[GREGGYMIAMI305]

FECR RECEIVES MUSP APPROVAL FOR ONE BAYFRONT PLAZA

Landmark project to be Miami’s tallest building

MIAMI, Fla. (July 25, 2007) – Florida East Coast Realty, Inc. (FECR) has received the City of Miami Major Use Special Permit (MUSP) for One Bayfront Plaza, a $1.8 billion development to include two 70 -story mixed-use towers at 100 S. Biscayne Blvd. in downtown Miami. The combined project will comprise two million square feet of rentable office space, 112,000 square feet of retail space and a four-star convention hotel with 850 rooms and 120,000 square feet of exhibition and banquet facilities overlooking Biscayne Bay and Bayfront Park. The property is to break ground in 2011 and should take approximately three years to build.

The signature design by TERRA Architecture will be matched only by the building’s size; the tower is poised to be the tallest building in Miami, at 1,049 feet. Unique will be its steel structure with fluid dampers to absorb wind gusts and its Green designation by LEED. It will also be the first hotel to be built north of the Miami River in 25 years.

“We have a vision for an icon,” said Tibor Hollo, Miami business and community leader and FECR company chairman and president. “As part of my legacy, I want to leave this city with a high-profile building on par with the Chrysler building in New York or the Sears Tower in Chicago, a tower that is home to major banks and law firms.”

Philip Dahan, FECR vice president, added, “MUSP approval confirms that the municipality recognizes the need for downtown to have a signature building that is functional in its multi uses. The futuristic features, pedestrian bridge and minimal environmental and traffic impact will all contribute to a new way of life for this city.”

FECR is also currently developing 2020 Ponce, a premier office condominium in downtown Coral Gables.

FECR was founded 55 years ago and is now co-managed by Hollo’s two sons, Jerome and Wayne. Since inception, FECR has built over 55 million square feet of landmark residential, commercial, industrial, and governmental properties and marinas. Among them are Rivergate Plaza, a mixed-use office tower in Brickell; Opera Tower; Bay Parc Plaza, downtown's premier rental building; and The Club at Brickell Bay. Hollo is also hailed for the development of a significant portion of the Venetia/Grand area, now part of the Arts District, just north of downtown Miami.

A community and business leader that has been integral in changing Miami’s skyline, Hollo was recently honored by the House of Representatives for his contribution to Miami’s growth. In 2006, Catholic Charities Legal Services and the Archdiocese of Miami presented Hollo with the New American Award, which recognizes individual immigrants’ contributions to society; and Florida East Coast Realty was honored by “South Florida CEO” magazine as Best Condo Developer.

FECR is headquartered at 100 South Biscayne Blvd, Suite 900, Miami, FL 33131. Tel: (305) 358-7710. For more information, visit www.fecr.com.
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Bayfront plaza is the tallest building in this picture and the orange buildings are under construction.