February 23, 2004

For Immediate Release

CONTACT:

Gail Paul
Corporate Communications
Al. Neyer, Inc.
(513) 527-1887
(513) 379-8153
gpaul@neyer.com

City zoning appeals board today affirms proposed Michigan Terrace project on Hyde Park Square

Proposed condos, retail project would replace shuttered Shell gas station at 2740 Erie Ave.

Cincinnati - The City of Cincinnati Zoning Board of Appeals has voted in favor of the proposed Michigan Terrace high-end condominium project, denying an appeal that was filed last month by the owner of an adjacent Erie Avenue office building.

Michigan Terrace is proposed for the site of a shuttered Shell gas station at 2740 Erie Avenue, on Hyde Park Square. The high-end condominium project would be the first built on the Square in more than 50 years. As proposed, the project would include five stories of condominiums plus street-level retail, in about 55,000 square feet.

"We're happy that the merits of this project have been again exposed in a public way," according to Chris Knueven, a development director at Al. Neyer, Inc.  Al. Neyer is in a partnership with Lantrust Real Estate Group to develop the project. "The city's support of this landmark project is gratifying."

Last fall, the city approved the application for the development, and ruled that it was in accordance with the interests of the community, the intent of the zoning code and of neighboring properties. Today's unanimous vote upheld the earlier approval.

The development team is continuing to evaluate the property and consider input from the community.