The Forbes Company and Benderson Development Announce Neiman Marcus as Second Anchor for University Town Center

SOUTHFIELD, Mich.--()--Nathan Forbes, managing partner of The Forbes Company, the Southfield, Michigan-based developer, owner and manager of luxury shopping centers in Michigan and Florida, and Randall Benderson, managing director of Benderson Development Company, LLC, the Sarasota, Florida based developer, owner and manager of commercial real estate projects throughout the country, announced Neiman Marcus will be the second anchor at University Town Center, in Sarasota, Florida, a luxury shopping and dining destination.

The 80,000-square-foot Neiman Marcus, to be the luxury retailers 45th branch overall and its eighth in Florida, will join previously announced Nordstrom, and more than 170 specialty retailers and restaurants - many of which will be new to the Sarasota marketplace - at the 939,000-square-foot mall at University Town Center. Construction is scheduled to begin in spring 2008.

University Town Center, to be designed by award-winning JPRA Architects of Farmington Hills, Michigan, will be part of a larger mixed-use project encompassing 276 acres at University Parkway and I-75. Other components of the development will include approximately 750,000 square feet of lifestyle retail space, several hotels, premium office space and residential housing, uniquely designed to serve Sarasota and the surrounding region.

In making the announcement, Mr. Forbes said, With Neiman Marcus joining Nordstrom, we will be able to bring an unparalleled mix of retailers previously unavailable in the Sarasota marketplace. Forbes added that Neimans will be the pinnacle of the luxury retail component in University Town Center.

Neiman Marcus is the premier luxury department store in the country, said Mr. Benderson. Neiman Marcus is a wonderful addition to the Sarasota marketplace and a key element of our longstanding vision to create a vibrant lifestyle center at University Town Center, Benderson further stated.

Celebrating our centennial this month, Neiman Marcus is distinguished by its fine apparel offerings, luxury gifts, and world-class service, said Wayne Hussey, Neiman Marcus Group Senior Vice President of Store Development. Sarasota offers us a distinct opportunity to serve a sophisticated customer base and we are extremely excited about the University Town Center project.

Announcements of other stores are expected soon explained Mr. Forbes, adding, For too long, the Sarasota community has been under-served by upscale retailers...and with the opening of University Town Center, area residents and seasonal visitors will be able to find a superb selection of merchandise so very close to home.

The Forbes Company (www.theforbescompany.com, http://www.theforbescompany.com) is a nationally recognized owner, developer and manager of iconic regional shopping centers, known for their innovative architecture as well as their coveted retail selection. The Southfield, Michigan principals are the developing partners in the award-winning Somerset Collection, Troy, Michigan; The Gardens Mall, Palm Beach Gardens, Florida; The Mall at Millenia, Orlando, Florida; and Waterside Shops in Naples, Florida.

The Neiman Marcus Group, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct marketing segment conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names. Information about the Company can be accessed at www.neimanmarcusgroup.com (http://www.neimanmarcusgroup.com)

Benderson Development Company, LLC (www.benderson.com, http://www.benderson.com) is one of the largest privately owned real estate development companies in the country with 540 properties in 35 states. A national leader in developing and managing retail shopping centers, Benderson Development Company currently has 4.5 million square feet of retail property under development

Contacts

The Forbes Company
Michele Jacobs, 561-775-0510
OR
Benderson Development Co.
Randy Benderson, 941-359-8303

Contacts

The Forbes Company
Michele Jacobs, 561-775-0510
OR
Benderson Development Co.
Randy Benderson, 941-359-8303