HollyHills Development Unveils Vision for Eastside Redevelopment

Development Company Presents Vision for Creation of an Urban, Living, Sports & Entertainment District

San Antonio, TX. HollyHills Chairman of the Board Daniel Bailey today unveiled the plans his company has been working on for nearly 12 months to revitalize San Antonio’s Eastside. His vision calls for the creation of a new urban entertainment lifestyle district and community combined of residential, retail, commercial, sports and entertainment – a true live, work and play community; the new San Antonio experience.

HollyHills believes that the creation of this revitalized Urban, Living, Sports and Entertainment District will create thousands of new jobs; spur economic development around the surrounding area and would serve to elevate the community to a new and expanded social and economic level. Further, HollyHills is confident that this District would serve as a model for the rest of the country to emulate.

With the anchor being the World Champion San Antonio Spurs at the SBC Center, Bailey outlined a vision that could one day include pro football, pro baseball, an Indy or NASCAR-styled race track, a rodeo-styled center that would enhance the San Antonio Stock Show and Rodeo, resort hotels, vacation shares and resort golf course, with major retail and commercial development throughout the district.

“Today I’m proud to present a vision our company has. A vision that we believe will raise San Antonio to a new level in the eyes of a major urban entertainment district including major sports and entertainment. After a year of focused work, we present today a Vision that we believe will set San Antonio on a new course,” Bailey stated.

HollyHills Development President and CEO Joseph Heitzler said that he would begin aggressively pursuing venture capitalist dollars on Wall Street and meetings outside the country with international investors would follow.

“This vision is not going to be funded overnight. While the majority of dollars necessary to make this vision a reality will come from the private sector, at the appropriate time, the public sector, City and County, and potentially the State, will be asked to become involved. In our meetings with Mayor Phil Hardberger and County Judge Wolff, HollyHills has pledged that we will do the work necessary to ensure that the bulk of the dollars to make this vision a reality will flow from the private sector,” Heitzler stated.

On Monday, HollyHills reached an agreement with prominent local San Antonio businessman Bill Tidwell to purchase the historic Red Berry Mansion and its adjacent 83 acres, along with a 166,000 square-foot industrial building and the adjacent seven-and-a-half acres that Tidwell owned. All of this property will be rolled into the overall vision and plan.

“Today is the first day that we publicly present our Company’s vision. In the weeks and months ahead, we will be having many conversations with who we believe to be major stakeholders in the area. Not only City and County leaders, but with the neighbors, businesses, churches and civic leaders who comprise this Eastside area. We are looking to all the stakeholders to work with us in creating a plan all of San Antonio and Bexar County can embrace. Then, the heavy lifting of securing the financing to make this vision a reality will get underway,” Bailey added.

Bailey and Heitzler were joined at the press conference by Los Angeles-based EDAW Principal Ken Ryan who presented an overview of what the HollyHills vision could one day look like and be comprised of.

Bailey’s wife Marlene Bailey who serves as Vice Chairman of HollyHills Development who is involved in all of HollyHills on-going developments in California and Texas was also present.

In San Antonio, HollyHills currently owns and is developing 522 acres called South Port, located directly across from the new San Antonio Toyota Manufacturing Plant. HollyHills also purchased and is developing 1,300 acres of land out at Briggs Ranch. In January 2005, HollyHills closed on the downtown Villita Professional Building that they plan to convert into a 16-story retail, condo and vacation share development on San Antonio’s historic Riverwalk. In September 2005, HollyHills closed on its purchase of two top floors of the downtown Broadway Bank Building. The two floors, totaling approximately 18,000 square-feet, will serve as HollyHills corporate headquarters for Texas.

Release Date: 11/22/2005

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