcenter's first phase, which is scheduled to break ground in the fourth quarter of 2014. Current plans call for the retail center to open late 2016.

The Mall at Miami Worldcenter will be the premier retail experience in an area of South Florida that has a large base of existing visitors and residents and is poised for significant future growth," said Nathan Forbes, managing partner of The Forbes Company. "In addition to Macy's and Bloomingdale's, Miami Worldcenter is attracting strong interest from some of the finest brands in the industry."

"We are delighted to add the The Mall at Miami Worldcenter project to our portfolio of six shopping destinations in Florida, two of which we developed in partnership with The Forbes Company," said William Taubman, Chief Operating Officer, Taubman Centers. "With Macy's and Bloomindale's as anchor tenants, coupled with our combined successful track record in Florida, we expect to attract interest from the world's top retailers."

Spanning more than 25 acres at the northern end of the Central Business District, directly across from the American Airlines Arena, Miami Worldcenter is one of the largest and most exciting urban developments in the United States – offering a diverse mix of retail, residential, office, hospitality, and entertainment components.

"We are thrilled that Miami Worldcenter has been chosen by two world-renowned brands Macy's and Bloomingdale's – for new locations," said Nitin Motwani, Managing Principal, Miami Worldcenter Associates. "We've always believed in our site's potential – especially as a retail destination – and are confident the Forbes/Taubman team is the right one to execute this vision."

Miami Worldcenter will directly benefit from the 35 million visitors and patrons who already attend a myriad of art, cultural and entertainment venues immediately surrounding the site each year, including the Adrienne Arsht Center for the Performing Arts, Pérez Art Museum Miami (PAMM), the new Patricia and Philip Frost Museum of Science and Bayside Marketplace. Miami Worldcenter is also the site of the new Marriott Marquis World Convention Center Hotel, which will feature approximately 1,800 rooms and 600,000 square feet of convention space. Additionally, All Aboard Florida (AAF) will be bringing its multi- billion dollar private passenger rail, connecting Orlando to Miami, immediately adjacent to the site. Set to begin service in 2015, AAF's new grand central station is estimated to bring five million visitors to the site, and will connect with the existing Metromover and Metrorail, to create a truly integrated transportation hub.

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