News Releases

August 27, 2007
ISIS Condos at Winter Springs Town Center

Numbers:
There are 41 condos in Phase I of ISIS Condominiums at Winter Springs Town Center.  Currently 85% of the condos are under contract.  35 units have contracted buyers and the remaining 6 are on the market.

Prices: 
Range from $245,000- $335,000, with the penthouse unit (still available) priced at $415,000. 

Sizes:
1, 2 and 3 bedroom condominiums, ranging from 797 sf- 1672 sf.

Deposit:
10% of contracted price.

Timeline:
Construction of project is on track to be finished by the end of the year, with closings projected for early in 2008.

Have you dropped prices/lost contracts due to decline in market?
We have not dropped prices due to decline in market.  We have not lost any contracts.

What is happening with Phase 2?
We have not finalized plans for Phase 2 yet.

Has the decline in the market had an effect on our plans or the scaling back of projects?
“Every project is different…as developers, we are used to adjusting to changes in market condition. Obviously, any project with a significant residential component has been affected by the decline of the market.  However, we are optimistic about the over-all market in Orlando- unemployment is low, job creation is high, and the Orlando area is economically forecasted to continue this growth.  We are looking forward to the continued expansion of the Winter Springs Town Center- the town center environment by nature will continue to be appealing to buyers and retailers alike.”
Shane Doran, President, James Doran Company

What has your strategy been in dealing with your current contracted buyers?
As a developer, we have taken an active role in reaching out to our current buyers to make sure that they have a direct line of communication with the company.  We want to make sure that their questions and concerns are addressed, and that we keep them updated on the progress of the project and estimated timeline.  Communication is key in an environment like this- we want our buyers to know that we understand how important the investment is to them and we want them to be confident in their decision.

Update on Leasing of Winter Springs Town Center:
Winter Springs Town Center has 150,000 sf of office and retail space, currently leased at 90% occupancy.  New restaurants and retailers that recently have committed include Beef O’Brady’s, E&O Fusion and Wine Styles.

Website: 
www.isiscondos.com
www.winterspringstowncenter.com