Perini Building Company to Build La Posada Senior Living Community in Palm Beach Gardens, Florida

Business Wire, August 12, 2002

Business Editors and Real Estate Writers

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CELEBRATION, Fla.--(BUSINESS WIRE)--Aug. 12, 2002

Perini Building Company, Inc., a wholly-owned subsidiary of Perini Corporation (AMEX:PCR) announced today that it has been selected to build the $46 million La Posada senior living community in Palm Beach Gardens, FL. The 294-unit luxury senior living community is owned by Westport Senior Living of Palm Beach Gardens, FL, a national leader in senior living communities.

"We are pleased to be selected for this project," says Sam Sabin, Senior Vice President of Perini Building Company. "Today's active seniors are much more discriminating buyers. They have come to expect quality management, construction excellence, and superior services in the communities they select."

Westport Senior Living has partnered with Greystone Communities, Inc. of Irving, TX, a leader in the planning, development, and management of senior living communities. Rink Reynolds Diamond Fisher Architects of Jacksonville, FL is leading the design team.

"The Westport/Greystone team is committed to customer service and dedicated to delivering a continuum of care which supports and enhances optimum health and an active lifestyle," says Lawrence Landry, Chief Executive Officer of Westport Senior Living. "We emphasize quality in our approach to planning and building."

The design of La Posada's 22.5-acre site, located east of Route 95 and north of Palm Beach Gardens Mall, takes full advantage of an existing water feature, which is treated as a key amenity. The residential buildings are clustered to maximize expansive water views and those apartments with partial water views will feature landscaped courtyards.

"Westport Senior Living has taken special care to plan a community which reflects the design and feel of Southern Florida," states John Page, Perini's Business Development Director in Florida. "Unlike other national developers, Westport and Greystone have taken the time to create an environment that will appeal to those who love this area, regardless of their age."

At the heart of La Posada is a centrally located community center which will be accessible via a covered bridge over a waterway. The architectural design of the community center has the look of a well-appointed country club and features an elegant main dining room with an expansive exterior deck overlooking the water. A lower-level cafe will be situated directly on the water. The entire center will function as a hub of social activities and encourage pedestrian excursions with various walkways that meander along both sides of the waterway.

Upon completion La Posada will include 206 independent living units, 48 assisted living units, a community health center, and an Alzheimer's center. The community is expected to be ready for occupancy in early Spring, 2003.

About Perini Building Company

Perini Building Company is known for its expertise in specialized building types, including hospitality and recreation, health care, education, planned residential communities, and sports and entertainment. Company offices are located in Celebration, FL; Boston, MA; Phoenix, AZ; Las Vegas, NV; Detroit, MI and Atlantic City, NJ.

Perini Corporation provides a full range of building services including: construction management, general contracting, including building and civil construction, and design-build services to private, institutional and public clients in the United States and select overseas locations.

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