Concept: Village celebrating the arts & cultural organizations of Miami Beach

· Arts partnership with Bass Museum; ArtCenter South Florida; New World Symphony; Miami City Ballet; Miami Light Project and Wolfsonian Museum

Artécity includes the following:

· Renovation of the historic Governor Hotel

· Two new mid-rises, ArtéPark South and ArtéPark North

· Park Villa townhomes East & West

· ArtéCity Card “patron of the arts” membership

(two year membership/privileges for residents)

Overview: Over 190 units in total, to include:

· Condominium and townhouse residences

· Flow-through units

· Ground floor terraces; outdoor balconies

· Penthouses with rooftop terraces

· One, two & three bedroom units

· Bordered to east by Park Avenue and to west by Washington Court

· In the heart of Miami Beach’s cultural arts district

Within walking distance to major arts venues/partners and:

- Ocean/beach promenade

- Miami Beach Convention Center

- Jackie Gleason Theater of the Performing Arts

- Bayshore Golf Course

- Lincoln Road

- World-renowned Miami Beach nightlife

Community: Idyllic village with:

· Central courtyard anchored by mosaic fountain

· Charming gardens & walkways

· Spa, fitness center, jacuzzi and pool (2) areas

· Onsite restaurant & café

· Onsite parking

* Approximations. Subject to revision.

Governor: 3 stories; ~ 61 units

· Fifty nine 1BRs

· Three 2BRs

Floor plans ranging from 555-1,000 sq ft.

ArtéPark North: 6 stories; ~ 55 units

· Thirty 1BRs

· Twenty three 2BRs

· Two 3BRs

Floor plans ranging from 755-2,000 sq ft.

ArtéPark South: 5 stories; ~ 58 units

· Fifteen 1BRs

· Thirty four 2BRs

· Nine 3BRs

Floor plans ranging from 760-1,830 sq ft.

Villas E&W: 2 stories; ~ 18 townhomes

· Thirteen 1BRs

· Five 2BRs

Floor plans ranging from 900-1,360 sq ft.

* Preliminary building price ranges.

Overall Project: $300k's to million

Governor: $300k's to mid 500k's

ArtéPark North: $400k's to million

ArtéPark South: $500k's to million

Villas E&W: $600k's to $900k's

Buildings:

Governor – Conversion of historic, art-deco Governor Hotel; ~ 62 units

ArtéPark North – New construction; six-story building; ~ 55 units

ArtéPark South – New construction; five-story building; ~ 58 units

Villas – Conversion of two-story buildings into 18 bi-level townhomes

The ambitious concept behind Artécity is to develop a village-like community that celebrates the arts and cultural organizations of Miami Beach. When completed, Artécity will stand as the nexus of the Miami Beach art community.

Every Artécity home owner will receive an Artécity Card free of charge. This Card will provide a two-year membership along with special member privileges that include:

· Reduced admission to a myriad of art venues and special events;

· Gift purchase and ticketing discounts;

· Priority seating at art events;

· Invitations to private previews; and

· Access to member-only and VIP arts happenings.

A partnership has been developed in connection with the Artécity Card between several world-class arts organizations headquartered in Miami. These include:

· The Bass Museum;

· ArtCenter South Florida;

· New World Symphony;

· Miami City Ballet;

· Miami Light Project; and

· Wolfsonian Museum.

Artécity also proudly sponsored events in connection with Art Basel 2004, and in the future, the project sponsors intend to create fundraising opportunities and other social events in support of the Miami arts community.

In addition to forming the nexus of the Miami Beach art community, the Artécity development is located within walking distance from the ocean; Miami Beach Convention Center; Jackie Gleason Theater of the Performing Arts; the newly-renovated Bayshore Golf Course; Lincoln Road pedestrian shopping and dining area; and the world-renowned Miami Beach nightlife.

Moreover, Artécity residents will enjoy easy access to the restaurants, clubs and lounges on Washington Avenue and Espanola Way, as well as the rich variety of shopping, dining and entertainment choices along Ocean Drive and Collins Avenue.