University Corners Status Update 2005-12-01

Hi, this is Ian Zepp again with the University Corners condominiums here in Gainesville, Florida. I wanted to send out an update on this project to all of our current, past and prospective customers. We are steadily moving forwards with the reservation and unit selection process. As of today, we only have approximately 60 condo, 38 condo hotel, and 12 penthouse units remaining out of a total of 400 residential units. With only approximately 25% of the development remaining and reservations now open to the public, there is only a little time left before the development is completely sold out!

This project is a landmark development that will change the corner of University and 13th Street (the "Gateway to UF") forever. This three city block, eight-story building with two floors of restaurant and retail space has underground parking and a ten-deck parking garage, a full-service hotel, two waterfall features, high-end finishes, and so much more.

We are pushing hard to begin demolition of the entire site by the beginning of 2006, and expect to begin moving to full contract within the next four to six months. The city has approved all applicable demolition and building permits, and condo documents are scheduled to by filed by the end of this month.

Our team is very excited, and we would like you to be excited as well! Our development and sales office is open from 10am to 6pm, Monday through Saturday. We are located in the old church building at the corner of University Avenue and 14th Street, and can be reached at (352) 367-4520.

As always, please let us know if there is anything else we can do. You can also visit us online anytime at:

http://www.ucorners.com

Sincerely,

The University Corners Sales Team