Aronov News

NEW COMMUNITY SHOPPING CENTER PLANNED FOR ALABASTER

Release Date: January 23, 2002

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, announced recently that it will develop an exciting new shopping center located on the east side of Highway 119, between Kent Dairy & Fulton Springs Roads in Alabaster.

The community-oriented shopping will feature a 45,000 square foot supermarket with pharmacy plus other convenience retailing, food services, and personal and professional services from another 25,000 square feet of shop space. Construction on the project is scheduled to begin in the fall of 2002 with completion by fall 2003.

"This shopping center will bring a major supermarket chain that will be new to the area," stated John Argo, the Developer of the shopping center for Aronov. "In addition, the center will provide other exciting new shops and services to the growing Alabaster community and surrounding areas," he continued.

Outparcels adjoining the shopping center site will feature conveniences such as sitdown and quick-service restaurants, banks, video/music store, and other convenience-type retailing.

"With the widening of Highway 119, this exciting new shopping center will be the beginning of an entirely new retail corridor for the residents of Alabaster," stated Cam Ward, Director of Economic Development with the City of Alabaster. "The rapid residential growth in Alabaster has long needed the commercial growth to support it, and this retail center will open up Highway 119 to other new development and the beginning of meeting the needs of our growing community," he continued. Aronov will develop, lease and manage the center. When completed, the shopping center will employ more than 335 people. An estimated annual economic impact exceeds $66 million after accounting for the multiplier effect of sales and payroll generated by the new center. Aronov is the largest privately-owned, fully-diversified real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties. Leasing inquiries may be made to Craig Waters at Aronov at 334-277-1000 or craig.waters@aronov.com.

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