PRESS RELEASES

Ferber Company Acquires Palencia Commercial Land Along US 1

8/30/2005

(ST. AUGUSTINE, FL) – Hines, the international real estate firm and developer of Palencia, announced today that Ferber Company has acquired a 10.5-acre site for a commercial development that is expected to include a Walgreen’s and Peoples First Bank.

 The development will be located off historic US Highway 1 between Jacksonville and St. Augustine just south of Palencia’s main entrance.  Complementing Walgreens and Peoples First Bank, the new commercial development will include additional retail space.  Gateway Capital Development in Jacksonville, Fla, will be responsible for leasing and outparcel sales for the project.

“Palencia has experienced explosive of growth, attracting people looking for true sense of community and a quality of life. This commercial development only enhances that quality by providing retail services close to home,” said Paul S. Ferber, chairman of the Ponte Vedra-based Ferber Company, Inc.  

Bordering Florida's pristine Intracoastal Waterway and nestled in a serene and historic setting, Palencia has quickly captured the hearts and imagination of some of the most discerning homebuyers. Palencia sits on 1,450 acres and is zoned for the development of 2,642 residential units, 300,000 square feet of retail space and 600,000 square feet of office space.

“Ferber Company brings a great deal of experience and knowledge to this commercial development. Like our residential builders, Ferber Company has an outstanding reputation and more importantly understands Palencia’s pedestrian-oriented, village environment,” said Lane Gardner, Hines’ project manager.

 Palencia's master plan was designed by Hines to blend a wide variety of home styles and price ranges into one community. Palencia includes single-family homes, townhomes, condominiums, multi-million-dollar estate homes, unique live/work units and marsh-front estate lots. Palencia was recently honored with a prestigious Best in America Living Award for Best Smart Growth Community from the National Association of Home Builders.

 Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 800 properties representing over 285 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 63 U.S. cities and 13 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.