LUXURY LOFT APARTMENTS NOW LEASING AT THE BINGHAM

Cleveland's Largest Warehouse Renovation Nears Completion

(CLEVELAND, OH June 1, 2004)-The $80 million renovation of the W. Bingham Building is near completion, opening up the first phase of 340 luxury loft apartments in downtown Cleveland's Historic Warehouse District. Additional amenities, including a 9,000 sq. ft. gourmet grocery store, indoor parking and a fitness center are under construction, and will be completed by the end of the year, according to Bingham Burnside LLP, a Chicago-based developer.

"The Bingham Building provides the excitement of living right in the heart of downtown Cleveland's entertainment district, but will also create the most upscale and luxurious neighborhood available in downtown Cleveland," explained Neal Singer, principal with Bingham Burnside. "The addition of a grocery store and a concierge service simply make it even more convenient to live right downtown."

Within the Warehouse District, the corridor along W. 9th Street has the largest concentration of housing in downtown Cleveland with seven recent residential projects, including the Bingham Building, according to Thomas Yablonsky, executive director of the Historic Warehouse District Development Corporation.

"The development of The Bingham will bring the total unit count for the Warehouse District to more than 2,000," Yablonsky said. "That starts to create the critical mass needed for certain types of retail and services, such as the grocery store planned for The Bingham. I suspect we will see more service-oriented development in the near future."

Creating downtown neighborhoods continues to be a priority for the City of Cleveland, according to Mayor Jane L. Campbell. "Cleveland's vibrant downtown neighborhood, the Historic Warehouse District, offers stylized living in a contemporary urban setting," Campbell said. "The Bingham Building is the most recent Warehouse District project to be renovated into living space offering splendid views of downtown Cleveland and housing options for persons of all walks of life."

The Bingham project continues the historic renovation of one of Cleveland's oldest neighborhoods. The Historic Warehouse District is a unique, mixed-use office, residential and retail area in downtown Cleveland. After decades of neglect, renovation of the area has continued since the 1980s, creating Cleveland's trendiest residential neighborhood.

Principals of Bingham Burnside LLP are George "Bud" Arquilla, Jr., George Arquilla III, and Neal Singer of Burnside Construction Company; and John Helander, all of the Chicago area. Burnside Construction was founded in Chicago in 1911 and has built more than 25,000 homes.

Kennedy-Wilson, an international real estate services and fund management firm, has been tapped as the property management company and is handling the start-up leasing. Founded in 1977, Kennedy Wilson manages over 60 million square feet of office, industrial and retail space, and manages more than 10,000 residential units nationwide.

The Bingham Building was designed by one of Cleveland's most prominent architectural firms Walker & Weeks in 1915, and originally housed one of the Midwest's largest hardware companies, the W. Bingham Company.

Bingham Burnside management is working with Sandvick Architects and Marous Brothers Construction Co. as partners in this renovation. "Both Sandvick and Marous Brothers are strong Cleveland companies with a wealth of experience in historic renovation projects, particularly in the warehouse district," Singer said. "We purposely contracted with companies that understand the unique challenges of historic preservation."