Urban Village Development Coming To Scottsdale

Glimcher Realty Trust, announced the formation of a joint venture, called the "Venture," with The Wolff Company & Vanguard City Home to develop "Scottsdale Crossing," a project that will include an approx., 650,000 square foot of high end retail & office space in Scottsdale. The project is anticipated to create an astounding, outdoor urban environment that features a sophisticated architectural design, comfortable pedestrian plazas, a grand central park space, with a variety of upscale shopping, dining & entertainment options. The planned project also includes a hotel & residential component that will be developed separately from the retail & office space areas. The Venture entered into a long-term ground lease for property located at the intersection of Greenway-Hayden Loop & Scottsdale Road where a portion of the project will be constructed. All of the significant zoning & entitlements for the site are currently in place. Glimcher does own a 50% interest in the Venture & will also operate & lease the project under a separate management agreement. The opening of this estimated $200 million development is anticipated during 2009.