DEVELOPERS PLAN $1 BILLION REDEVELOPMENT OF PLANTATION FASHION MALL INTO MASTER PLANNED GREEN COMMUNITY

PLANTATION, Fl (February 1, 2007) U.S. Capital Holdings, LLC a private equity investor, recently submitted formal plans to the City of Plantation for  321 North, an exciting $1 billion mixed-used redevelopment of the former Fashion Mall property.  Indoor and outdoor shopping, dining, entertainment, culture and art, together with significant office and residential components, are planned to further implement the City of Plantation's master plan to build an urban town center. U.S. Capital's intent is also to develop a property that is innovative and environmentally friendly, leading the industry's trend in shopping centers.

The prime and much sought after 35-acre site of 321 North sits near the northwest intersection of Broward Boulevard and University Drive in the City of Plantation in Broward County.  Existing development on the property includes a largely vacant 650,000 square-foot enclosed retail mall, a 138,000 square-foot office pavilion, and a separately owned Sheraton Suites hotel, which is completing its own major renovation.

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.  Upon completion, 321 North will yield 613,500 square feet of retail; 613,000 combined square feet of Class A office space in two new office towers and an existing 138,000 square foot tower to be renovated; and 590 residential units.

Located adjacent to the soon-to-be completed Veranda project, the first mixed-use project in the City's master plan, 321 North will help anchor the north end of the Midtown district and serve as a major component of Plantation Midtown, a live, work and play Town Center.

Already master planned and rezoned by the City for mixed use, the 850-acre Midtown District encompasses the area between University Drive on the east, Pine Island Road on the west and Cleary Boulevard and Interstate I-595 on the north and south, respectively.  The build-out of Midtown will include public and private investments in such key infrastructure elements as the street network; mobility and transit improvements; public open space; and parks and plazas.

Plantation Mayor Rae Carole Armstrong noted, The transformation and revitalization of the Fashion Mall property is a key component of the visionary plans for Plantation Midtown.  It is anticipated that U.S. Capital's plans will combine the best of Plantation's suburban lifestyle with the excitement of dynamic and upscale venues to serve the resident and business community. U.S. Capital has formed a great team to transform the Fashion Mall into a destination of choice for those that live, work and play in the City of Plantation and Broward County.  As Plantation continues to chart the course for the future of the Midtown District, the Fashion Mall project will be a catalyst and great stimulant for continuing redevelopment.

While the City of Plantation currently enjoys a healthy office and residential market, Midtown is envisioned to increase employment opportunities, offer new mixed-use retail shopping and entertainment venues, and provide an array of diverse residential opportunities for current and future residents in a downtown environment.  According to the Master Plan for Midtown, build-out of the district is expected to be completed by 2025.

Economic Development Coordinator Wayne Burns stated: Upon completion, I expect that the proposed project, advantageously situated in the northeast section of Plantation's  thriving core, will serve as a destination of excitement and vigor during daytime, evening, and weekend hours.  Such a project proposal exemplifies Plantation Midtown's rapid growth as a pedestrian-friendly place of commerce and entertainment that continues to experience outstanding development and offers fantastic opportunities for redevelopment. The planned mixed-use project equates to an increase in jobs and enhancement of the City tax base for the economic benefit of all Plantation residents.

Award-winning architectural firm ADD Inc is part of the stellar team of industry heavyweights brought on by U.S. Capital to conceptualize and implement a plan to redevelop and reposition the beleaguered mall into a vibrant and compelling mixed-use destination.  That team also includes Sherif Ayad, of ID & Design International, a retail design specialist with a track record of award-winning projects for major retailers and developers around the world; The McGarey Group as retail leasing agent; Transwestern as office leasing agent; EDAW, consistently ranked among the world's leading landscape design firms; Kimley-Horn and Associates, Inc., one of the nation's most comprehensive and best respected engineering and land planning firms; and the law firm of Greenberg Traurig.

We wanted to create much more than a traditional shopping center, explained Jonathan W. Cardello, senior associate principal and director of the Miami office of ADD Inc, the project architect. Our objective has been to design a product that is distinctive and purposeful, breathing new life into the area and fostering a more vibrant neighborhood that is active 18 hours a day seven days a week. Plantation Avenue will be the new focal point.

Centered around a new pedestrian and vehicular main street to be known as Plantation Avenue that will traverse the property and connect Broward Boulevard and American Expressway, 321 North will boast an array of exciting shops and restaurants, courtyards and public spaces, featuring lush landscaping and fountains.

As a unique lifestyle destination centrally located in the heart of Broward County with easy access from I-595, 321 North will serve a broad market, including not only Plantation, but surrounding cities such as Davie, Sunrise, Weston, and Coral Springs. While there are other lifestyle centers in the region, 321 North will offer a unique combination of both indoor and outdoor shopping and entertainment opportunities in a main street environment.

There really is no upscale shopping, no definitive social gathering place in Broward County that is convenient to get to or in a concentrated downtown area, said Bryan Liu, Vice President, U.S. Capital. 321 North is designed expressly for this underserved market.  We look forward to seeing this project contribute to the local economy by adding an enticing and compelling destination that lures new businesses and encourages leisure spending.

In addition, with Plantation being home to more than fifty Fortune 500 companies such as Motorola, American Express and DHL, and with the office vacancy rate in Plantation at the lowest point in Broward County, the owners are optimistic that the Class A office component at 321 North will be very successful and further the City's growth as a major employment center.

About U.S. Capital Holdings, LLC

Founded in 2004, U.S. Capital Holdings is an international private equity investor based in Plantation, Florida. The firm was formed to identify and reposition underperforming or distressed properties in advantageous locations and provide capital and real estate management services to institutions and personal investors overseas.