Mall at 163rd Street Grand Re-opening and 50th Anniversary Celebration. 
by: Paul Lemay - General Manager

On Saturday, February 25, 2006 New Plan Excel Realty Trust, Inc. (NYSE: NXL), one of the nation's largest real estate companies, celebrated the 50th anniversary celebration and grand re-opening of the Mall at 163rd Street in North Miami Beach, Florida. The property has undergone a substantial redevelopment, including the construction of a 226,000 square foot Wal-Mart Supercenter and the reconfiguration of approximately 300,000 square feet of enclosed mall space.

In recent months, numerous stores have opened including Wal-Mart Supercenter, Ross Dress for Less, Anna's Linens, Office Depot, Zittio Restaurant, Underground Station, Sally Beauty Supply, Bank Atlantic, and Caribbean Café. Additional stores scheduled to open include Asado Grill, Game Stop/Movie Stop, Mashiko's, Panda Express, Payless ShoeSource, Subway and Washington Mutual. Existing tenants at the Mall include a remodeled Marshall's, Foot Action, Foot Locker, GNC, Kids Foot Locker, Radio Shack, Rainbow Apparel, Shoe Collection, Sun Jewelers, The Athlete's Foot and The Home Depot. 

A community-wide celebration was held from 10am 3pm at the Mall. This event not only marked the end of the redevelopment of the project, but also celebrated the 50th Anniversary of the Mall. The celebration included entertainment provided by North Miami Beach Senior High School, JFK Middle School and Nova Southeastern University, as well as newly signed recording artist Lil' Brianna. Held in conjunction with the Santana Moss Foundation Annual Celebrity Weekend, Santana and many of his NFL colleagues were also in attendance. There were also interactive games and rides that were enjoyed as well as numerous community partners in attendance who offered everything from health screenings to finger printing to police horse patrols. In addition, proclamations from both the City of North Miami Beach Mayor Raymond Marin and City Council, as well as from Miami Dade County Commissioner Sally Heyman, were presented to honor the Mall's momentous occasion.

Originally opened in 1956 as the first regional mall in South Florida, the Mall at 163rd Street was the heart of the northeast Miami retail area before declining during the 1990's due to increased competition and national bankruptcies of major tenants. With very high barriers-to-entry and tremendous density, New Plan, who purchased the property in 1999, recognized that the real estate was extremely valuable and presented a redevelopment opportunity. The plan centered upon demolishing the east mall in order to build one of the first Wal-Mart Supercenters in Dade County. The Wal-Mart Supercenter opened in September and was immediately welcomed by the community. “The Mall at 163rd Street has been updated to meet the needs of the community,” said Len Brumberg, Executive Vice President, Portfolio Management, New Plan. “We are very pleased with new look of the Mall as well as the mix of tenants. The 50th anniversary and re-grand opening celebration will thank the neighborhood for their continued support as well as invite new shoppers to the Mall,” he continued.

New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate companies, focusing on the ownership and management of community and neighborhood shopping centers. The Company operates as a self-administered and self-managed REIT, with a national portfolio of 466 properties, including 150 properties held through joint ventures, and total assets of approximately $3.3 billion. The properties are strategically located across 39 states and include 446 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 63.5 million square feet of gross leasable area, and 20 related retail real estate assets, with approximately 1.8 million square feet of gross leasable area. For additional information, please visit www.newplan.com.