TURNBERRY PLACE SOLD OUT; SALES UNDERWAY FOR TURNBERRY TOWERS

LAS VEGAS – (June 20, 2005) - The project that paved the way for high-rise living in Las Vegas is sold out. Turnberry Place has completed sales on its fourth and final 40-story tower, ending its five-year sales run of new high-rise condominiums. Resales are now available, and sales are underway for Turnberry Associates’ new development Turnberry Towers.

“The year 2004 was by far the strongest year in sales for Turnberry Place,” said John Riordan, vice president of sales. “The market has expanded since we first began sales in 1999. More people are considering purchasing a high-rise home today because of the privacy, location, amenities and lifestyle.”

Two hundred and seventy-five new residences were sold at Turnberry Place in 2004, generating more than $260 million. Additionally, there were 83 resales completed totaling more than $75 million. Tower Four is under construction with completion slated for September 2006.

Turnberry Associates was the first to anticipate there was a niche for high-rise living in Las Vegas when they began construction on the first of four towers in 1999. The response was strong as people became fascinated with the luxury amenities and convenience associated with the resort lifestyle.

“We moved into the first tower at Turnberry Place in 2001, and we are extremely happy with the community and the private club,” said resident Frances MacDonald. “We wanted to live in a new building that’s close to everything Las Vegas has to offer. We’ve met a lot of great friends here.”

Construction at Turnberry Place is two years ahead of schedule, and the demand for this type of lifestyle is reflected in the surge of high-rise projects being introduced to Las Vegas.
“The high rise boom that we helped create and the movement towards urban living has contributed to our strong sales,” Riordan said. “I anticipate there will be a very strong demand for Turnberry Towers.”

Turnberry Towers will feature dual 45-story towers with condominium homes appealing to both primary and second-home buyers searching for upscale living in an ideal location.
Prospective buyers can choose from a one-bedroom residence with one-and-a-half baths, a two bedroom with two baths, a two bedroom with a den and two baths and a three bedroom with two-and-a-half baths. Prices range from $500,000 to more than $1.3 million.

Within the gated community, each tower will feature a fitness facility, outdoor pool with sundeck, lavish landscaping, tennis courts, valet, 24-hour security and more.

Construction on the first tower will begin in June with occupancy slated for Spring 2007. The second tower will begin construction at the end of 2005 or early 2006 with occupancy slated for late 2007.

Turnberry Associates has expanded its presence in Las Vegas with the development of The Residences at MGM Grand, a luxury condominium-hotel being built on the northeast corner of the MGM Grand resort’s 116-acre property. In addition, Turnberry Associates and CENTRA Properties LLC have joined together to create Town Square Las Vegas, a super regional lifestyle center to be built on 100 acres at the south end of The Strip. Turnberry also owns the 21 acres of land on Las Vegas Boulevard west of Turnberry Place where the El Rancho hotel-casino once stood until it was imploded in October 2000.

Founded in 1967, Turnberry Associates is one of the country’s leading full-service real estate development and property management firms. Under the leadership of Jeffrey Soffer, the company has to its credit the development of more than $5 billion in commercial and residential property. This includes approximately 20 million square feet of retail space, more than 7,000 luxury apartments and condominium units, 1.5 million square feet of class-A office space and in excess of 3,000 hotel and resort rooms.

Residence A   1 bed, 1.5 bath             Price range $525,000 to $720,000
Residence B   2 bed, 2 bath                Price range $725,000 to $1,075,000
Residence C   2 bed, den, 2 baths       Price range $810,000 to $1,190,000
Residence D   3 bedrooms, 2.5 baths   Price range $1,055,000 to $1,180,000