The Carlyle Group and Jerome Parks to Develop 12-Acre Site in Downtown Annapolis; $200 Million Residential, Commercial, Retail and Arts Complex to Create 1,323 New Jobs

Washington, DC – Global private equity firm The Carlyle Group and The Jerome J. Parks Companies today announced that they will spend $200 million to develop a 12.1 acre parcel of land into a multi-use development in downtown Annapolis, MD. The development will feature a residential building with 208 (for-sale) condominiums, a 225-room four-star hotel, an office building with 145,000 square feet of Class-A space, up to 60,000 square feet of boutique retail shops and a 1,100-car parking garage. In Phase Two an additional 111,000 square feet of office/residential and a performing arts center is planned. According to consultant Basile Baumann Prost & Associates, Inc., the development is expected to create 1,323 new jobs in Annapolis. Construction of the infrastructure started and the first stage will be completed in 2006.

Carlyle Managing Director Robert Stuckey said, “This is a rare opportunity to develop such a large parcel in the central part of a historic city. We thank Annapolis and Anne Arundel officials for working so constructively with us on this important project. This development will create more than 1,300 jobs and serve as a catalyst for additional economic development in and around the city. The beaux-arts architectural design of the Park Place Development will bring a timeless beauty and resurgence of energy to this historic landmark city.”

Jerome Parks, President of The Parks Companies, said, “This project brings together Annapolis’s first 4-star hotel, luxury condos, fine boutique retail shopping, Class “A” office space and below grade parking to accommodate it all within walking distance of the state capitol and the Naval Academy stadium. Truly a place to live, work and play.”

The 12.1-acre site is located at the corner of Taylor Avenue and West Street on the Northeast corner of the newly renovated Westgate Circle. The property is within ¼ mile of the Naval Academy Football Stadium and less than ½ mile from the Statehouse.

Condominium: 208 luxury units, averaging 1,250 square feet to more than 1,800 square feet. Amenities to include: outdoor pool, fitness center, and concierge services from the hotel that can include, room service, housekeeping and other amenities and ability to receive priority status at a local marina. Interior finishes will include: granite kitchen counter tops, high-end kitchen appliances and cabinets and travertine tile flooring. There will be secure private parking in building. Pricing starts in the low 400’s.

Hotel: four star, full service 225-room hotel with 13,000 square feet of meeting space (the most in Annapolis). Amenities include: indoor pool, exercise facility and business center. The hotel will be the closest lodging to the new Naval Academy Football Stadium (¼ mile) and less than ½ mile from the Maryland State House, Historic District and several marinas.

Office: 160,000 square foot state-of-the-art Class “A” office building consisting of 145,000 square feet of prime office space and 15,000 square feet of ground floor retail space. Parking for 1,113 cars.

Occupancy for the office building, retail, hotel and condominium begins in the fourth quarter of 2006. Information is available at www.parkplace-annapolis.com/; 410-269-6799, X131.

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