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| COMMUNITIES |
| Venezia - Howey-In-The-Hills - 211 Acres - 265 Single Family Lots
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Howey-in-the-Hills, FL
Venezia is our 211 acre master-planned multi-use project consisting of 265 Single Family Lots, 102 townhomes, and 85,000 sq.ft. of commercial. Purchased from Lykes Brothers in August 2007 for $11.2 Million and after a minor delay with the Town of Howey and the Mission Inn CDD, as the two finally hashed out a sewer agreement for wastewater service in September 2007, we officially broke ground at Venezia in October 2007. Given the market slowdown we have been slow playing the development to coincide with DR Horton’s fiscal year end of September 30. We anticipate having the substantial completion to the project with the first take of lots to occur the beginning of October 2008. In May 2008 we received preliminary site plan approval from the town of Howey on the townhome tract with the intent to roll the townhomes/stacked flat condos out sometime in 2009 as the market improves. We have hired Orlando based Shopping Center Group to market the commercial and too date we have received numerous inquiries on the 16-acre commercial tract. We anticipate once rooftops begin to appear and the traffic signal is installed, we will have an A+ commercial site that will attract many of the major retail tenants. With $16 Million in land and infrastructure going into the ground currently, we believe as the market improves toward the end of 2008 and into 2009 this project will take off.
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