DALLAS--(BUSINESS WIRE)--The Howard Hughes Corporation (NYSE: HHC) and Dillard’s, Inc. (NYSE: DDS) today announced that the department store is the latest anchor to be part of The Shops at Summerlin. The Shops at Summerlin, one of the premier regional mixed-use development sites in the U.S., is part of a planned urban center which will serve the entire Las Vegas Valley. When complete, it will include retail, entertainment, office, hotel and multi-family residential, designed to create a vibrant, walkable urban core in the heart of the affluent 22,500-acre master planned community.
The Shops at Summerlin will feature over 125 stores and restaurants in an open-air shopping environment with pedestrian thoroughfares and engaging storefronts. The contemporary “Main Street” concept will incorporate cooling shade features, rich desert landscaping and outdoor dining to create a destination with an authentic Las Vegas sophistication and glamour. The 106-acre, 1.5 million square foot complex along the Clark Country 215 Beltway will also include a nine-story office building.
Dillard’s will build a two-level, 200,000-square-foot store in The Shops at Summerlin, with opening scheduled for fall 2014. Originally entering the market in 1984, The Shops at Summerlin marks the company’s fourth Las Vegas location and will feature Dillard’s latest enhancements in store design presenting a boutique-like format throughout the store.
"We are pleased to announce another important milestone as we add Dillard’s to The Shops at Summerlin, building momentum for what will be the leading retail, entertainment and dining destination in the Las Vegas Valley," said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. "Retailer response to the development has been tremendous as we work to create an unmatched experience for the western rim of the Las Vegas Valley and beyond.”
“A long-time favorite of shoppers in the Las Vegas Valley and a strong retail brand, Dillard’s is a great addition to the growing anchor line-up of The Shops at Summerlin,” said Kevin Orrock, President of Summerlin for The Howard Hughes Corporation. “Thanks to convenient access to the 215 Beltway, Dillard’s and all of The Shops at Summerlin will serve not only the residents of Summerlin and neighboring communities but the entire region as well.”
Dillard’s Chief Executive Officer, William Dillard, II, stated, “We are happy to announce our commitment to The Shops at Summerlin. This premier location will allow us to serve our Las Vegas customers at an even higher level, and we are pleased to underscore our long-standing commitment to the Las Vegas market.”
In September, The Howard Hughes Corporation announced Macy’s had signed on as the first anchor tenant, confirming the restart of the highly-anticipated development in the heart of the acclaimed Summerlin master planned community. The Shops at Summerlin is anticipated to open in late 2014. The project is expected to provide approximately 1,700 jobs during construction and 2,000 when fully open.
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our 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, TX. For additional information about HHC, visit www.howardhughes.com.
Dillard's, Inc. is one of the nation's largest fashion apparel, cosmetics and home furnishing retailers. The Company's stores operate with one name, Dillard's, and span 29 states. Dillard's stores offer a broad selection of merchandise, including products sourced and marketed under Dillard's exclusive brand names. For more information about Dillard's, please visit www.dillards.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,” “confirm” 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.