Downtown Hollywood / Second Quarter 2004

The most significant improvements underway are four residential/mixed-use projects now in the design and approval stages. These projects, all located around Young Circle, will produce approximately 1,200 housing units (for sale) and 100,000 SF of commercial space during the next three to four years. Units will range in size from 900 to 1,700 square feet and sell for between $200 and $250 per square foot initially, perhaps more by the time of completion.

The first project on Young Circle is Radius, being developed by FIRM Realty of Hollywood and Lane Investment & Development Corp. of Atlanta. The project will build 285 for sale units above 20,000 SF of commercial space. Units will average 1,300 SF in size. The developer will also build an 800-space public parking garage which will contain 16,000 SF of leasable space. This project should begin sales in June 2004 and construction in the first quarter of 2005.

Project number two is as yet unnamed and is being developed by HART District, LLC of Hollywood. It is a multi-phase project consisting of a K-8 charter school specializing in the arts, a 400+ seat performance theater and a mixed-use condominium project. The residential project will build between 200 and 250 units above approximately 25,000 SF of commercial space. The school is currently under construction for an August 2004 opening. The theater will begin construction in early 2005 with the residential project following shortly thereafter. Parking will be integrated into the structure.

Next in line in terms of timing is Young Circle Commons at Hollywood Boulevard and Young Circle on the west side of the Park. This project will build approximately 200 for sale units and 25,000 SF of commercial space. The historic Great Southern Hotel will be renovated as well. Parking will be integrated into the structure. Construction should commence during the first half of 2005. This project is being developed by Southern Facilities Development, Inc. of Miami.

Two other projects are in the preliminary concept stages and plan to build another 600 to 800 units of for sale housing above 100,000 SF of commercial space.

Another project has reached the final approval stage, but not on Young Circle, is located along Dixie Highway from Hollywood Blvd. south beyond Van Buren Street. It is comprised of almost 500 for sale residential units and 30,000 SF of commercial space. This $100+ million investment is being made by Cornerstone of Coral Gables.

These projects will bring at least 3,000 new residents to the immediate area. The new commercial space will allow us to attract regional as well as national retail tenants. Total investment will be approximately $450 million.

Finally, there are a number of smaller improvements underway or recently completed, including a 55,000 SF Class A office building on Harrison Street (just opened), the Holocaust Documentation Center, the Dance Academy (which just opened) and many smaller retail and restaurant projects.