Westlake Development Partners, LLC Awarded Major Grant From the California Department of Housing and Community Development

Business Wire, July 29, 2008

San Mateo Firm Receives $24.7 Million to Create Housing and Mixed-Use Properties Along San Leandro's Downtown Transit-Rich Corridor

SAN MATEO, Calif. -- Westlake Development Partners, LLC today announced that a development consortium consisting of BRIDGE Housing, BUILD, (an affiliate of BRIDGE Housing) and Westlake Development Partners, LLC was honored on July 10 during a special ceremony held at the Madison & 14th Street Apartments in Oakland. On June 19, Westlake and its partners--BRIDGE Housing, the City of San Leandro, and BART--received grants totaling $24.7 million in California Proposition 1C funds. The funds were awarded in two categories, Infill & Infrastructure and Transit-Oriented Development (TOD). Proposition 1C funds are designated to improve housing infrastructure and support housing located near transit.

San Leandro Crossings, for which the consortium received the award, will be located near the Davis Street BART station San Leandro. It is integral to the city's TOD strategy. The first phase of the project consists of three components: 100 units of affordable housing, 200 units of market-rate multi-family housing on a parcel east of the BART station and the construction of a 325-space parking garage on the west side of the station. The 200 unit market rate development does not involve public grants or funding.

"San Leandro is an extremely forward-looking community," said Sunny Tong, managing director, Westlake Development Partners, LLC. "Developing affordable and market-rate housing along transit corridors contributes to smart growth and increased use of mass transit. Westlake is proud to be part of an innovative approach to enriching the living experience of the residents of San Leandro."

About Westlake Development Partners, LLC

Westlake Development Partners, LLC (WDP) is a member of the Westlake group of companies and complements Westlake Realty Group, Inc.'s property management services with investment, asset management and real estate development services. WDP co-invests in real estate development projects, thereby providing a comprehensive solution set to real estate owners. Our collective experience enables the Westlake group of companies and its partners to prosper in all real estate cycles and with different property types, including retail, multi-family and commercial. WDP's creative strategies and solutions maximize investment returns.

WDP's current projects include repositioning and redevelopment, as well as ground-up development, with a pipeline exceeding $300 million in project costs. These projects include a transit-oriented residential and commercial development in San Leandro, a neighborhood shopping center in Foster City, a mixed-used project in Walnut Creek and a residential project in Hayward.