Lowell Homes to Develop Residential Portion of $235 Million Mixed-Use Miramar Town Center; Residences at Miramar Town Center Will Consist of More Than 500 Units, Including Condominiums, Townhomes and 'Live/Work' Units.

MIAMI -- Miami-based Lowell Homes, a leader in residential development in South Florida for 19 years, has been tapped to develop the residential portion of Miramar Town Center, a 54-acre, $235 million mixed-use neighborhood. The project is being developed by Rockefeller Group Development Corporation (RGDC) and Kimco Developers, Inc., in the City of Miramar, Florida.

The development is envisioned to include 175,000 square feet of retail space and 50,000 square feet of offices, along with over 500 residential units, including 350 condominiums, 130 townhomes, and select "live/work" units. The amenities-rich project will include a state-of-the-art clubhouse, wellness center, fitness facilities and a grocery store, in addition to a library and performing arts center being constructed by the City of Miramar.

Rockefeller Group Development Corporation (RGDC) and Kimco Developers, Inc. selected Lowell Homes to build the Residences at Miramar Town Center, which will consist of one-, two- and three-bedroom residential condominium units that will be priced from the mid $200's to the low $400's, and townhomes priced from the low to mid $400's.

"We looked at a number of respected residential developers," noted Edgar Jones, RGDC's Vice President and Regional Development Officer, Florida, "and felt that Lowell's experience with diverse projects, success and history in the local market, plus impeccable track record, made them the ideal candidate for this project."

Lowell Homes is one of South Florida's most highly regarded homebuilders, having developed numerous communities and thousands of homes in South Florida, with current projects under development in Miami-Dade, Broward and Palm Beach counties. They have been successfully developing residential homes within Miramar for a number of years, and will now continue to play a major role in the City's growth.

"We were extremely pleased that The Rockefeller Group and Kimco selected us to be the developer for the residential portion of Miramar Town Center," says S. Lawrence Kahn, III, president of Lowell Homes. "We gladly welcomed the opportunity to work with such prestigious enterprises."

The City of Miramar will retain 14 of the project's 54 acres, where a new city hall opened in 2004. It will eventually be joined by other civic entities, and it will also house a mass-transit hub.

The development will be built in phases, with construction of parking garages expected to begin in June 2006, followed by the library and the cultural arts center. The residential component is expected to break ground in the summer of 2006.

"Miramar Town Center is destined to become one of Florida's most exciting communities," adds Kahn. "We have had an extremely positive relationship with the City of Miramar over the years, and look forward to furthering those relationships through this project."

"Our development team has a long track record of success," Jones said. "By combining our talents, we intend to make Miramar Town Center one of Florida's most exciting and visionary mixed-use developments."

About Kimco Developers, Inc.

Kimco Developers, Inc., is a subsidiary of Kimco Realty Corporation, a publicly traded real estate investment trust that has specialized in shopping center acquisitions, development, and management for over 40 years. Kimco owns and operates the nation's largest portfolio of neighborhood and community shopping centers, with interests in 1,018 properties comprising of approximately 129 million square feet of leasable space throughout 44 states, Canada, and Mexico.

About Rockefeller Group Development Corporation

Rockefeller Group Development Corporation is a national owner, developer, and manager of prestigious commercial real estate properties. RGDC is an operating company of The Rockefeller Group, a company dedicated to excellence in commercial real estate, real estate services, and technology solutions and is itself a subsidiary of Mitsubishi Estate Company, Ltd. of Japan.

About Lowell Homes

Celebrating their nineteenth year of service in home building, Miami-based Lowell Homes is one of South Florida's most successful residential real estate developers, with current projects throughout the tri-county area. In Miami-Dade County, the company is currently developing Marbella Cove and Marbella Bay at Waterstone and Granada Estates, all in Homestead, Hughes Cove in Coconut Grove, and Villa San Remo in Coral Gables. The company's other communities include Biltmore Grove in Cooper City, Provence in Davie, and Worthington by Lowell Homes in West Palm Beach. The company's talented staff is among the most respected in the industry, with many years of experience in successfully overseeing projects from conception to completion. For more information on the company, visit http://www.lowellhomesinc.com.