The plans for phase one, designed by renowned architectural firm Elkus-Manfredi Architects, have been submitted to the City for design review – the required first step under the review process. While current zoning already allows a world-class mixed-use development as-of-right, the developers will continue to work with the City during design review to incorporate any feedback. Any changes that may ultimately result from the City's recent request before the Planning, Zoning and Appeals Board to modify certain aspects of the zoning will be incorporated at a later date.

“Miami Worldcenter is a landmark project that will forever change the face of Miami's downtown core,” said Miami Commissioner Marc Sarnoff, who is also Chair of the Miami Downtown Development Authority. “This project will elevate a barren concrete landscape into an exciting pedestrian-friendly community. The City of Miami is committed to seeing this transformative project move forward and break ground at the end of the year. This project will serve as a shining example of the City's efforts to further brand Miami as a dynamic global city.”

“The Forbes Company, in partnership with Taubman, will bring its award-winning formula for development to our latest joint venture in which we will create an environment that is architecturally significant in the use of fine materials and finishes, along with breathtaking aesthetics,” said Nathan Forbes, managing partner of The Forbes Company. “This design paradigm of exceptional international architecture will transcend time and place and will frame the distinctive retail offerings providing a guest experience that will be second to none.”

“We are thrilled to unveil a plan for the first phase of Miami Worldcenter that showcases the vibrant, mixed-use and walkable project that we have envisioned for Miami,” said Nitin Motwani, managing principal of Miami Worldcenter Associates. “Miami Worldcenter will shape the skyline, redefine the pedestrian experience and improve the quality of life for downtown residents, locals and visitors from around the world. While already approved to execute this vision as-of-right, we welcome the City's input and will continue to work closely to ensure the most efficient process for bringing Miami Worldcenter to fruition.”

Among Miami Worldcenter's greatest attributes is its excellent location conveniently located near such entertainment venues such as American Airlines Arena, Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami, Bayside Marketplace, as well as Miami Dade College and government centers. The site is in proximity to local public transit and such regional transportation and tourism hubs as Miami International Airport and the Port of Miami, and is within minutes to Miami Beach.

Currently, Miami Worldcenter already has ideal ingress and egress to I-95 and I-395, and is the only development planned in downtown Miami that has three stops on the Metromover. Additionally, All Aboard Florida will bring its multi-billion dollar private passenger rail, connecting Orlando to Miami, immediately adjacent to Miami Worldcenter, bringing millions of visitors to Miami Worldcenter, and will connect with the existing Metromover and Metrorail to create a truly integrated transportation hub.

About Miami Worldcenter Associates
Miami Worldcenter Associates is led by Principals Art Falcone and Nitin Motwani. Art Falcone is also the CEO of South Florida-based Falcone Group – a privately held and vertically integrated real estate and land development organization specializing in all real estate product types. In 2011, Miami Worldcenter Associates partnered with CIM Group, a Los Angeles-based real estate investment company that makes equity and/or debt investments in urban communities throughout North America. Together, they combine knowledge and established success with a dedication to the improvement and revitalization of presently underutilized urban landscapes.

About The Forbes Company
Based in Southfield, Michigan, The Forbes Company is a nationally recognized owner, developer and manager of iconic regional shopping centers, recognized throughout their respective markets for their retail innovation, fashion leadership, distinctive architecture and luxury appointments. These properties include: The Mall at Millenia in Orlando, Florida; The Gardens Mall in Palm Beach Gardens, Florida; Waterside Shops in Naples, Florida; and Somerset Collection in Troy, Michigan. For more information, visit http://www.theforbescompany.com.

About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing six properties in the U.S. and Asia totaling 5.6 million square feet. Taubman, with over 60 years of experience in the shopping center industry, is headquartered in Bloomfield Hills, Mich., and Taubman Asia is headquartered in Hong Kong. http://www.taubman.com.

For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

About MDM Development
Miami-based MDM Development is one of the region's most respected developers. MDM's track record of success includes development of Brickell Avenue's Mellon Financial Center and adjacent JW Marriott Hotel Miami. It also includes downtown Miami's Metropolitan Miami (The Met) which is comprised of Met 1, a completed and occupied 447-unit, 40-story luxury residential tower; Wells Fargo Center (formerly Met 2), comprised of a 47-story, 750,000-square-foot Class 'A' officer tower and adjoined 41-story first-to-market JW Marriott Marquis Miami and Hotel Beaux Arts Miami; Met 3, which includes an under-construction Whole Foods Market, parking garage and luxury rental apartment; and Met Square, an entertainment and lifestyle center which will include a Silverspot Movie Theater. The company's next major development, The Marriott Marquis Miami World Center, within the Miami Worldcenter complex, is expected to break ground towards the end of 2014. MDM's other holdings include additional hotel properties throughout Miami-Dade County.