Miracle Mile Shops Unveiled as New Name for the Shops in Dessert Passage

Renovation Plans Include Modernized Interior and Exterior; Additional Brand-Name Retailers

LAS VEGAS, May 24 /PRNewswire/ -- It's a new name and a new look for The Shops in Desert Passage at the Aladdin.

	On Monday, The Shops in Desert Passage owner, David Edelstein, announced Miracle Mile Shops as the shopping center's new name. The name, coupled with the current and future renovations at the property, will help re-brand the shopping center in anticipation of the adjoining Aladdin Hotel & Casino's multi-million dollar transition into Planet Hollywood.
The renovations, headed by architecture firms Gensler and the Friedmutter Group, will focus on modernizing and de-theming the center's Moroccan decor. (PRNewsFoto/Miracle Mile Shops) LAS VEGAS, NV UNITED STATES 05/24/2006

Boulevard Invest, the joint venture of Tri Star Capital and RFR Holding, and owners of The Shops in Desert Passage, revealed the shopping center's re-branding as the Miracle Mile Shops in conjunction with the previously announced exterior and interior reconstruction throughout the center. The renovation is expected to be completed in 2007.

Miracle Mile Shops, named in part to promote the 1.5 miles of retail space the mall covers, signals the center's transformation to a sleeker, more urbanized and contemporary space. The $50 million makeover will focus on de-theming the center's elaborate Moroccan design for a more streamlined, clean and modern atmosphere in a move to create synergy with the $200 million renovation and re-branding of the Aladdin Hotel & Casino into the Planet Hollywood Hotel & Casino. Furthermore, the "miracle mile" name, synonymous with retail districts throughout the country, connotes a shopping environment and also alludes to the "miracles" that can happen in the adjoining casino.

"With the announcement of the Miracle Mile Shops name, we are eager to move forward with our re-branding efforts," said Miracle Mile co-owner, David Edelstein of Tri Star Capital. "We are excited to create a more experiential shopping center on the Las Vegas Strip and are confident our new look and feel will resonate with shoppers and retailers."

The architectural firms Gensler of Nevada and the Friedmutter Group, in conjunction with construction group Flagship Construction Co., are the creative team tasked with transitioning Desert Passage through its current and future image revamping project. Additionally, John Schadler with the Schadler Kramer Group in Las Vegas, leads the creative team responsible for the center's new name, logo, re-branding efforts and creative materials.

The designers and architects of Gensler have been charged with the task of making over the center's interior and creating an overall user-friendly environment. Planned enhancements include new, more comfortable flooring, brighter interior lighting, streamlined and modernized storefronts and kiosks and a completely de-themed interior. The mall will become easier to navigate with the addition of an interactive directional system. Gensler is also designing a three-story sculptural facade element, which identifies the entry to the mall.

Plans for the center's exterior, led by the team at The Friedmutter Group of Las Vegas, include making the mall more contemporary, accessible and user-friendly. Their design includes adding people movers for better access into the mall, a backlit sidewalk water feature and state-of-the-art LED video offering continuous streaming imagery. Additionally, the mall's entrances and existing retail locations on the facade be made over with floor-to-ceiling glass vestibule doors and storefronts. Finally, the new exterior will include a new patio and terrace to extend out to the sidewalk and invite potential customers inside.

Desert Passage's exterior renovations are projected to be completed by fourth quarter 2006. Desert Passage's interior renovations will be completed in phases through second quarter 2007. The mall's general contractor, Flagship Construction Co., will oversee the entire construction process. The group began construction on the first phase of the Desert Passage project, which focuses on the center's north facade area, in March 2006, and will complete the project in several phases through 2007.

Additionally, the Miracle Mile name serves to reflect the abundance of new, brand name and internationally recognized retailers that have acquired retail space inside the center. In 2006 and 2007, Miracle Mile Shops will welcome the funky, trendy men's and women's clothes, accessories and home decor of Urban Outfitters, the Polynesian-fusion, food and fun at Trader Vic's restaurant, the chic British menswear of Ben Sherman, the world's leading outdoor sports lifestyle company, Quiksilver, the trendy women's fashions of Marciano and the "churrasco"-style Brazilian restaurant, Pampas Churrascaria. Notable names that have signed leasing deals with the Miracle Mile Shops in the past year include United Colors of Benetton and Sisley, The Coffee Bean & Tea Leaf, Las Vegas' largest BEBE Sport store and Modern Watch Co.

Miracle Mile Shops, owned by Boulevard Invest and managed by The Related Companies, in conjunction with leasing and marketing consultant Robert K. Futterman & Associates LLC, is the 475,000-square-foot retail/entertainment complex at the heart of Las Vegas Boulevard. The center benefits from its excellent street access and serves the 38 million tourists who visit Las Vegas each year. Miracle Mile Shops features 170 specialty stores, 15 restaurants and live entertainment. For more information, visit www.canyouhandlethismuchshopping.com.

Boulevard Invest is an investment partnership formed by RFR Holding and Tri Star Capital.

Founded in 1972 by Stephen M. Ross, The Related Companies, L.P., is a fully integrated real estate firm with divisions specializing in development, acquisitions, financial services, and property management. Widely regarded as one of the nation's preeminent developers of luxury apartments and retail/mixed-use properties, recent residential projects include CityPlace in West Palm Beach, Florida, as well as The Chatham, The Park Imperial, The Strathmore, Tribeca Park, The Sagamore, One Union Square South, The Lyric and Time Warner Center at Columbus Circle in New York City. Las Vegas projects include the Icon condominium towers and the mixed-use property on Harmon with Centra. Related is also the developer of record for the 61-acre parcel in downtown Las Vegas and a partner in the World Market Center. As the largest shareholder in CharterMac, The Related Companies is also the country's largest financier of affordable housing in the United States, with approximately 250,000 units in 44 states and a real estate portfolio valued in excess of $8 billion.

CONTACT: Terri Maruca, or Moranda Stephens, both of Kirvin Doak
Communications, , for Miracle Mile Shops