PRESS ROOM

Southlands Breaks Ground in Aurora

Aurora, CO – October 27, 2003 – Alberta Development Partners, LLC, along with Aurora Mayor Paul Tauer and other local dignitaries, celebrated the launch of its unique hometown destination development today with the groundbreaking of Southlands in Aurora, Colo.

Today’s groundbreaking ceremony included the announcement of several premier tenants slated to open at Southlands, including Kohl’s, Super WalMart, SoundTrack and Sam’s Club. With restaurants for every taste, Southlands will be home to an enticing array of dining choices, with restaurants ranging from popular chains to Colorado-based eateries to restaurants new to the state, including Darcy’s, Ted’s Montana Grill, Smokey Bones (BBQ restaurant, first in the state), On the Border, Olive Garden, Chili’s and Red Lobster. The groundbreaking event also included the unveiling of official renderings of the center, remarks from Don Provost, principal of Alberta Development Partners and a groundbreaking speech by Aurora Mayor Paul Tauer. The hour-long ceremony concluded with local dignitaries using shovels to “break ground” for the project.

“We are really excited about the opportunities Southlands will provide to residents living in the area, or working at the center, as well as to the city of Aurora,” said Don Provost, Alberta principal. “Southlands will host events from homecoming parades to holiday tree lightings to Fourth of July fireworks – residents will always have a place to go for special occasions.”

Southlands will be a valuable economic engine for Aurora and the southeast metro area, generating extensive sales tax revenue, ongoing employment opportunities and bringing new businesses and residents to the area. The City of Aurora has estimated that Southlands will generate approximately $10-12 million in sales tax revenue for the city based on more than $525 million in taxable sales at the center. The development will also create an estimated 2,000 construction jobs and 4,000-5,000 new part- and full-time jobs upon completion, with an annual payroll of $80 million.

“We are looking forward to kicking-off this project,” 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.”

The project will become Colorado’s largest, completely outdoor town center destination that provides one-stop shopping anchored around a main street community atmosphere. Southlands will provide a convenient, comfortable and charming atmosphere for shopping, dining, working, living and entertainment for Aurora and southeast metro area residents. The $33 million price for the land, along with its development plans, makes this one of Colorado’s largest and most progressive retail and commercial projects.

The 1.5 million square foot retail, entertainment and town center is located on 301 acres at the intersection of E-470 and Smoky Hill Road. Located 25 miles southeast of downtown Denver, Southlands will provide a shopping, entertainment and gathering center for southeast metro residents. When development is complete, Southlands will also include more than 1,100 residential units and 250,000 square feet of office space. Phase I of the project is scheduled to open in the fall of 2004.

“Southlands will be on the cutting edge of retail,” said David Larson, partner at Legend Retail Group. “Consumers will be impressed with the broad range of new shopping opportunities, as well as the unique dining and entertainment experience it will offer.”

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.