SONNENBLICK - DEL RIO RECENT PROJECTS

Three County of Los Angeles Office Buildings

Sonnenblick - Del Rio has developed 3 separate build-to-suit construction projects tenanted by the County of Los Angeles. The first was a 120,000 square foot building (and an 832-car parking garage) 100% leased to the Los Angeles County Department of Social Services. The second was a 70,000 square foot building (with a subterrainean garage for 284 cars), also leased to the Los Angeles County Department of Social Services. The third was a 120,000 square foot building which is 100% leased to the Los Angeles County Department of Children & Family Services.

Sonnenblick - Del Rio is developing the new Royal Georgian Resort, which will be the crown jewel of the emerging Jamican Riviera tourism. Set on a prime site between Montego Bay and Ocho Rios with over two and a quarter kilometers of sandy beaches and 91.5 hectares (225 acres), this resort will become the destination for northern central Jamaica, while setting a new standard for entertainment resorts worldwide. The mix of luxury hotel rooms divided into east and west zones. An 18 hole signature PGA golf course, designed by Robert Trent Jones, is uniquely anchored by a large retail town center that will become the major entertainment and recreation destination for Jamaica's north coast.

Sonnenblick - Del Rio is in pre-development on numerous municipal facilities utilizing both the POST Lease (subvented operating lease) and PaCT Lease (non-subvented privatizing capital lease) structures.

Sonnenblick - Del Rio is developing a 25,000 square foot theater/retail center in El Monte, California. The City of El Monte has previously approved a retail center and is currently reviewing the proposed addition of the theater element. Completion is expected in the last half of 2001.

Sonnenblick - Del Rio was retained by American Mall Properties as a development consultant for the purpose of redesigning, repositioning and certain financing of an existing 712,000 square foot regional mall. Sonnenblick - Del Rio, with American Mall Properties, has redesigned the existing mall to create a theme promenade that will open up onto a major traffic route. The proposed Village Walk will carry the theme of the existing town center through the mall and into a Universal City Walk-type atmosphere. The City of Sunnyvale has agreed to support the concept.

Sonnenblick-Del Rio developed a plan that minimized the development costs and maximized retail space to be built resulting in an increase of approximately 250,000 square feet to the mall (an increase of 170,000 square feet over that previously proposed by American Mall Properties) as well as parking of 1,200 additional cars. In connection with this development, Sonnenblick - Del Rio has developed a technique to acquire a portion of a parking structure currently owned by the City of Sunnyvale and financed by Certificates of Participation (this involves a creative method to deal with the fair market rental value of the remaining collateral thereby not interfering with the existing parking lot financing); is arranging a swap of land owned by the City of Sunnyvale for parking space owned by American Mall Properties; is assisting in the acquisition or condemnation of a retail pad near the mall; and arranging the development and financing of a 2,000 car parking structure to be owned by the City of Sunnyvale.

Project is currently under construction.

Mr. Sonnenblick was one of the original development partners in the Loews Santa Monica Beach Hotel, a luxury 360-room beachfront hotel. Mr. Sonnenblick was involved with the zoning work that took approximately four years; in arranging the equity, construction and takeout financing for the project; arranging for Loews to manage and operate the hotel; arranging for McCarthy, and subsequently Lehrer McGovern to act as contractor on the project; and in the ultimate completion of the project. The hotel project took approximately two years to construct. Last year was the hotel‰s best year ever as it attained a $200 average daily rate and a 78% occupancy rate. Mr. Sonnenblick and his partners sold the hotel for approximately $125 million.

From 1991 to 1997 Mr. Sonnenblick was Director of Development for MetroMalls L.L.C. Mr. Sonnenblick was personally responsible for the development of two 1,200,000 square foot 2-story enclosed regional malls at a cost of approximately $250 million each. Mr. Sonnenblick personally located each mall site, arranged acquisition of the sites, designed the malls, obtained governmental approval (both zoning and environmental including negotiated remedial action plans as each site was to be built on a dump and Federal and State immunity agreements for environmental conditions), hired the contracting firms, oversaw pre-construction, and arranged pre-leasing. In addition, Mr. Sonnenblick was responsible for bringing in the present equity owners of MetroMalls L.L.C. and in arranging all necessary financing for the project. Mr. Sonnenblick left MetroMalls L.L.C following the sale to the new equity partners.

The construction on New Jersey MetroMall in Elizabeth, New Jersey is now complete. The mall opened in November 1999 to one of the strongest openings in the history of United States retail.