Urban Retail Properties Co. Awarded Contract for "One Scottsdale," a $1.5 Billion Mixed Use Luxury Retail and Lifestyle Community.

CHICAGO -- Urban Retail Properties Co. today announced it has been awarded the retail development consulting contract for One Scottsdale, a $1.5 billion luxury retail and lifestyle community in Scottsdale, Arizona developed by Scottsdale-based DMB Associates, Inc. Specifically, Urban Retail will be providing development and management consulting, tenant coordination and leasing administration services. GCD Consultants and Retail Portfolio Solutions are responsible for leasing the project.

Scheduled to open fall 2009, One Scottsdale will serve as the premier shopping, fine dining and travel destination for area residents, seasonal homeowners and visitors traveling to the western United States. Comprising of approximately 120 acres, and located in one of the most affluent communities in the nation, One Scottsdale will bring world-class retailing to the area in a uniquely crafted setting.

The distinctive mixed-use community will feature a variety of high-fashion retail shops and upscale restaurants, boutique hotel rooms, Class A office space and a diverse collection of residential housing, including urban style luxury homes, both attached and detached.

With construction currently planned to begin March 2007, One Scottsdale plans to feature:

* 1.8 million square feet of retail and Class A office space

* 400 resort and boutique class hotel rooms

* 1,100 mixed-use residential units including chic condominiums, penthouses and urban estate sites

Ross Glickman, Chief Executive Officer of Urban Retail states "One Scottsdale is a multifaceted, high-end project and we are looking forward to working in conjunction with DMB Associates to make this a spectacular mixed-use community. Both Urban and DMB share an overlap of core business values to develop distinctive and spectacular developments."

Robert Mayhew, Vice President in charge of the development, marketing and management of DMB's commercial properties, states "Urban Retail Properties Co. has a strong track record of opening some of the country's most prestigious retail and mixed-use projects. The depth of experience they deliver will greatly benefit One Scottsdale."

About Urban Retail Properties Co.

Urban Retail Properties Co. is an independently privately held company, and has been the developer for more than 75 projects which include premier shopping destinations, mixed use products. Headquartered in Chicago, IL and with offices in Florida, Massachusetts, Washington, DC, New York, Iowa, Texas, and Georgia, Urban Retail is also the nation's leading third-party real estate manager, managing over 40 million square feet of space in 28 states and the District of Columbia. The company was formed more than 30 years ago and manages a diverse portfolio that includes retail, office, residential and government projects.

About DMB Associates, Inc.

One Scottsdale is being developed by One Scottsdale Holdings LLC (fka Stacked 40s LLC) a limited liability company, which is an affiliate of Scottsdale-based DMB Associates ("DMB"). Founded in 1984, DMB is a diversified real estate investment and development firm with real estate holdings in Arizona, California, Utah and Hawaii. DMB's holdings include current and planned resort/recreational and primary residential communities, signature commercial developments, country clubs, health clubs and spa.