321 NORTH SECURES INTERIOR SELECTIVE DEMOLITION PERMIT FOR EXISTING OFFICE TOWER

PLANTATION, FL (May 30, 2008) US Capital Holdings, LLC announced that the Interior Selective Demolition Permit has been secured for the existing office tower on the site of 321 North in Plantation at 321 NW 82nd Avenue. The $20 million renovation will commence within six weeks and is scheduled to be complete this winter. It will comprise a revamp of the lobbies and tenant floor corridors as well as restrooms. The renovation will be followed by the construction of 474,000 square feet of new 16-story Class A twin office towers.

The newly renovated seven-story building with 138,000 square feet of leasable space will be available for tenant improvements by early winter. Approximately 50% of the office space is in negotiations with tenants.

The renovation marks the start of the redevelopment of the Plantation Fashion Mall that will yield a $1 billion master planned mixed-use community; the offices will complement approximately 613,500square feet of retail and approximately 600 residential units.

This milestone represents a harbinger of things to come, said Walter Robinson, sr. vice president, Transwestern, one of the largest privately held commercial real estate firms in the U.S., which is handling the office leasing for 321 North. The approach to development as an environmentally-friendly and high quality construction community will be illustrated in the renovation.

321 North will be the benchmark for sustainable green development, and therefore this phase is critical to setting the wheels in motion, said Wei Chen, CEO, US Capital Holdings, LLC. This progress reinforces our commitment to the project and to the City of Plantation.

The existing development on the property includes the largely vacant 650,000 square-foot enclosed retail mall, a 138,000 square-foot office pavilion, and a separately owned Sheraton Suites hotel, whose own $15 million renovation is now complete. The development of 321 North will include demolition and reconstruction of significant portions of the enclosed mall with new retail that will face outward and open up onto a new main street; as well as the construction of additional new open-air retail and restaurants. The project is designed to fit seamlessly into the City of Plantations master plan to build an urban town center, called Plantation Midtown.

321 North was recently accepted into the LEED for Neighborhood Development pilot program, a program created by the U.S. Green Building Council, the Congress for the New Urbanism and Natural Resources Defense Council to evaluate developments in their entirety and establish a uniform rating system for like communities. The program recognizes projects that incorporate smart growth, new urbanism, and green design principles. 321 North is one of few projects in South Florida to be accepted into the program. Site plan approval process is currently underway.

Leading the architectural design and development of the project is ADD Inc, a national award-winning design firm. Other team members includeID & Design International, an award-winning, full service design consultant firm; EDAW, consistently ranked among the worlds leading landscape design firms; Kimley-Horn and Associates, Inc., one of the nations most comprehensive and best respected engineering and land planning firms; Jones Lang LaSalle as the office component leasing agent, and The McGarey Group, a nationally-recognized leader in planning, development and leasing of preeminent urban retail projects throughout the US. For more information, visit www.321north.com.