PRESS ROOM

Alberta Development Partners to Redevelop Two Kansas City Shopping Centers

Greenwood Village, CO – October 12, 2006 – Alberta Development Partners, LLC, of Greenwood Village, Colo., has been selected by Morgan Dreiseszun to redevelop Metcalf South Shopping Center in Overland Park, Kan., and Metro North Mall in Kansas City, Mo. Walton St. Capital of Chicago is Alberta’s capital partner in both ventures.

Metcalf South will be renamed The Streets at Metcalf and will be redeveloped to include upscale boutiques, national and local retail shops and an entertainment complex, as well as office and residential space and a hotel. The 1.1 million square-foot mixed-use project’s design will complement the community and be a place for all to engage and entertain.

Metro North Mall will be renamed The Streets at Barrytowne and redeveloped into 2.1 million square feet of retail, residential, restaurant and entertainment space, including a theater as well as a commons area for community events and park-like areas. The Streets at Barrytowne will be a place for friends and family to gather and spend time together in an active, casual and convenient environment.

“It is an honor to be given the opportunity to revitalize these two long-time retail landmarks,” said Don Provost, principal, Alberta Development Partners. “Our goal is to create two regional destinations that offer shoppers and residents alike a place to go for both daily needs and special occasions and that will be enjoyed for generations.”

“The Streets at Metcalf and The Streets at Barrytowne mark our second and third partnerships with Alberta,” said David Joseph, principal, Walton St. Capital. “Their commitment to designing and producing the highest quality mixed-use destinations gives us great confidence that these two projects will invigorate the areas that surround them.”

“We are pleased to be partnering with Alberta Development Partners. They have more than 15 years of experience and expertise that complements our centers to bring Kansas City the very best retail, dining, and entertainment mix,” said Tom Morgan, partner, Morgan Dreiseszun.

Alberta Development Partners, along with the talents of Callison Architecture and Communication Arts, have initiated work on the concepts and designs of both projects. The developer expects to submit conceptual plans on both projects in early 2007.

About Alberta Development Partners, LLC
Alberta Development Partners, LLC is engaged in the acquisition, development and investment of retail real estate throughout the western United States, focusing on regional retail shopping centers and mixed-use commercial projects. The company has completed more than 220 projects with a combined value of more than $1.5 billion. In combination with the projects currently underway, Alberta has developed in excess of twelve million square feet of retail and residential space.