Press Release

………………………………………………………………………………………………………

FOR IMMEDIATE RELEASE May 31, 2005

Media Contact: Nathan Torgelson, City of Kent

(253) 856-5703 / ntorgelson@ci.kent.wa.us

Ben Errez, Plan B Development LLC

(206) 390-8764 / bene@planbdev.com

$20 Million Hotel and Condo Project and

Town Square Plaza Proposed for

Downtown Kent

KENT, Wash.— The City of Kent and two private property owners announce an exciting proposed partnership with Plan B Development, LLC, to develop a $20 million hotel and 100-unit condominium project on the Municipal Lot Block in the heart of downtown Kent. In addition, the City of Kent is proposing a 35,000 square foot Town Square Plaza next to the project.

The $20 million development project, known as Project Springboard, will consist of a full service 50-unit hotel, 50 condominium units, 50 senior condominium units, a 5,000 square foot indoor waterpark for hotel guests and condo owners, a 2,000 square foot conference center, retail and restaurant space and a minimum of 200 parking stalls available to the public in a two level structure. Multiple hotel franchises are bidding for the hotel name, and condominium owners will have full use of the hotel facilities.

The Town Square Plaza will be a central gathering place for the Kent community. The amenities and programming for the plaza will include the Kent Lions Club’s Farmers Market, other community festivals, a concert/amphitheater venue, an interactive water feature, an additional water feature donated by the Kent Rotary Clubs, and landscaped and open areas for seasonal activities. The Town Square Plaza is strategically located across from the Kent Library along 2nd Avenue.

The project builds on the momentum of over $60 million in projects under construction in downtown Kent, including Tarragon Development’s Kent Station project. Phase I of Kent Station, opening in November 2005, is across the street from Project Springboard and will feature a 14 screen AMC theatre, a branch campus of Green River Community College, and numerous restaurants and retail.

“The addition of Project Springboard and Town Square Plaza will connect historic downtown Kent and Kent Station, and further our vision for an 18 hour-a-day downtown where people live, shop, dine, learn and play”, said Kent Mayor Jim White.

“We love the Kent market and are excited to be part of the revitalization of downtown,” said Plan B Development General Manager, Ben Errez. “Project Springboard will bring hundreds of hotel guests and condo dwellers to downtown near shops, restaurants, the library, and the Kent Transit Center.”

The City of Kent is making numerous other improvements downtown, including a Wireless Fiber Hot Zone, hanging flower baskets, new signage, and additional public parking spaces in the City’s Centennial Parking Garage. The City received a $400,000 federal grant to improve the pedestrian connections along 2nd Avenue, which links Kent Station and historic downtown.

The Kent City Council will consider a land trade agreement and a public parking replacement agreement this summer to allow development of Project Springboard and the Town Square Plaza. Plan B Development, LLC, would begin project feasibility immediate after Council approval and is scheduled to break ground on Project Springboard in late 2005 or in 2006. The City plans to begin construction of Town Square Plaza in mid to late 2006.

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