Location

Corpus Christi, TX� Located on the Gulf of Mexico

halfway between Houston and the U.S./Mexican border.

� Sits strategically on one of the major thoroughfares for tourists visiting the area.

� Port of Corpus Christi, the 6th largest port in the Nation, sits 150 miles from the U.S./Mexico border, with a 24,000 acre foreign trade zone (largest in U.S.)

Corpus Christi Trade Area

La Palmera 3-Mile View

SPID Retail Map

The Opportunity

TOURISM

� Corpus Christi hosts 7M visitors/year, with an average HH income of $70,260.

� Study shows top two activities Mexican Nationals prefer while visiting Texas are shopping and the beach. Corpus Christi Convention & Visitors Bureau Survey

� Study suggests the #1 way to improve Corpus Christi’s appeal to Mexican tourists is to improve shopping opportunities. Corpus Christi Convention & Visitors Bureau Survey

� The Corpus Christi market is one of the strongest in the country with a RGI (Restaurant Growth Index) of 159 greater than Dallas/Fort Worth & Houston. Restaurant Business magazine

Untapped Opportunity

� Studies show evidence of substantial leakage today in Corpus Christi. Residents and tourists are choosing to shop in San Antonio, Houston and the Rio Grand Valley over Corpus Christi.

- ERA estimates MSA is losing between $600M-$900M and the city is losing $375M-$600M

- Perryman Group estimates Nueces County loses $400M

� 4.8 million Mexican Nationals live within a 5 hour drive of Corpus Christi

� Pull Factor for the city is below state average, despite proximity to Mexico and the beach.

� Bottom Line: There is unmet demand in Corpus Christi.

Demographics

3 Miles 5 Miles Trade Area

Estimated Population (2009) 102,877 176,566 464,487

Estimated Avg. HH Income (2009) $64,219 $64,210 $56,370

Estimated Med. HH Income (2009) $53,622 $53,039 $47,008

HHs > $75K 12,881 (31%) 20,811 (30.7%) 45,281 (26.1%)

Daytime Population 71,970 119,477 359,238

Traffic Counts133,000 vehicles per day on SPID between

Everhart and Staples

Applied Geographic Solutions

The Mall: Current Facts

� Proven performance with $503 sales/sq. ft.

� Trade Area: 563,736 residents in Coastal Bend Region MGMT of America, Inc

� Only regional center within a 146 mile radius

� Anchors: Dillard’s, Macy’s & JCPenney

� Top Specialty Retailers: American Eagle, Abercrombie, Abercrombie & Fitch, Express, Aeropostale, Victoria’s Secret, Gap, Forever 21, Pac Sun (#1 in Texas), Kay Jewelers (#1 in Texas), Nine West, New York & Co., Gymboree, Vans, Charming Charlie and others.

� Coming soon: P.F. Chang’s, Patsy Grimaldi’s, Zumiez, The Aveda Institute and others.

The Transformation

Re-Branding and $50 million Renovation

� La Palmera is now a world class retail and leisure destination with the feel of a high quality resort.

� Amenities include: • Open air lifestyle area at main entrance

• Enclosed lifestyle court infused with natural light

• New food court with a large aquarium

• Children’s play area with aquatic theme

• Exterior Palm Court with outdoor café style seating

• Expansion and renovation of Macy’s and major Dillard’s renovation

• Parking lot resurface, landscaping, lighting and upgrades to garage

• Family restrooms added at 3 locations

• New lighting and skylights throughout the project

• Soft seating, fountains and public art integrated throughout the project

The Design

Site Plan: Phase 1

The Design

Lifestyle Entry Court and Valet Drop off

Lifestyle Court/Center Court

Transition Court

The Design

Brand new food court– 2nd level

Aquarium & Upper Level View of Food Court

Children’s Play Area - Upper Level

The Design

Signage

The Design

Junior Anchor entrance – 2nd level

Dillard’s

JuniorAnchor

North Side Restaurants

The Reality

Lifestyle Court: Aerial View showing fountain, soft seating, lighting and indoor landscaping

Lifestyle Court/Center Court

The Reality

The Reality

Transition Court

Brand new food court– 2nd level

Aquarium & Upper Level View of Food Court

Children’s Play Area - Upper Level

The Reality

The Reality

Palm Court: Outside Food Court and Junior Anchor

A Shared Vision

“This renovation of Padre Staples Mall will change the retail landscape in South Texas.”- Wes Cherry, Dillard’s

On March 25th, 2008, the Corpus Christi City Council voted unanimously in favor and support of the renovation and revitalization project.