Lyle Parks Jr. and MacFarlane Partners Tops Out Hollywest -- Fall Opening Planned.

Business Editors & Real Estate Writers

ANAHEIM, Calif.--(BUSINESS WIRE)--May 30, 2002

Lyle Parks Jr. Inc. (LPJ), one of the West's leading mixed-use, retail and commercial construction companies, recently celebrated the topping out of the 600,000-square-foot Hollywest development. Hollywest's ownership includes California Urban Investment Program (CUIP), a joint venture between MacFarlane Partners and CalPERS, and ARBA. CalPERS is the largest public pension fund in the United States. The project is a public/private partnership between CUIP and the Los Angeles Community Redevelopment Agency that will bring a diverse mix of retail along with seniors housing to the area. Located across the street from the Hollywood and Western subway station, it also builds on the city's public transportation network.

"The investment in Hollywest exemplifies our commitment to urban investments. We are proud to be part of the on-going revitalization of Hollywood and look forward to providing the neighborhood with shopping goods and services," said Suzie McGill, chief operating officer of MacFarlane Partners.

"Hollywest is a classic example of a mixed-use, urban infill project that is touted by urban planners as one solution to our housing shortage," noted Tim Mayeda, president, Lyle Parks Jr. "Mixed-use also is the most complex from a construction standpoint. To create multilevel housing and retail over subterranean parking, you must integrate different construction standards and approaches. And urban infill sites are generally smaller than is ideal for construction."

Lyle Parks Jr., as general contractor on Hollywest, brings a team with 40 years of experience in retail, entertainment and housing construction to the development. Working closely with the project architects and engineers, the company devised a cost-effective construction program. Lyle Parks Jr. was tapped for Hollywest for its proven talents in constructing housing over retail as well as full lot subterranean parking, which are all components of the project. "Much of our work over the past 10 years has been in urban areas managing infill retail projects with difficult parking plans. In addition, we are one of the few specialized retail contractors with a track record in mixed-used construction," added Mayeda.

At Hollywest, light gauge steel framing has replaced the typical wood frame for the housing component. "New seismic codes make steel a better choice, yet it hasn't been widely used," he observed.

Hollywest combines two levels of retail topped by four levels of senior housing over a 131,000-square-foot subterranean parking structure. A 46,000-square-foot Ralphs market is on the first level, a 30,000-square-foot Ross store on level two, with an additional 44,000-square-feet of retail joining the two anchors. The shopping center is scheduled to open in late June and the 100 units of senior housing in mid-September.

"With separate architects for the retail and housing, our company coordinated with a much larger team than if these components were built separately," said Mayeda. Nadel Architects, Inc. designed the retail and subterranean parking while Gillette & Associates were architects for the residential.

Lyle Parks Jr. Inc. is a leader among mixed-use, retail and commercial construction companies in the West, with a total volume of 12 million square feet of construction completed in the past five years. LPJ is ranked eighth among America's retail contractors, with an unprecedented 85 percent repeat business, and has earned a reputation as a top-flight contractor for more complex mixed-use developments that combine entertainment and retail venues with housing components.