For Immediate Release

Contact: Rebecca Stenholm, CKPR, 602-417-0681, Tracey Gotsis, Westcor, 623-953-4271

INNOVATIVE MASTER-PLANNED COMMUNITY TO MEET, EXCEED EXPECTATIONS

Prasada Will Create an Oasis of Tranquility and Renewal

PHOENIX — (May 17, 2005) — An unprecedented development as unique as the City of Surprise — Prasada — is expected to break tradition, changing the face of the growing West Valley.

A dynamic, 4,200-acre master-planned community designed to stimulate the senses with architecture, activities and lifestyle pursuits, Prasada will introduce a new dynamic to the West Valley. Formerly called Cactus Lane Ranch, Prasada's artfully planned streetscapes, interlocking trail systems, uniquely designed residential neighborhoods and open spaces will provide residents and visitors with a sense of renewal and invigoration. At Prasada's core will be an economic hub — a mixture of retail, hospitality, entertainment and a variety of employment uses that have been desired by the City of Surprise. The retail core will encompass more than 800 acres of shopping, dining and entertainment options as well as other commercial uses — including a Harkins Theatre — in a setting that will introduce the latest in shopping center design with Prasada's unique architecture.

A partnership between Suburban Land Reserve, Fulton Homes, Westcor and RED Development, LLC, the project is currently in the entitlement phase.

"Prasada presents a unique opportunity for a retail developer to be a partner in a project that will truly define a community," said David Scholl, Senior Vice President, Development. "We wanted the project to be a unified collaboration from the start, beginning with the name and vision. To do this, principals representing all aspects of the development considered all of the factors at play, from the consumers' needs to the city's vision for the future."

The brand vision for Prasada, derived from the Sanskrit word meaning "grace" or "peace," is to create a place where serenity is a way of life and will serve as a guide for all elements of the community's design — from architecture and landscaping to amenities and activities. Prasada will create a sanctuary for the senses and be a dynamic community that provides renewal for residents and stakeholders alike. Using water's characteristics as a guide, Prasada's community plan will encourage movement and activity with its trails and open spaces, while various design elements, such as architecture and streetscapes, will create an atmosphere of serenity and refreshment.

"As we continue to shape the vision for Prasada, we will be carefully examining all of the possibilities to ensure that the community meets the needs of area residents and businesses," Scholl continued.

The City of Surprise is fast-becoming the new regional hub of the Northwest Valley, and Prasada will introduce much-needed services and amenities to serve the 250,000 residents that will call Surprise home by the year 2010. Prasada's retail core is strategically located along Loop 303, which is projected to become the main artery of the West Valley. Prasada will fulfill the city's vision for a dynamic economic and retail core, complementing the community's small-town charm and the civic, arts and sporting facilities under development at the City of Surprise.

"The City of Surprise is changing, and we're excited about what Prasada will bring to our community," said Community Development Director LaTonya Finch. "Careful consideration has been paid to the details that will make Prasada a vibrant community that offers both quality of life and the amenities that contribute to it. True to our vision for the future of Surprise, Prasada will be a destination beyond expectation."

Headquartered in Tempe, Ariz., Fulton Homes is one of Arizona's largest homebuilders and has been creating unique communities and high-quality homes for families for more than 25 years. To learn more about Fulton Homes, visit them on the web at www.fultonhomes.com.

RED Development, formed in 1995, develops, leases, manages and owns shopping centers in rapidly growing communities throughout the Midwest and Southwest. The company primarily focuses on open-air, regional shopping centers, known as lifestyle centers. Additionally, the company has experience in the development of power and community centers. RED has more than 20 centers open, in development, or under construction, totaling 12 million square feet. Within the industry, RED has earned a reputation for delivering as promised and creating strong relationships with its tenants, communities and business partners. RED has more than 100 employees and is co-headquartered in Scottsdale, Ariz., and Kansas City, Mo. To learn more about how RED is "REDefining" retail development, visit www.reddevelopment.com.

Founded in 1970, Phoenix-based Westcor is a wholly owned subsidiary of The Macerich Company. The largest owner-manager of commercial properties in Arizona, Westcor's portfolio currently consists of 18 million square feet of retail space at 39 shopping centers, including 11 super-regional centers, three specialty retail centers and 22 urban villages. The company has set the industry benchmark for ground-up development of shopping centers, such as Chandler Fashion Center, La Encantada and Scottsdale Fashion Square. Additional information about Westcor is available online at www.westcor.com.

The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. The Company is the sole general partner and owns an 81 percent ownership interest in The Macerich Partnership, L.P. Macerich now owns interests in properties totaling approximately 63 million square feet consisting primarily of interests in 64 regional malls. Additional information about The Macerich Company can be obtained from the Company's Web site at www.macerich.com.

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