Historic Renovation of Lake Mirror Tower Completed

July 14, 2005

Media Contact:

April Byrd, Jr. Account Executive

Becker Public Relations

Public Relations, Event Planning and Marketing

75 Valencia Avenue, Suite 600

Coral Gables, FL 33134

Telephone 305/444-2181 x232

Email: abyrd@beckerpublicrelations.com

For Immediate Release

CARLISLE DEVELOPMENT GROUP

COMPLETES REDEVELOPMENT AND RENOVATION OF HISTORIC LAKE MIRROR TOWER

Grand Opening and Ribbon-Cutting Ceremony was held June 17

Lakeland, FL.--- June XX, 2005. Carlisle Development Group, LLC., a fully integrated real estate company, has completed the redevelopment and renovation of the historic Lake Mirror Tower, located at 130 South Massachusetts Avenue, Lakeland, into a Class A nine-story apartment building. With 76 units, the historic Florida landmark was formally the New Florida Hotel, built in 1926.

“Lake Mirror Tower is a catalyst for Lakeland’s downtown redevelopment,” said Lloyd J. Boggio, Founder, Principal and Chief Executive Officer of Carlisle Development Group, LLC. “We appreciate the support of the City of Lakeland and are pleased to be a part of their forward-thinking approach to Lakeland’s future.” According to Boggio, the development is currently more than 75 percent leased.

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Carlisle Development Group- Lake Mirror Tower

Designated a historic site, the Lake Mirror Tower is a fine example of local boom-time architecture grand in scale and designed in the Mediterranean Revival style. Construction originally began on the landmark site in 1926 and was completed in 1935. The

property is one of the three Lakeland ‘skyscrapers’ built in the 1920s and is also located on Lake Mirror, which has been the focal point of the City of Lakeland’s improvements in recent years. Prior to its recent vacancy, the property served as a residence hotel for senior citizens.

The redevelopment and historic renovation, with a total project cost of approximately $12.2 million, was a public/private partnership between Carlisle Development Group, the Lakeland Community Redevelopment Agency (CRA) and the City of Lakeland. It was also supported by the Lakeland Downtown Development Agency, (LDDA) and the Lakeland Historic Preservation Board. The apartment development has 76 apartment units consisting of 55- 1 bedroom/1bathroom units and 21- 2 bedrooms/2 bathrooms units. Amenities include a lap pool, state-of-the-art fitness center, recreation room and pool table, covered parking, and a rooftop sundeck.

Founded in 1998, Carlisle Development Group, LLC., is a fully integrated real estate company which has developed, leased and managed developments throughout Florida totaling over 6,000 residential units and more than half a billion dollars in total development costs. Carlisle Development Group is a well known corporate leader in Florida, most recently receiving South Florida Business Journal’s Business of the Year award for Real Estate Services. For more information, visit www.thecarlislegroup.com.

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About The Carlisle Group

Carlisle Development Group develops and manages affordable housing that strengthens families and communities. We know that a good home can help working families save for the future, give children a safe place to study and play, and improve the quality of life for our older citizens. We also know that for many families, access to high quality housing is only a dream. At Carlisle Development Group, we believe it is our mission to help communities find ways to make that dream a reality.

Source: Carlisle Development Group
2950 SW 27th Avenue
Suite 200
Coconut Grove, FL 33133