PROJECT DATA

LAND USE INFORMATION:

Total Site Area: 116 acres

Approved Master Plan:

Office: 1,250,000 gross square feet

Hotel: 2,000 rooms

Residential: 5,900 market-rate units; 300 subsidized units for
the elderly; and a 300-bed nursing home

Retail: 860,000 gross square feet

Required Parking Ratios:

Office: 2 spaces per 1,000 gross square feet

Hotel: 0.75 spaces per room

Residential: 1.125 spaces per unit for the first 200 units,
1.0 space per unit thereafter

Retail: 5.2 spaces per 1,000 square feet of Gross Leasable Area (GLA)

<table><thead><tr><th>Gross Building Area<sup>1</sup></th><th>Square Feet</th></tr></thead><tbody><tr><td>Fashion Centre (retail)</td><td>860,000</td></tr><tr><td>Washington Tower (office)</td><td>172,000</td></tr><tr><td>Ritz-Carlton Hotel (362 rooms)</td><td>252,000</td></tr><tr><td>Parc Vista Apartments (299 units)</td><td>300,000</td></tr><tr><td>Parking Garage (4,534 spaces)</td><td>1,350,000</td></tr></tbody></table>

DEVELOPMENT COST INFORMATION¹:

<table><tbody><tr><td>Land Cost</td><td>$ 18,000,000</td></tr><tr><td>Site Improvement Costs</td><td>14,000,000</td></tr><tr><td>Hard Costs</td><td>173,880,000</td></tr><tr><td>Soft Costs</td><td>102,120,000</td></tr><tr><td>Total Development Cost</td><td>$308,000,000</td></tr></tbody></table>

RESIDENTIAL INFORMATION (PARC VISTA):

<table><thead><tr><th>Unit Type</th><th>Number Built</th><th>Average Size (Square Feet)</th><th>Average Monthly Rent</th></tr></thead><tbody><tr><td>Studio</td><td>36</td><td>465</td><td>$ 698</td></tr><tr><td>One-Bed/One-Bath</td><td>138</td><td>679</td><td>1,019</td></tr><tr><td>One-Bed + Den/One-Bath</td><td>46</td><td>860</td><td>1,290</td></tr><tr><td>One-Bed + Den/One-and-One-Half-Bath</td><td>14</td><td>887</td><td>1,331</td></tr><tr><td>Two-Bed/Two-Bath</td><td>65</td><td>1,048</td><td>1,572</td></tr></tbody></table>

RETAIL TENANT INFORMATION
(FASHION CENTRE):

<table><thead><tr><th>Classification</th><th>Number of Stores</th><th>Percent of Total Tenants</th><th>Total Square Feet of GLA</th><th>Percent of GLA</th></tr></thead><tbody><tr><td>General Merchandise<sup>2</sup></td><td>2</td><td>1.5</td><td>460,000</td><td>53.5</td></tr><tr><td>Food</td><td>3</td><td>2.0</td><td>2,574</td><td>.5</td></tr><tr><td>Food Service</td><td>23</td><td>17.0</td><td>38,112</td><td>4.5</td></tr><tr><td>Clothing and Accessories</td><td>51</td><td>37.5</td><td>142,019</td><td>16.5</td></tr><tr><td>Shoes</td><td>7</td><td>5.0</td><td>9,941</td><td>1.0</td></tr><tr><td>Home Furnishings</td><td>20</td><td>15.0</td><td>41,057</td><td>5.0</td></tr><tr><td>Hobby/Specialty Interest</td><td>8</td><td>6.0</td><td>20,841</td><td>2.5</td></tr><tr><td>Gifts/Specialty</td><td>7</td><td>5.0</td><td>13,311</td><td>1.5</td></tr><tr><td>Jewelry</td><td>6</td><td>4.5</td><td>9,829</td><td>1.0</td></tr><tr><td>Personal Services</td><td>9</td><td>6.5</td><td>8,427</td><td>1.0</td></tr><tr><td>Cinema (six screens)</td><td>-</td><td>-</td><td>28,000</td><td>3.5</td></tr><tr><td>Common Area</td><td>-</td><td>-</td><td>49,908</td><td>5.5</td></tr><tr><td>Space Available for Lease</td><td>-</td><td>-</td><td>35,981</td><td>4.0</td></tr></tbody><tfoot><tr><td>Total</td><td>136</td><td>100.0%</td><td>860,000</td><td>100.0%</td></tr></tfoot></table>

Average Retail Tenant: 1,965 square feet³

Annual Rent: $30 to $140 per square foot

Average Annual Rent: $40 per square foot

Typical Length of Lease: 10 years

ANNUAL OPERATING EXPENSES:

<table><thead><tr><th></th><th>Parc Vista<sup>4</sup></th><th>Washington Tower<sup>5</sup></th></tr></thead><tbody><tr><td>Administrative and Management</td><td>$ 511,000</td><td>$ 275,000</td></tr><tr><td>Maintenance</td><td>165,000</td><td>268,000</td></tr><tr><td>Utilities and Taxes</td><td>455,000</td><td>573,000</td></tr><tr><td>Insurance</td><td>40,000</td><td>64,500</td></tr><tr><td>Total</td><td>$1,171,000</td><td>$1,180,500</td></tr></tbody></table>

Notes:

¹ Pro forma for mixed-use complex only; includes Fashion Centre, Washington Tower, Ritz-Carlton Hotel, Parc Vista Apartments, and parking garage.

² Nordstrom and Macy's.

³ Excluding department stores.

⁴ Steady-state projected in 1988 dollars.

⁵ Steady-state projected for first full year of operation.