February 14, 2006

Ala Moana Center Expansion Update (2-14)
Phase III Opens Ke’eaumoku Ramp Access
Phase III Ke’eaumoku Ramp Access Opens February 23, 2006
Street Level Parking Access from Kona Street & Ke’eaumoku Street Intersection will be Closed Effective March 1, 2006

HONOLULU – Following the official groundbreaking of the Ala Moana Center expansion project, construction work is well underway for the new retail development project.  Effective February 23rd, entrance and exit lanes via the Ke’eaumoku Ramp to Ala Moana Center will reopen to vehicular traffic.

At this writing, only the entrance lanes are open, exit lanes are currently closed.  Once reopened, the ramp will allow two lanes at the entrance, merging into one lane upon reaching the mall level parking structure.  Traffic will be directed Ewa-bound into the existing parking structure.  One exit lane will merge into two lanes exiting the mall level parking structure onto Kapiolani Boulevard and Ke’eaumoku Street.

There will be construction barricades on the mall level parking structure, restricting vehicles from turning Diamond Head-bound.  All other access ramps to the Mall Level from Atkinson Drive, Ala Moana Boulevard and Piikoi Street continue to remain open and unaffected.

Beginning March 1st, the Street Level entrance from Ke’eaumoku Street to Ala Moana Center will be closed to vehicular traffic.  Street Level access to the mall may be achieved through Kona Iki Street, Ala Moana Boulevard, or Atkinson Drive. 

The closure is required as approximately 100,000 square feet of the parking structure is scheduled to be demolished to allow for new construction tying in the Street Level, Mall Level and Third Level expansion.  Throughout the development, pedestrian walkways will remain open at Ala Moana Center, with complete access to all storefronts for Street and Mall Level retailers. 

Ala Moana Center’s two-year expansion project will include Hawaii’s first full-line Nordstrom store (200,000 sq ft), plus an 800-stall parking garage, an additional 25,000 square feet of street-level retail space facing Kapiolani Boulevard, and 45,000 square feet of new retail space on the third level expansion connecting Nordstrom to the existing third level of the shopping center.

Details of the project are available to the public at AlaMoanaCenter.com/expansion.

ABOUT ALA MOANA CENTER
Ala Moana Center is the world’s largest outdoor shopping center and Hawaii’s premier shopping, dining and entertainment with 260 stores, including 70 dining venues.  For more information visit www.AlaMoanaCenter.com for shopping and dining directories, mall hours, special event information, and to join the eVIP club to receive a monthly newsletter on all the happenings at Ala Moana Center, including special sales events, promotions and new store openings.

Ala Moana Center is owned and managed by General Growth Properties, Inc., the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT).  General Growth currently has ownership interest and management responsibility for a portfolio of 209 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings.  The company portfolio totals approximately 200 million square feet of retail space and includes over 18,000 retailers nationwide.  General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP.  For more information, please visit the company Web site at http://www.generalgrowth.com.

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