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GGP starts $200 millionIowa project

General Growth Properties Inc. (NYSE: GGP) is celebrating its "Iowa homecoming" today with a groundbreaking ceremony for the 200-acre, $200 million Jordan Creek Town Center located in West Des Moines. The project is expected to open August 4, 2004.

Matthew Bucksbaum founded America's second-largest mall real estate investment trust General Growth with his brothers Martin and Maurice in Iowa in 1954. Matthew Bucksbaum still serves as chairman of the board. The company was headquartered in Des Moines from 1963 until 1995 when it acquired Homart Development Co. from Sears and relocated its headquarters to Chicago, Illinois. The Bucksbaums developed their first shopping center and the first ever shopping center in Iowa in 1954, when they created Town and Country Shopping Center.

"General Growth is pleased to be returning to central Iowa and developing one of the country's premier entertainment and shopping destinations," says CEO John Bucksbaum, who is the son of Matthew Bucksbaum.

"General Growth's acquisitions and development of retail properties are strategic," says Ron DenAdel, Vice President of Development for General Growth and lead developer for the Jordan Creek Town Center. "Jordan Creek Town Center will be a premiere entertainment destination for the state of Iowa and remains consistent with General Growth's philosophy of providing customers what they want, when they want it and where they want it."

Retailers Williams-Sonoma, Pottery Barn, Ann Taylor, Chico's, Build-A-Bear Workshop, abercrombie, Abercrombie & Fitch and Hollister will join anchor stores Dillard's, Scheels All Sports and Famous-Barr at Jordan Creek Town Center. The project includes a two-level enclosed mall featuring a streetscape design, a 3.5-acre lake surrounded by quality restaurants, a hotel and amphitheater and a village which is a collection of large and small retailers in an open-air lifestyle design.

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