Kettler Announces the Start of Vertical Construction on the Millennium at Metropolitan Park, $135 Million High Rise to Offer High-End Apartments, Public Park and Retail

Business Wire, August 18, 2008

Continued Demand for Upscale Housing in Pentagon City Spurs Construction

MCLEAN, Va. -- Kettler, one of greater Washington DC's largest real estate development and property management companies, announced today the start of vertical construction on its Millennium at Metropolitan Park project in Pentagon City, Virginia.

The Millennium at Metropolitan Park is the second building in an 8-phase project that was master-planned by world-renown architect, Robert A.M. Stern. Kettler is demolishing a series of warehouses in a dated industrial park to make way for the project. The building is situated on 2.57 prime acres and will have 300 high-end rental apartments as well as 7,800 square feet of retail and 368 underground parking spaces.

"The architecture and streetscapes of Metropolitan Park add a mixed-use urban character to Pentagon City that is pedestrian-oriented and filled with public spaces to activate the community," said Jamie S. Gorski, chief marketing officer for Kettler. "The demand for Class-A apartments in this market continues to be strong, especially in buildings offering world-class amenities and finishes such as The Millennium."

General Contractor, BE&K began excavation in early 2008 and vertical construction started in August 2008. This 19-story high-rise will deliver in late 2009 and will offer amenities including a rooftop pool, spa and fitness center.

Washington, DC-based architect, HOK designed the exteriors, which compliment the existing Gramercy building, but provide a more modern faade. Dorsky, Hodgeson, Parrish, Yue is Architect of Record and interior design is being completed by DC-based Forrest Perkins, which specializes in boutique hotels and upscale residential buildings.

Wachovia is the lead bank, providing construction financing and ING Clarion Partners is providing equity.

At completion, Metropolitan Park will offer 3,200 multifamily units which are programmed to deliver as either condos or apartments pending market conditions. The project also includes a two acre public park with art commissioned by local and national artists.

About Kettler

Based in Northern Virginia, Kettler is a leading developer of award-winning, mixed-use residential and commercial properties across the Washington Metropolitan area. In 2008, Kettler was named one of the area's largest private companies by the Washington Business Journal and is one of the nation's top multifamily developers. Kettler has developed more than five million square feet of commercial space and more than 50,000 homes. The company was named NAHB's Property Management Company of the Year at the 2008 Pillars of the Industry Awards. Current projects include urban and transit-oriented developments, multifamily housing, commercial and mixed-use developments and resort communities. For more information visit www.KETTLER.com.