TURNBERRY ASSOCIATES TO TRANSFORM AVENTURA RETAIL PROPERTY INTO DESTINATION LIFESTYLE CENTER

AVENTURA, Fla. – (November 13, 2012) – South Florida-based Turnberry Associates announced today plans to create Town Center Aventura, a gathering place for local residents and area visitors to shop, dine and enjoy family-friendly entertainment.

Partnering with investors advised by Prudential Real Estate Investors, Turnberry will significantly reposition the 187,000 square-foot Loehmann’s Fashion Island into Town Center Aventura, a lifestyle center with a 34,000 square-foot Saks Fifth Avenue OFF 5TH and several additional national retailers and restaurants. The architectural design includes upgraded building facades with higher, more dramatic elevations; lush landscaping and enhanced streetscapes; a gazebo for afternoon and evening events; and a site plan that improves pedestrian and traffic flow throughout the center.

Turnberry has received strong response from popular restaurants interested in joining current tenants Chipotle and Pei Wei, as well as additional retailers.

Town Center Aventura construction will begin in January 2013. Completion, including the Saks Fifth Avenue OFF 5TH debut, is scheduled for September. The property is located on Biscayne Boulevard and 187th Street, just south of Aventura Mall.

“Turnberry has been an integral part of our community for decades, creating some of the city’s most popular, upscale destinations for residents and international visitors,” said City of Aventura Mayor Susan Gottlieb. “I look forward to being one of the first residents to enjoy the new Town Center Aventura.”

Founded more than 50 years ago, Turnberry Associates’ signature properties include Aventura Mall, Fontainebleau Miami Beach, Turnberry Isle Miami, Porto Vita and Turnberry Ocean Colony in South Florida, Turnberry Place and The Residences at MGM Grand in Las Vegas, Union Station hotel in Nashville, Tenn., and Destin Commons in Florida’s Panhandle. The company has to its credit the development of more than $7 billion in commercial and residential property. This includes approximately 20 million square feet of retail space, more than 7,000 luxury apartments and condominium units, 1.5 million square feet of Class “A” office space and in excess of 2,000 hotel and resort rooms. For additional information, visit www.turnberry.com.