GLENVIEW, IL, August 18, 1999 - At a Village board meeting Tuesday night, Glenview officials approved two more land sales for development of The Glen, formerly the Glenview Naval Air Station. Catellus Development Corporation will develop and market a 92-acre business park—Prairie Glen Corporate Campus—at The Glen; Concord Development Corporation, also known as Concord Homes, will build 143 single-family homes.

The former military base is being converted to a mixed-use community of homes in a unique environment, top-tier businesses, and first-class amenities such as golf courses, a new community center, a post office and a train station.

Prairie Glen Corporate Campus

San Francisco-based Catellus will purchase parcels 21, 22 and 23, which are situated in the northern part of The Glen, for $14.4 million. Parcel 21 comprises 15.5 acres; parcel 22 comprises 14.1 acres; and parcel 23 comprises 62.7 acres. In total, Catellus will purchase 92.3 acres of the 1,121-acre Glenview redevelopment site. Parcel 23 also includes a 31-acre prairie preserve that will not be sold, but will serve as the natural centerpiece of the campus.

“Catellus has a strong reputation for high-quality design throughout the country,” Glenview Village President Nancy Firfer said. “They have assembled a top-notch development team and are offering an excellent phased strategy for the land. We are confident that they will create an aesthetic, environmentally conscious, high-end development that will welcome workers and residents all year round.”

The Prairie Glen Corporate Campus will include speculative and build-to-suit office, light industrial, distribution, and research and development facilities. Groundbreaking for phase one of four will occur in early 2000 shortly after closing. According to Dan Marcus, director of development for Catellus in Chicago, the company’s goal will be to achieve full occupancy there by 2006.

“Catellus is extremely excited about the opportunity to partner with Glenview and its citizens for development of The Glen,” Marcus said. “We look forward to creating new jobs, a greater tax base, and increased opportunity in an environmentally friendly, high-quality corporate park setting.”

ADD ONE—The Glen/Catellus/Concord

To celebrate and encourage appreciation of the prairie preserve’s natural beauty, native plant species and wildlife habitats, Catellus will sponsor the Village’s construction of a Visitors Center with walking trails and bike paths within Prairie Glen. In addition, the Village and Catellus will create a charitable donation program to support the prairie preserve. Catellus also proposes a landscape theme of prairie grasses and wildflowers throughout Prairie Glen for year-round aesthetics.

According to Firfer, another factor in selecting Catellus was its experience with base redevelopment projects. Catellus is the master developer of the former Alameda Naval Air Station, a $28-million, 143-acre business and residential park development in Alameda, Calif.

Residential development

Palatine, Ill.-based Concord Homes will purchase parcel 1, located in the southeast portion of the former air base, for $20.6 million. Parcel 1 comprises 55.3 acres.

Concord will build 143 single-family traditional-style homes, ranging in size from 2,220 square feet to 4,000 square feet. Projected base home prices will range from $457,000 to $606,000. Closing on the land is estimated for December 1999. The construction start date is expected sometime during March 2000.

“Concord has produced superb architecture and site planning for homes at The Glen,” Firfer said. “These homes will reflect our community’s character, design and development standards, and will add a new dimension to the other residential developments being created within The Glen.”

Concord selected Bloodgood Sharp Buster Architects and Planners for residential architectural design and land planning; Pugsley & Lahaie for landscape architecture; Cowhey, Gudmundson and Leder for engineering design; and Leibson McGrath Inc. for advertising.

“We are excited to be involved with The Glen,” said Roger K. Mankedick, executive vice president of sales and marketing for Concord Homes. “Playing a part in a development like this is perhaps a once-in-a-lifetime opportunity. We’re very enthusiastic, and look forward to building beautiful homes that match the vision of this community, as well as all of Glenview.”

Other land sales/construction activity at The Glen

Deals with Catellus and Concord mark the Village’s fifth and sixth land sales in six months. The first was to Kimball Hill Homes for 168 single-family homes; the second was to Classic Residence by Hyatt for an upscale retirement community; the third was to Edward R. James Partners and Kemper Sports Management for a traditional neighborhood of 299 single-family and 62 multi-family homes bordering a championship-quality 18-hole golf course; and the fourth was to Dominick’s to build and anchor a retail center.

ADD TWO—The Glen/Catellus/Concord

In addition, the Glenview Park District broke ground last month at The Glen for a 164,000-square-foot, state-of-the-art community center. The Village will announce more land sales throughout the year.

About Catellus

Catellus Development Corporation (NYSE: CDX) is a diversified real estate development company which develops, manages and invests in real estate properties nationwide. Catellus' portfolio has more than 21 million square feet of buildings, four million square feet of buildings under construction, 14,000 acres of land leases, interests in a variety of joint ventures, and 732,000 acres of land. With development expertise in industrial, commercial, residential and large-scale mixed-use projects, as well as specialized expertise in the management of railroad and utility of right-of-way properties, Catellus has been active over the past year in build-to-suit and build-to-sell projects for such clients as Lucent Technologies, The Gillette Company, Anixter International, Pepsi Food Services, Home Depot, Office Depot, Longs Drugs, Dunlop Tire and Fritz Companies.

About Concord Development Corporation/Concord Homes

Concord Development Corporation is a privately held company founded in 1992. Concord’s senior management team, headed by Chairman Ronald Benach and President/CEO Wayne Morretti, has more than 80 years of combined development experience, building and selling 20,000 homes, the majority in the Chicago area. In 1998, Concord closed on more than $150 million in home sales. Concord Homes is the largest homebuilder in the Chicago area and is currently building 15 new home communities throughout the city and suburbs. For more than 35 years, the principals of Concord Homes have been providing quality, reasonably priced homes to thousands of homeowners all over northern Illinois. Concord Homes was named 1998 Builder of the Year by the Chicago Sun-Times.

About The Glen

Located in the heart of Chicago’s North Shore, The Glen is the former 1,121-acre Glenview Naval Air Station and is being developed by the Village of Glenview. The Glen will include single family, multi-family and senior housing; retail, entertainment and sports amenities; a first-class business park; a new Metra train station and post office, and more. In addition, the Village constructed a 45-acre lake in the heart of what will be a 140-acre Great Park.

The Glen is considered one of the most attractively located infill parcels in the Midwest. Because it represents 15 percent of the Village’s land area, Glenview leaders felt it was important for the Village to serve as master developer to be able to direct the fate of the base and the surrounding community. The Village is advised by Mesirow Stein Real Estate, Inc. The Glen is the largest redevelopment project in Illinois.