NEWS YOU CAN USE

Pier Park On Time
Thursday July 19, 2007 (reprinted from PCBDaily.com)

I had the great pleasure of attending a tenant meeting yesterday for Pier Park and was excited to get new information. Forgive the bullet point style if you are a reader, but sometimes I just like to give the information the way it is:

• Target has reported that their store at Pier Park is in the top 10% of their nationwide sales portfolio.
• Ron Jon Surf Shop expects to take possession in the next couple of weeks, this will be their sixth location nationwide.
• Borders Books and Music will be the 1st in the Panhandle.
• 200,000 sq ft to be turned over to tenant coordination within 30 to 45 days
• Starbucks to be opened October 1
• Grand opening for the Boardwalk area on 2/15/07
• I think they said that Dillards and JCPenny's will be open March 1, 2008 (Simon, please correct me if I'm wrong)
• Half of all Pier Park to be opened before year's end
• ULTA will be the first in the Panhandle, with the closest being in Orlando or Atlanta

Personally, I'm super stoked. Up at the front across from the dedicated beach will be Ron Jon's and Margaritaville along with Reggae J's and Back Porch Seafood House and another restaurant that has yet to be announced. I was told that some of these restaurants will have second floor outside seating that will overlook the Gulf.

Along the boardwalk will be expansive, open areas in front of the stores to provide room for playing and gathering. It was described as a park-like setting. In the meeting, Paul Ajdaharian, of Simon kept talking about "feel good first, buy later". Their emphasis towards the tenants is make the customers feel good and the sales will take care of themselves. This is awesome because it provides for a great place to, just be.

All along, Simon has talked about creating a great place for gathering. I can say they've already gotten off to a great start with the concerts in the park. My family and I went a couple of weeks ago and it was packed. There was barely enough room on the lawn for all the people, and the space is no small space. I can tell you right now: Pier Park WILL be a great place for gathering.

Ajdaharian said that he was unsure of the exact percentage, but if he said that if he had to guess he would say that Pier Park is over 80% leased. "They cannot believe their sales", Ajdaharian said of Panera Bread.

I'm very excited about Pier Park, as I know many of you are, and I'm very glad to see it moving along so quickly.