PRESS ROOM

$33 Million in Land Acquired for State’s Newest Retail Project

Englewood, CO – October 8, 2003 – Alberta Development Partners, LLC today announced that it has finalized the purchase of $33 million worth of land in Aurora, creating the largest and most progressive single retail, residential and commercial project in Colorado. Alberta and its equity partner, Pacific Coast Capital Partners of San Francisco, completed the acquisition of seven different parcels on Sept. 16, 2003.

Named Southlands, this mixed-use retail destination combines elements of today’s most popular shopping attractions, including aspects of a lifestyle and entertainment center, town center and super regional power center. To be located at E-470 and Smoky Hill Road, this Class A, retail-dominated center will set the standard for regional town center developments, offering town plazas, landmark clock towers, pop jet fountains, festivals, concerts, bistro restaurants and sidewalk cafés. Construction has commenced and Phase I of the project and will open fall 2004.

“The southeast quadrant of Aurora is growing rapidly and will eventually contain more housing than Highlands Ranch,” said Don Provost, principal of Alberta Development Partners. “We believe the community will embrace the convenience and amenities Southlands has to offer. It will bring an entirely new shopping and entertainment experience not only to Aurora, but to the Denver Metro and Front Range area by creating a unique destination environment.”

The completed value of the project will exceed $250 million, and will contain 1.5 million square feet of retail space, more than 1,100 residential units and approximately 250,000 square feet of commercial office space in its 301 acres. Additionally, Southlands will create more than 1,000 construction jobs and an estimated 4,000 to 5,000 full- and part-time jobs at completion.

“We are so pleased that this project is coming to fruition,” said Aurora Mayor Paul Tauer. “Southlands represents the most exciting retail, entertainment and residential complex in the Metro area. The new urbanism and cutting edge development will allow this project to continue to be an innovative and dynamic place to live, shop and dine well into the future.”

Department and grocery stores, movie theatres, restaurants and other major retailers have already committed to the strategically placed development. Provost anticipates the property will also house many Colorado-based retailers and restaurants, businesses new to the state and a variety of entertainment options.

“Southlands will fill a retail void that currently exists in Aurora and the southeast metro area, which is experiencing tremendous residential growth,” said David Larson, partner at Legend Retail Group. “This destination will attract both regional and specialty retailers as well as entertainment and restaurant venues because of its extremely accessible location and the strong anchor tenants that Alberta has successfully secured to date.”

About Alberta Development Partners, LLC
Alberta Development Partners, LLC is engaged in the acquisition, development and investment of retail real estate throughout the Front Range of Colorado, focusing on regional retail shopping centers and mixed-use commercial projects. The company has completed in excess of 220 projects with more than 4 million square feet of retail space with a completed value of $1.5 billion. Alberta’s experience encompasses projects for office, retail, industrial, college/university, professional sports stadium, health care and hotel facilities, as well as historical rehabilitation.