PHOENIX (November 16, 2000) - The Pivotal Simon Group, in collaboration with homebuilder GHE & Associates, Inc., today announced plans to develop Esplanade Place, a 12-story, 56-home luxury condominium high-rise situated within the renowned Camelback Esplanade.

"This development will offer an unparalleled cosmopolitan lifestyle for residents who want to enjoy the dynamic Esplanade area," said Francis Najafi, CEO of Pivotal Group. "The experience and reputation of GHE's principal, Geoffrey H. Edmunds, coupled with a cutting edge design and close proximity to the area's many restaurants and amenities, will make Esplanade Place the definitive standard for luxury urban living in Phoenix."

Located in the heart of Phoenix's prestigious Camelback Corridor on Esplanade Lane at the southeast corner of Camelback and 24th Street, Esplanade Place will be adjacent to the Ritz Carlton Hotel and within walking distance of the Biltmore Fashion Park. The site's centralized location also will provide ready access to business and recreational amenities throughout the Valley via the Squaw Peak Freeway.

Ground breaking for Esplanade Place is expected in spring 2001 with completion and move-in anticipated for fall 2002. Homes will be available for sale after the first of the year. Esplanade Place will have homes ranging from 2,400 to 4,250 square feet, with prices projected from $550,000 to $2.5 million. Designed with an intimate yet spacious layout, only four to five homes will be developed on each floor.

Crafted with an innovative mix of granite and other natural stones, Esplanade Place will have several floor plans to choose from. In addition to the finest home products and finishes available, homes will include great rooms, media centers, studies and balconies to enjoy city and mountain views.

The first floor of Esplanade Place will feature a concierge and doorman-staffed lobby; state-of-the-art fitness center; distinguished clubroom; full service business center; and a 12-foot water feature. A secured, access-controlled underground parking structure will offer direct, car-to-residence elevator service.

On floors two through nine, the residences range from 2,400 to 3,550 square feet, while floors 10, 11, 12 and the penthouse will have residences ranging from 3,075 to 4,250 square feet. A rooftop spa, sundeck and negative edge pool will complete the luxury high-rise.

Esplanade Place will provide residents with numerous hotel-style amenities, including valet parking, concierge, mail, maintenance, business support and laundry/dry cleaning services.

"Esplanade Place represents the epitome of luxury high-rise living in the Valley," said
Geoffrey H. Edmunds. "Its exclusivity and services will make this project the ultimate in luxury high rise living."

Phoenix-based Cornoyer-Hedrick is the architect for Esplanade Place. McCarthy Building Companies is the general contractor.

Pivotal Group is an institutionally based diversified real estate investment and development firm widely recognized for its ability to create high-quality residential and business environments. Earlier this year, Pivotal Group purchased 650 California Street, a nearly 500,000-square-foot, 33-story Class A landmark office building in San Francisco.

In recent years, Pivotal's notable acquisition and development activities include Ritz-Carlton Phoenix; Camelback Esplanade in Phoenix; WestWing Mountain, a 1,300-acre master planned community in northwest Phoenix; the landmark Century Plaza Hotel and St. Regis Hotel in Los Angeles; Promontory, a $500 million, 6,000-acre master planned resort community in Summit County, Utah; Red Mountain Spa, a luxury spa resort near St. George, Utah; and a variety of other real estate assets located throughout the western United States.

The Pivotal Simon Group is a partnership between Phoenix-based Pivotal Group and Los Angeles-based William E. Simon & Sons Realty.

For more information about Pivotal Private Equity, visit www.pivotalgroup.com