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DeBARTOLO ANNOUNCES PLANS TO REBUILD CUTLER RIDGE MALL

 CUTLER RIDGE, Fla., April 19 /PRNewswire/ -- The Edward J. DeBartolo Corporation and Teachers Insurance and Annuity Association (TIAA), together with representatives from Burdines, Mervyn's, JCPenney, Sears Roebuck and Co. and Luria's today announced a commitment to maintaining their presence in South Dade County through the rebuilding of Cutler Ridge Mall, the 1.1 million square foot regional mall severely damaged by Hurricane Andrew on Aug. 24, 1992.
 During a press conference this afternoon, DeBartolo unveiled its master plan which includes a reconfiguration of the shopping component as well as a renovation of the interior spaces and exterior facade.
 "Our Corporation has played an integral role in South Florida retailing for more than 25 years. Today, we will continue that tradition by making a significant contribution to Dade County's future growth," explained Edward J. DeBartolo, chairman and chief executive officer of the nation's largest shopping mall development and management firm (as ranked by Shopping Center World and Monitor magazines in 1993). "We hope that our efforts, combined with those of all the retailers who will become part of this exciting project, will stimulate economic rebirth for this region."
 The existing Mervyn's and Burdines will be restored to operational condition. Work on these units, and the rest of the mall, is scheduled to commence immediately with a tentative grand reopening date set for Spring 1994.
 Due to heavy damage, the existing JCPenney building will be razed and reconstructed. Because of the extensive work involved, the store will not be ready for business until fall 1994.
 Many prominent national and regional chains have made a commitment to remaining a part of the merchandise collection. Both Sears and Morrision's Cafeteria were able to reestablish operations shortly after the storm and will remain open during the reconstruction.
 The previo specialty stores will also be enhanced by several new facets including a "Treats" food court being constructed in the mall's central court. From a merchandising standpoint, many retailers that were not previously part of the tenant mix are now expressing an interest in establishing a presence at the property. One of these merchants, Kmart, is finalizing negotiations to construct a freestanding unit fronting US 1. This store, along with an additional 25,000 square feet of retail space, will replace the 164,000 square foot community center destroyed by Hurricane Andrew.
 Luria's, a tenant in the former community center, will now anchor a group of specially designed stores being positioned in the northwest corner of the mall. Each tenant in this area has its own entrance which is directly accessible from the mall's parking area. Shoppers at Luria's will also have direct access to the interior mall stores as well. Creating a more efficient utilization of space, this plan allows retailers to capitalize on the added exposure of a mall location while shoppers benefit from improved access and convenience.
 "This massive project could not be successfully undertaken without the assistance of several key groups," DeBartolo continued. "We would like to acknowledge officials from the State of Florida and Dade County officials who made it possible for us to become part of the enterprise zone. We'd also like to thank our mortgage holder, Teachers Insurance and Annuity Association, for being extremely supportive of our efforts."
 The Edward J. DeBartolo Corporation is headquartered in Youngstown, Ohio. DeBartolo owns and/or manages in excess of 78 million square feet of retail space including 22 regional malls and seven community centers in Florida.
 TIAA, headquartered in New York City, services nearly 1.6 million policyholders at approximately 5,000 educational and research institutions. It is part of TIAA-CREF, the largest pension fund in the world with more than $118 billion in assets under management. TIAA, which has some $63 billion in fixed income investments, including mortgage and real estate, is the third largest life insurance company in the nation (as ranked in the June 1992 issue of Fortune magazine).
 -0- 4/19/93
 /CONTACT: Marie Izzo Cartwright, The Edward J. DeBartolo Corporation, 216-758-7292/


CO: The Edward J. DeBartolo Corporation ST: Florida, Ohio IN: CST SU:

BM -- CL010 -- 7552 04/19/93 15:50 EDT
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Date:Apr 19, 1993
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