THE GID URBAN DEVELOPMENT GROUP UNVEILS A NEW VISION WITH REGENT SQUARE DEVELOPMENT

NEW 24-ACRE MIXED-USE, PEDESTRIAN-FOCUSED DISTRICT DESIGNED TO ENHANCE URBANISM AND SMART GROWTH IN HOUSTON

Houston - (January 23, 2007) - The GID Urban Development Group, a division of The General Investment & Development Companies (GID), based in Boston, Mass., announces plans to develop a pedestrian-focused, mixed-use neighborhood alongside downtown’s primary corridor, Allen Parkway. Named Regent Square, the project encompasses 24-acres of prime inner-loop property between the River Oaks Shopping Center and Allen Parkway, bounded by Allen Parkway, West Clay, Rosine and Tirrell.

“GID has owned this property for 20 years, and plans to transform it into a vibrant urban community alive with shopping, dining, working, entertaining, socializing, and living – all within easy walking distance,” said John Darrah, Vice President of the GID Urban Development Group.

The prestigious design-oriented architectural firm of David M. Schwarz/Architectural Services, Inc., a Washington D.C.-based leader in urban design, is the master design architect planning Regent Square and will work in collaboration with Houston-based Morris Architects. To create diversity in design, Regent Square will also feature select buildings designed by the internationally reputed architectural firms, Robert A.M. Stern Architects, New York City, NY; Aponwao Design, Miami, FL; B&D Studio, Parma, Italy; Hartman-Cox Architects, Washington, D.C.; and Bowie Gridley Architects, Washington, D.C.

The design for Regent Square is based upon a carefully considered master plan that links the four-block site. According to Schwarz, “In a city often noted for its physical expanse, network of freeways, and glass and steel towers, Regent Square will provide the counterpoint: intimate scale, a walkable environment, well-defined outdoor spaces, and buildings that utilize more traditional materials and reference more familiar architectural forms. Tree-lined streets of shop fronts, cafes, and restaurants will provide a memorable context for a significant mixed-use neighborhood that will ultimately be home to over two thousand residents.”

The project’s first phase will accommodate 230,000 sq. ft. of retail and restaurant uses, 740 residential units, 60,000 sq. ft. of office space, and a 200-room boutique hotel. Later phases will add another 100,000 sq. ft. of commercial uses and an additional 1,000 residential units. Construction of the first phase is scheduled to commence during the fourth quarter of 2007 with a 2010-planned opening.

Schwarz is widely known for designing the Southlake Town Center, West Village in Dallas, the Bass Performance Hall in Fort Worth, and most recently the Firewheel Town Center in Garland Texas. These projects exemplify Schwarz’s focus on creating spaces to enrich urban life through social and cultural interaction. The firm’s work invigorates neighborhoods and streetscapes by designing to the larger context of the sites.

“David M. Schwarz is a preeminent leader in urbanism and smart growth; therefore he was the natural choice as the master design architect for Regent Square,” said Gardner Wallace, Chairman of GID. “Through good urban design, we will bring a vibrant new destination neighborhood to the heart of Houston’s urban district.”

Shopping districts and street-level storefronts emphasize accessibility for pedestrians. Restaurant and entertainment will be integrated throughout the community. Well-scaled open spaces will accent the urban landscape, and provide welcome opportunity for relaxation.

Regent Square is located between the Allen Parkway and the River Oaks Shopping Center in the heart of Houston’s inner loop. Living, dining and shopping at the site will be less than a five-minute drive from downtown and ten minutes from the Galleria. Regent Square is on the Buffalo Bayou and in close proximity to Memorial Park -- both natural amenities for residents and visitors.

As an attractive development option that lessens Houston’s demand for sprawl, Regent Square will offer distinct advantages to downtown Houston by developing a fashionable, open-air, pedestrian-catered retail and restaurant destination that brings commerce to downtown’s western corridor, while replacing aging housing with much needed infill housing and expanding the property tax base. The result will be a successful blend of residential, commercial, and retail buildings, landscaped boulevards and town parks that support a new community in a vibrant neighborhood.

GID Urban Development Group was formed to create pedestrian-oriented, mix-use communities in locations with strong underlying fundamentals, such as easy access, close proximity to mass transit, and strong residential, retail, and office markets. The Urban Development Group works with existing community leaders and municipalities to create compelling neighborhoods that will appreciate for the company and the city over the long-term.

The General Investment & Development Companies (GID), founded in 1960 and based in Boston, Massachusetts, are privately held, diversified companies with substantial interests throughout the United States in both residential apartment and other commercial real estate ventures.