City of Orlando, CNL Announce New Downtown Project.

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ORLANDO, Fla.--(BUSINESS WIRE)--July 18, 2003

Pending approval by the State of Florida and the Orlando City Council, CNL Financial Group, Inc., (CNL) and the City of Orlando will announce plans to bring a development to downtown Orlando that will create 400 new jobs.

CNL anticipates beginning construction on the 240,000 square foot, Class A office building in early 2004. The 12-story building is expected to be completed in late 2005. The estimated $40 million development is anticipated to generate an annual payroll of approximately $25 million in downtown Orlando.

"After months of negotiations we have accomplished a win-win-win situation for the City, for CNL and for our downtown business community," said Orlando Mayor Buddy Dyer. "Since I became Mayor in late February, I have asked our citizens to imagine a great city. This is another step in our journey to build a truly great city with a world class downtown," Dyer said.

CNL Center II will be constructed on what is now the public parking lot just north of City Hall on South Street. In an agreement in which no cash is changing hands, the City of Orlando will swap the approximate 23,000 square foot parking lot parcel for an approximate 77,900 square foot piece of property on the east side of S. Orange Avenue between Anderson and South Streets. As part of the agreement, CNL will continue to occupy the building currently on the property for up to 30 months rent free.

"Over the years, we have enjoyed a long term relationship with the City of Orlando and we are delighted to continue that relationship with them," said James M. Seneff, Jr., Chairman and CEO of CNL. "As a homegrown company and one of the largest downtown employers, we are thrilled to continue to grow and expand at our headquarters location. Pending approval of the tax credits by the state, this proposed expansion will bring up to 400 new professional level jobs over a five year period to downtown Orlando. These are exactly the kind of people who will live, work and play in the downtown community."

"The City is delighted about this project because this is a model for the type of economic revitalization our downtown needs," said Mayor Dyer. "The opportunity to work with CNL to secure their long-term headquarters and bring these quality jobs, with an average salary of $60,000, to Orlando is very exciting. My focus has been and will continue to be the growth of our existing businesses and creating an economy of the mind," Dyer added.

"This cornerstone block is key to the revitalization of our downtown business district," said Mayor Dyer. "The CNL Center II project is just one more element in a series of steps we see occurring that will enhance our downtown CRA district. It's very exciting!" The land swap allows the city to control the entire block from Orange Avenue to Magnolia Avenue, from Anderson Street to South Street.

Headquartered in Orlando, Florida, CNL Financial Group, Inc. is one of the nation's largest privately held real estate investment and finance companies. Founded in 1973, CNL Financial Group, Inc., and the entities it has formed or acquired have more than $6.5 billion in assets, representing more than 2,800 properties in 49 states. The company and those entities focus on properties in the retirement, hospitality, corporate facility, community development, retail and restaurant sectors.

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