The Residences at The Ritz-Carlton Crowns Philadelphia's Residential Renaissance

New $250 million, 44-story contemporary masterpiece offers five-star hotel amenities; a $12 million

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. October 14, 2008

PHILADELPHIA, PA, August 1, 2005. The Arden Group, Inc. today unveiled the most expensive and opulent residential condominium building ever built in the City of Philadelphia. The Residences at The Ritz-Carlton will transform the former site of the Meridian Plaza Building into Philadelphia's premier residential address and combine five-star hotel amenities with carefree condominium living.

When complete in spring 2008, The Residences at The Ritz-Carlton will be the tallest residential building in Philadelphia, and will cost an estimated $250 million to construct. It will share an array of five-star amenities with the adjacent Ritz-Carlton, Philadelphia hotel, including unlimited car service, a 24-hour doorman and concierge, lavish Ritz-Carlton lounges, health and fitness facilities, spa, pet walking service, babysitting, housekeeping and, of course, the legendary Ritz-Carlton in-room dining. Forty four stories tall and looking out at William Penn atop City Hall, the building will be a contemporary masterpiece, consisting of 17 acres of floor-to-ceiling glass curtain-wall construction. A contemporary rectangular section will anchor its western flank, while a dramatic crystal spire will lift its eastern profile.

"The Residences at The Ritz-Carlton sits at the epicenter of Philadelphia's political, economic and cultural life," says Craig A. Spencer, president and CEO of The Arden Group, Inc. "Our location is the center of Center City, the very heart of Philadelphia as designed by William Penn himself. Every street, every neighborhood in Philadelphia radiates from this location. The building anchors Philadelphia's great cultural renaissance, and opens onto the Avenue of the Arts. The Kimmel Center, Restaurant Row, The Philadelphia Art Museum and Center City's top retailers lie within walking distance. Dilworth Plaza sits directly to the north."

Collectively, The Arden Group and its partners in this project, Gencom Group and Colgate Development, have been involved in the development of eight Ritz-Carlton projects, seven of which feature major residential components. Among them: The Ritz-Carlton, Philadelphia; The Residences at The Ritz-Carlton Towers, Boston Common; The Residences at The Ritz-Carlton, Washington, D.C.; The Ritz-Carlton Hotel and Residences, New York, Battery Park; The Ritz-Carlton, New York, Central Park; The Ritz-Carlton Resort at Bachelor's Gulch in Vail, Colorado; and The Ritz-Carlton, Key Biscayne, in Miami, Florida.

"The time is now right for this project here in Philadelphia," says Karim Alibhai, founder and principal of Gencom Group. "In this the first decade of the new Millennium, the vitality of Center City and the resurgence of our cultural and arts community have created a powerful draw for affluent Americans. The new building will stand as the crowning achievement of Center City's residential transformation and will forever memorialize Philadelphia, in this place at this time."

City officials are equally excited about the prospects of the new condominium tower. "The Residence at The Ritz-Carlton will make a wonderful addition to the Philadelphia skyline, anchoring the Avenue of the Arts and further energizing Center City," says Philadelphia City Councilman Darrell Clarke. "Craig Spencer and his development team have done a marvelous job of reaching out to the community, listening to their input and incorporating a number of their ideas into a magnificent final design."

The building, which enjoys zoning approvals without the need for variances, will stand just short of William Penn's hat and will respect important view corridors of City Hall. The new condominium is designed by internationally acclaimed Handel Architects, LLP of New York City, the design architect for the World Trade Center Memorial to be built at Ground Zero. The firm has completed over 12 million square feet of new and renovated mixed-use residential projects in cities throughout the United States.

"The Residences at The Ritz-Carlton stands as a symbol for the great resurgence of American cities," says Gary Handel, principal of Handel Architects. "Once tied to their industrial base, cities today must rely on their cultural foundation and vitality to attract wealth and residents. Philadelphia's tremendous investment in the arts, as well as its traditional historical and cultural assets allow us to create a residential building that will serve as an icon for the city for generations to come."

The Residences at The Ritz-Carlton will offer one, two and three bedroom condominiums at pre-construction prices starting at $450,000. Penthouses at the top of the building will include the most expensive condominium ever sold in Philadelphia: a palatial 10,000 sq. ft., $12 million penthouse will sit at the top of the structure's crystal spiral, offering dramatic 25 ft. ceilings and an 800 sq. ft. terrace that overlooks one of America's greatest cities.

The building will also feature Girard Park, a new park and private garden, at street level. The dramatic garden will offer residents a gated, contemplative green space that includes a 12 ft. water feature. The lower portion of the park will be open to the public for pet walking and people watching.

Indoors, residents will enjoy 8,000 sq. ft of Ritz-Carlton lounges and other recreational space including a fitness center, spa and a 60 ft. swimming

pool.

Ground breaking for the new building is set for Fall 2005. Financing for the project has been arranged through Lehman Brothers.