press release

Park East Tower Construction Begins

St. Louis -- March 14, 2005 -- The construction of the first new high-rise condominium project in St. Louis City in 30 years is now underway. Opus Northwest, developer of the highly anticipated Park East Tower, has commenced construction of the $50 million mixed-use residential and retail project located at Euclid and Laclede in the City’s eclectic Central West End and will be quickly transforming the site into an upscale living opportunity.

The presale phase is over, and we are excited to be bringing this truly unique project to the City and the Central West End. The response to our pre-sale program has been phenomenal; already, over 60 % of the Park East Tower homes have been sold to people throughout the metropolitan area and beyond who are thrilled about our magnificent views, unparalleled amenities and just being a part of a new urban living experience,&rdquo says John Pitcher, Director of Real Estate Development and head of Opus’ St. Louis office.

Nearly $30 million in condominium sales has been committed in this 26-story, luxury high-rise. Park East Tower consists of 89 residences ranging in price from $250,000 to $1 million plus with approximately 8,000 square feet of street level retail space. “The interest in such a high-quality, sophisticated urban environment from potential homeowners has been overwhelming. While we’ve already sold over 60% of the homes, we still have a wide selection of unit types from which to choose,” Pitcher added.

This project represents the first time that Opus, one of the nation’s largest real estate developers, has initiated a residential development in St. Louis. Opus is becoming widely recognized for its success and extensive experience in the development of multifamily projects throughout the United States. Opus Northwest is based in Minneapolis. Opus has offices in 26 cities throughout the United States and an office in Toronto, and currently has over 3000 residential units under development.

Information on Park East Tower can be obtained from its Web site, www.parkeasttower.com, or by calling (314-367-6500) or coming by its sales office located at 4906 Laclede Avenue, across from the site.