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June, 2006

Corriente Condominiums Update-Sales Begin Fall 2006

VIP UPDATE

Sophistication and inspiration will soon be within reach, with demolition finishing on the Holiday Inn Sunspree and construction of Corriente beginning.

For the last 6 weeks, construction crews have worked at a rapid pace to tear down the existing 200 room hotel and make way for excavation of Corriente's three underground parking garages.

This upscale community will offer 192 homes of rich distinction, an unparalleled location, full private amenities and the finest features of Scottsdale living. The eight three-story buildings will have single level homes ranging from 1000 to 1550 square feet in one-, two- and three-bedroom options. Sales for Corriente will begin in October of this year.

Tentative Timeline

Summer 2006-Work begins on underground parking garage

October 2006- Sales begin

End of 2006/Early 2007-Garages are finished; vertical construction begins

End of 2007-First closings/move-ins

Fall 2008- Community completion

All our VIP's will be informed when it is time to register for the sales drawing via your VIP Profile online. We will also send out detailed sales procedures, pricing and full collateral.

Any further information on sales procedures have not been determined yet.

This information was current at the time it was published.

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