Strong Houston Economy and Demand for Waterfront Homes Are Rationale for Rare Development Given Current Real Estate Climate

Business Wire, July 10, 2008

Historic Real Estate Inc. Introduces New Mediterranean-Styled Waterfront Village along the Texas Gulf Coast

HOUSTON -- Houston-based real estate developer, Historic Real Estate Inc., introduced its newest development this week, The Peninsula Clear Lake[TM]. The Peninsula is a private Mediterranean-styled, waterfront village featuring 35 single-family homes and homesites and four family compounds with direct channel access to Clear Lake, Galveston Bay and the Gulf of Mexico.

"This is a very rare development," said Richard Browne, Principal, with Historic Real Estate Inc. "Given the national real estate market, you better have something really special to bring to the marketOand we do. The Peninsula is a gated, waterfront boating village approximately 30 minutes from downtown Houston. We are attracting affluent boating enthusiasts from Houston, California, Florida and Mexico."

Kiplinger Magazine recognized Houston as "the best city to live, work and play" in their July 2008 issue.

Newsweek Magazine added, "Houston's good fortune is largely a function of the current oil boom. But this isn't the type of gusher that led to busts in 1981 and 1986. Instead, Houston is experiencing a 21st-century boom fueled by a weak dollar and global growth."

The architectural style for the entire community is Tuscan, Mediterranean and Spanish Revival. All of the architectural designs are the creation of nationally recognized Robert Dame.

"Robert Dame was inspired by his trips to waterfront villages in Italy, Spain and along the Mediterranean as was I," added Browne. "The architecture captures the essence of these old-world places yet combines it with modern day features."

The Peninsula Clear Lake[TM] is located along 4400 feet of shoreline on the east side of Clear Creek at Clear Lake and fronts on Davis Road in League City, Texas. The development is approximately 35 minutes from downtown Houston, 30 minutes from Galveston and 20 minutes from Hobby Airport. The Peninsula has views across Clear Lake and across Clear Creek to a large nature preserve and bird sanctuary. The Clear Lake area is known as the "Boating Capital of Texas". It is home to the third largest fleet of recreational boats in the entire United States. http://www.visitbayareahouston.com/ecotourism/

Allegro Builders, and Tuscany Estate Homes, were selected as the exclusive builders for The Peninsula. Both builders have been recognized with numerous awards for their custom homes. Homes will range in size from 3,400 to over 10,000 square feet. All of the homes will feature outdoor living areas, swimming pools and optional boat docks or boat houses. The homes will range from $1 million to over $4 million. The waterfront village is nestled within a protective cove that affords additional vessel security.

"The Peninsula will be one of the most exclusive single-family communities along the Texas Gulf Coast," stated Gary Kob, Realtor at Houston-based Gary Kob & Associates. "The developers have taken a community approach that you see in California and Florida. Extremely strict community covenants. Very upscale homes."

"There is always a demand for quality single-family homes on the Texas coastal waterfront," added Kob, "The Peninsula has direct channel access all the way to Galveston Bay and the Gulf of Mexico from every home's backyard. This is what yacht owners have wanted and needed."

The community was planned and developed by Historic Real Estate Inc.'s Richard P. Browne. Browne is noted for outstanding master planned communities including The Woodlands, Columbia, Maryland plus 14 additional new towns around the world. The company is also developing the Water Lights District on Highway 288 South in Pearland.

The developers are releasing only seven homes, five waterfront lots and two family compounds during the first release this summer. The family compounds feature over 280 feet of waterfront shoreline. Priority reservations will be accepted on a first come, first selection basis by appointment only.

About the developer:

Historic Real Estate Inc., based in Houston, Texas, is a private real estate investment and development company committed to creating unique places for people to live, work, and be entertained. Historic Real Estate Inc. invests and partners with major private and public institutions to establish legacy developments that out perform the marketplace. By leveraging more than 100 years of experience in placemaking around the world to create environments that satisfy and anticipate the wants and needs of people, Historic Real Estate Inc.'s principals have been responsible for the establishment of innovative developments in seven countries, creating value of over $29 billion USD and superior livable environments for over one million people.

http://www.historicrealestateinc.org/

http://thepeninsulatexas.com