FOR IMMEDIATE RELEASE
APRIL 8, 2003

Colt Gateway Signs First Commercial Tenant
CREC leases 50,000 square foot building for offices, school

HARTFORD, CONN. – Homes for America Holdings, Inc. (HFAH) takes a giant step forward today in its vision for the Colt Gateway with the announcement it has a tenant for approximately 25 percent of its commercial space. The announcement comes just weeks after HFAH purchased the historic Colt property and unveiled its master plan for redeveloping the historic site and its vision for connecting the site to the city, its riverfront and the surrounding areas.

Capitol Region Education Council (CREC), a regional educational service center created to improve the quality of public education, signed a lease on the L-shaped building at the corner of Huyshoppe Avenue and Sequassen Street. CREC will house several of its programs there in September.

The announcement is perceived by many Hartford business leaders as validation the Colt Gateway complex will be a strong contributor to the revitalization of downtown.

“This is a significant lease that indicates people are committed to Homes for America Holdings’ vision for the Colt property,” said Harry Freeman, executive director, Hartford Economic Development Commission. “There is growing excitement in Hartford and this is another sign of progress in the city.”

The two-story, L-shaped, commercial building includes 48,320 square feet of space. The first floor will be home to a satellite branch of CREC’s River Street School, a special education program based in Windsor. The second floor will contain offices, conference rooms, computer rooms, and a data center. CREC also has reached out to Charter Oak neighborhood organizations such as CSS/CON, CREN, Co-Opportunity and Hartford 2000 who may want to share space to reduce costs.

CREC Executive Director Bruce Douglas said this building suited his organization’s needs well. “We’ve been looking for some time for a site like this and we’re delighted to find the perfect space right here in our own neighborhood,” he said. “The Colt folks have gone out of their way to accommodate all our needs, including a playground, good parking, security and a bus turnaround.”

“We’re very excited about having such a community-minded organization as our first tenant,” said Robert Kohn, Homes for America Holdings’ chief operating officer. “We are confident CREC will continue to be a good neighbor to our residential tenants and the other businesses that choose to locate here.”

CREC’s administrative headquarters will remain nearby at 111 Charter Oak Ave.

In January, Homes for America Holdings purchased the Colt complex and unveiled its master plan for redeveloping the 17-acre historic site and its vision for connecting the site to the city, its riverfront and the surrounding areas. The plans capitalize on the ingenuity behind the original design, provide a strong mix of residential and commercial space and present an opportunity for Hartford to develop an historic destination with national appeal.

HFAH’s master plan for Colt Gateway includes approximately 70 percent residential and 30 percent commercial uses.

The design’s highlights include

• apartments
• commercial office space
• Café restaurant and parking garage
• Colt museum in the East Armory, the saw tooth building or other appropriate space
• Space for two other museums
• Green park space

Homes for America Holdings commenced work immediately after completing the purchase and is scheduled to begin environmental remediation in early spring. Construction should begin in the summer, and will initially be focused on CREC’s L-shaped building and the South Armory, which will be transformed into residential lofts and two- and three-bedroom apartments.

The Colt site is historically significant to Hartford and to New England. It was here in the 1800s that Samuel and Elizabeth Colt created the firearms factory that was a catalyst for a technological revolution with Hartford at its center. It was a critical cog in America's development and showcased innovation at its best and most profitable. And while the factory itself and the precision equipment within it was well ahead of its time, Colt also was touted as a captain of industry who recognized the value of treating his employees better than the competition.

About CREC
CREC is a non-profit, regional educational service center serving 35 Greater Hartford, CT public school districts. It was founded in 1966 by local school districts working together to solve common problems. Today, CREC administers more than 100 programs and services spanning the entire educational spectrum with the same goal in mind.

About Homes for America Holdings
Homes for America Holdings, founded in 1996 by Kohn and Robert MacFarlane, is a real estate development and rehabilitation company specializing in purchasing and renovating properties. The company prides itself in creating value for shareholders, giving life to neighborhoods and cities, and helping people live better lives.

Contact:
Deborah P. MacDonnell
Sullivan & LeShane Public Relations
(860) 560-0001
cell: (860) 214-1631

Robert Kohn
Homes for America Holdings
(860) 522-5000