MLS Mills Corp

Landmark Development to Feature Approximately 265,000 Square Feet of World-Class Retail, Dining and Entertainment CHEVY CHASE, Md., July 31 /PRNewswire-FirstCall/ -- The Mills Corporation (NYSE:MLS), a developer, owner and manager of major retail destinations around the world, began construction today on the retail and CTA phases of its downtown Chicago development at 108 North State Street. "This marks yet another milestone in making 108 North State Street one of the country's best mixed-use facilities. State Street is the perfect place for this development and the merchants that will make their homes there will add a rich complement to Chicago's vibrant downtown area," said Laurence C. Siegel, chairman and chief executive officer of The Mills Corporation. To meet its construction schedule for the retail project, which is planned to open in fall 2008, The Mills has already purchased many long-lead-time materials, including structural steel, elevators, escalators and the glass- curtain wall system. Construction on the first phase of the project began in November 2005, with the groundbreaking for the office tower that will house the CBS 2 Chicago Broadcast Center and the world headquarters of Morningstar, Inc. The construction of the office foundation and the concrete slabs that will support the main core of the office building are now approximately 75 percent complete. The concrete caissons are currently being drilled and the structural steel is being fabricated, with erection scheduled to begin in October of this year. The Mills Corporation was selected as master developer for the 108 North State Street project after a highly competitive selection process. Since that time, The Mills has secured City approval of the development plan for the project, completed the purchase of the property from the City, selected and retained a world-class architectural and design team, and obtained necessary City approvals to begin construction. The office tower groundbreaking last year signaled the start of the construction phase of the project, which is moving into its second phase with today's announcement of the beginning of retail construction. As Mr. Siegel said last year, "By entering the construction phase of this project, The Mills has accomplished what no other developer has achieved with this site." The 108 North State Street project on Chicago's long-vacant Block 37 is destined to become a landmark in the city's fabled central business district. It will feature retail, entertainment and dining offerings; a state-of-the-art CTA transit station providing service to and from Chicago's O'Hare and Midway airports; office space and residential units. About The Mills Corporation The Mills Corporation, based in Chevy Chase, Maryland, is a developer, owner and manager of a diversified global portfolio of retail destinations including regional shopping malls, market dominant retail and entertainment centers, and international retail and leisure destinations. It currently owns 42 properties in the U.S., Canada and Europe, totaling 51 million square feet. In addition, The Mills has various projects in development, redevelopment or under construction. The Mills is traded on the New York Stock Exchange under the ticker: MLS. For more information, visit the Company's web site at http://www.themills.com/ . Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the federal securities laws. Although The Mills Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The Mills Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and its annual reports on Form 10-K for a discussion of such risks and uncertainties. DATASOURCE: The Mills Corporation CONTACT: Avis LaVelle or Jayne Thompson, both of Jayne Thompson & Associates, Ltd., +1-312-658-0445; or David Douglass, Corporate Communications, +1-301-968-6303, or Investor Relations, +1-703-526-5093, both of The Mills Corporation Web site: http://www.themills.com/

Copyright