January 2008 Construction Update

Forrestal Village

New Home Deliveries:

As of January 22nd, 2008, 192 new homes have been delivered at Forrestal Village. Future deliveries will continue through March 2008 in the area between Alabama Ave. and California Ave. at the far south end of the neighborhood.

New construction activities are currently in progress in the area bound by Virginia Ave. on the north, Meridian Dr. on the east, and New York Ave. on the south. A total of 70 new homes will be installed in this sequence, with the first deliveries scheduled at the end of February 2008. Two pocket parks comprised of picnic areas, multipurpose paths, and play lots will also be installed in this area.

An 18-acre master-planned park is currently open to the public located in the northern portion of Forrestal Village at the intersection of Meridian Drive and Wyoming Ave. Park amenities include picnic areas, winding pedestrian pathways, play fields, tot lots, and a park shelter with attached restrooms. A new playground and basketball court was also installed just north of Forrestal School and has already experienced frequent usage by the students during recess. The multipurpose paths are plowed after snowfall in order to accommodate winter use. The outdoor restroom facility located near Wyoming Ave. is currently closed until spring 2008.

Construction of all new homes at Forrestal Village is scheduled to be complete in spring 2009.

Great Lakes Community Center:

Construction of the 34,000 square foot Great Lakes Community Center is scheduled to commence in April 2008. Located at the southeast corner of Great Lakes Dr. and Virginia Ave., the center will include an indoor basketball court, fitness area, media room, business center, multi-purpose rooms, an outdoor pool with splash park, and shower and locker facilities. This building will all be for the exclusive use of our residents.

Included at the center to better serve our residents will be the new offices of Forest City Residential Management. The center will also be the new home of MWR and will include an indoor basketball facility, snack bar, class rooms, and teen room. MWR will move from its current location at the antiquated 2600 Building. The Great Lakes Community Center is expected to be completed at year-end 2008 and will be commemorated with a grand opening celebration.

Halsey/Nimitz

Demolition activities at Nimitz Village are complete and no further construction activity is scheduled for the area in the foreseeable future.

Demolition activities at Halsey Village will commence in spring 2008.

Fort Sheridan

New Home Deliveries:

As of January 22nd, 2008, 90 new units have been delivered. Future deliveries will continue through the area east of Patten just south of Van Horne Ravine, then to the area west of Patten Road across from Schenck Ravine, just north of Walker Ave., followed by the area east of Patten between Walker Ave. and Schenck Ravine, finishing in the area east of Patten north of Schenck Ravine. Included in and among the new homes at Ft. Sheridan will be master-planned pocket parks, tot lots, and play courts.

Construction of all new homes at Ft. Sheridan is scheduled to be complete by year-end 2008 with all landscaping work completing in spring 2009.

Ft. Sheridan Community Center:

Construction activities at Ft. Sheridan will include the completion of a new, 4,000 square foot community center in fall 2008. With the woods of Van Horne Ravine as a backdrop, the center will be located on a point in the northeast portion of Ft. Sheridan that features panoramic views of Lake Michigan. For the exclusive use of our residents, the center will include a fitness room, a multi-purpose room suitable to host parties and events, a media room, a business center, an outdoor pool, shower and locker facilities, and the Ft. Sheridan resident services and leasing offices of Forest City Residential Management. The grounds surrounding the community center will be landscaped areas to include play courts, tot lots, and picnic areas.

Openlands Project at Ft. Sheridan:

A natural amenity offered at Ft. Sheridan is beautiful Lake Michigan and its shoreline. With the recent dedication of the beaches, bluffs, and ravines to Openlands Project, a non-profit conservation organization, these natural features will be restored and maintained as public open space in perpetuity. Located right on the door step of Ft. Sheridan, residents will have direct access to the Openlands preserve via the pedestrian walkways that will tie to the pathways and nature walks of the preserve.

Surplus Land Sale:

Demolition activities in the Boles Loop area are currently underway, and the surplus land underlying the area is expected to sell in mid- to late-2009. The buyer of the land will likely develop a residential neighborhood consistent with the Town of Ft. Sheridan located north of Bartlett Ravine.

Glenview

New Home Deliveries:

Demolition in preparation for new home construction at Glenview is currently underway. The first new home delivery for this area is scheduled to occur in fall 2008 and will be complete in spring 2009. Included with the construction of the new homes will be pocket parks, tot lots, play courts, and planned green space.

Glenview Community Center:

The renovation and expansion of the Glenview Community Center will begin in spring 2008. The revitalized center will include an improved multi-use/party room, fitness room, outdoor splash park, business center, and shower and locker facilities all for the exclusive use of our residents. The center will continue to house the resident services and leasing offices of Forest City Residential Management. Grand re-opening activities will be held to celebrate the completion.

Surplus Land Sale:

Closing took place in October for the sale of surplus land along Shermer Road.
The Village of Glenview purchased approximately 40 acres of land, which will undergo master planning for development consistent with The Glen nearby. Glenview hosts regular public planning meetings and more information can be found at the Village web site.

Mainside/Hospital Cove/Squirrel Hollow:

To date, eight historical renovations have been completed in the Brick Row area, four are under way, and the remaining unit will commence upon change of occupancy. At Squirrel Hollow, all fifteen electrical and air conditioning retrofits have been completed to date with no foreseeable construction plans for the near future. One of the three Hospital Cove historical renovations is complete, one is under way and scheduled to be complete February 2008, and the last will commence upon change of occupancy.

Demolition activities are currently underway for buildings 204H-209H at Hospital Cove. Upon completion, no further construction is scheduled for this area in the foreseeable future.

Crane, IN:

Demolition activities are complete at Crane, IN and no further construction is scheduled for this area in the foreseeable future.