Lifestyle Center Continues to Strengthen its Status and Drawing Power in Florida’s Panhandle

PANAMA CITY BEACH, Fla. (August 6, 2008) – Simon Property Group, Inc. (NYSE:SPG), the country’s largest owner, developer and manager of high-quality retail real estate, officially announces the addition of more shopping options at Pier Park, the 900,000-square-foot retail and entertainment lifestyle center located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily traveled Highway 98 (Back Beach Road).

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