This is from a few months ago...


OLD NAVY, PANERA BREAD AND STARBUCKS
COMING TO SIMON’S PIER PARK

PANAMA CITY BEACH, FL (May 12, 2006) – Simon Property
Group, Inc. (NYSE:SPG) announced today that Old Navy, Panera
Bread, and Starbucks will join the outstanding tenant lineup at its
Pier Park development.

Pier Park is a much-anticipated 900,000 square-foot retail and
entertainment complex located on 93 acres that covers land from
Front Beach Road (at the City Pier) to the heavily-traveled
Highway 98. Phase I of Pier Park is scheduled to open in October
of this year, with the opening of Target and the first phase of
specialty shops.

Other exciting retailers previously announced as coming to Pier
Park include great restaurants such as Back Porch Seafood House
and Reggae J’s Island Grill; exciting retailers such as Ron Jon
Surf Shop; and entertainment options including Southern
Theatres’ 16-screen, 3,000-seat movie theater.

Old Navy will locate its first store in the market at Pier Park with a
14,800 square foot store. Old Navy’s mission is to offer affordable,
fashionable clothing and accessories for the whole family.
Panera Bread will also come to the market with its first location
at Pier Park. The 5,000 square foot restaurant will seat 175 patrons
and will face Highway 98.ഊPanera Bread bakery-cafes showcase the art and craft of bread
making, helping customers truly appreciate and enjoy a great loaf
of bread by studying its crust, crumb and craft. Panera Bread
understands that great bread makes great meals, from made-to-order
sandwiches to tossed-to-order salads and soup served in
bread bowls.

Panera Bread is widely recognized for driving the nationwide trend
for specialty breads. As reported by the Wall Street Journal, Panera
Bread scored the highest level of customer loyalty among quick-casual
restaurants, according to research conducted by TNS
Intersearch.

Starbucks will locate a 1,500 square foot store in the Cabana area
of Pier Park. Located just outside Southern Theatres’ Grand 16
complex, this lushly landscaped area equipped with comfortable
seating benches will serve as one of the prime gathering spots at
Pier Park.

Starbucks purchases and roasts high-quality whole bean coffees
and sells them along with fresh, rich-brewed, Italian style espresso
beverages, a variety of pastries and confections, and coffee-related
accessories and equipment -- primarily through its company-operated
retail stores.

“Old Navy, Panera Bread, and Starbucks are three of the leading
retailers that provide an experience to the customer, further
enabling Pier Park to become truly a destination location,” said
Paul Ajdaharian, regional vice president in Simon’s community
/lifestyle centers division. “These retailers strive to make shopping
fun, which complements our vision of Pier Park.”
Simon Property Group, Inc., headquartered in Indianapolis,
Indiana, is a real estate investment trust engaged in the ownership,
development and management of retail real estate, primarilyഊregional malls, Premium Outlet® centers and community/lifestyle
centers. The Company's current total market capitalization is
approximately $42 billion. Through its subsidiary partnership, it
currently owns or has an interest in 285 properties in the United
States containing an aggregate of 200 million square feet of gross
leasable area in 39 states plus Puerto Rico. Simon also owns
interests in 51 European shopping centers in France, Italy, and
Poland; 5 Premium Outlet centers in Japan; and one Premium
Outlet center in Mexico. Additional Simon Property Group
information is available at www.simon.com.

Pier Park, Panama City Beach