GENERAL GROWTH PROPERTIES LOGO General Growth Properties logo. (PR NewsFoto)[AS] CHICAGO, IL USA

           Stonebriar Centre Becomes Largest Shopping Mall in Texas

    FRISCO, Texas, Aug. 23 /PRNewswire/ -- General Growth Properties
(NYSE: GGP), owner and manager of Stonebriar Centre, is proud to announce its
most successful mall grand opening in the company's history.  Stonebriar
Centre's Grand Opening coincided with Texas' "Tax Free Weekend," making it a
record-breaking weekend in sales and traffic.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990208/CGM015 )
    Stonebriar Centre opened August 4 to record crowds.  The 1.6 million
square-foot mall exceeded its traffic goal of 200,000 people for the three-day
weekend by 52%, with more than 300,000 shoppers making their way to Stonebriar
Centre during the three-day Grand Opening.  Prior to Stonebriar Centre's
opening, RiverTown Crossings (Grandville, MI) held the GGP record for the
highest traffic for a Grand Opening weekend.
    The table below outlines the number of shoppers at GGP's three previous
mall Grand Openings.

                      STONEBRIAR           CORAL RIDGE            RIVERTOWN
     DAY               Frisco, TX         Coralville, IA       Grandville, MI
     FRIDAY             107,650               41,210               80,997
     SATURDAY           122,330               52,506               87,280
     SUNDAY              74,870               41,330               42,495
     TOTAL              304,850              135,046              210,772

    Stonebriar Centre tenants shared in this success with record-breaking
sales.  New to North Texas, Build-A-Bear Workshop reported record-breaking
grand opening sales as well, while the distinguished gourmet retailer Harry &
David not only established a new record for grand opening day in the history
of the company, but also exceeded sales records for any one day sales
productivity in the company.  Catalogue veteran Coldwater Creek reported
exceeding one-day sales records in the first three hours of opening.
Illuminations substantially exceeded expectations and reported the Stonebriar
Centre store opening ranks in the top five percent of the country.  Bang &
Olufsen described the weekend as "enormous."  Gap whose concept store GAPBody
was the best opening in the history of the company.  Reveling in the tax
holiday revelry that loosened Texans' purse strings, anchors Macy's, Foley's
and Sears all reported they were very happy with the weekend's results.
    Coldwater Creek, Nestle Tollhouse By Chip and Benelava each opened their
first retail store at Stonebriar.  Other Stonebriar Centre retailers like
Pottery Barn Kids, Abercrombie Kids, Build-a-Bear Workshop, Coach,
Illuminations and Galyan's Sporting Goods are unique to the trade area.
    Stonebriar Centre is positioned to continue its #1 status.  Stonebriar
Centre is a two-level shopping, dining and entertainment village unlike any
North Texas has seen.  It features Nordstrom, Macy's, Foley's, JCPenney, Sears
and Texas' first-ever Galyan's Sporting Goods, as well as an NHL-sized ice
arena, food court, soft play area, carousel and 24-screen AMC theatre.
Stonebriar Centre has approximately 150 retail shops and several sit-down
restaurants. Stonebriar is located in Frisco, the fastest growing city in
Texas and the 2nd fastest growing city in the United States.  Stonebriar
Centre is located in the heart of the top lifestyle segments in the Dallas
metropolitan area.  Based on research, most of the shoppers would come from
three segments: affluent families, upscale households and "up & coming"
singles.
    General Growth Properties, Inc. is the nation's second largest owner,
developer and manager of regional shopping malls.  General Growth currently
has ownership interests in, or management responsibilities for, a portfolio of
135 regional shopping malls in 37 states.  A publicly traded Real Estate
Investment Trust (REIT), General Growth Properties is listed on the New York
Stock Exchange under the symbol GGP.  For more information on General Growth
Properties, visit the company Website at http://www.generalgrowth.com .

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http://www.prnewswire.com/comp/110740.html or fax,
800-758-5804, ext. 110740
CONTACT:
David Keating, Media Relations Coordinator of
General Growth Properties, Inc., 312-960-6325, fax, 312-960-5484

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