April 19, 2005

TEMPE, Ariz. (April 19, 2005) – Two penthouses at Edgewater at Hayden Ferry Lakeside, the first luxury condominium community on the shores of Tempe Town Lake, were sold for more than $4 million. Only two condos remain for sale at the 8-story, 40-unit condominium tower located in the Hayden Ferry Lakeside mixed-use development at the northeast corner of Mill Avenue and Rio Salado Parkway.

Edgewater at Hayden Ferry Lakeside, which broke ground December 2004, is the first of four residential condominium towers at Hayden Ferry Lakeside. Each tower will have its own name and identity. Condo units range in size from 1,136 to 3,166 square feet and are priced at $390,000 to $2.15 million.

“Obviously, there is a great demand for this type of urban lifestyle based on our sales at Edgewater,” said Bob Normile, sales manager for the condos. “I believe our success is based on the unique location of our communities – on the shores of Tempe Town Lake – and near the amenities of Mill Avenue and Arizona State University, and its access to Phoenix Sky Harbor Airport.”

“At a recent event for home owners and prospective home owners, four condos totaling more than $6 million were sold in one evening,” said Jennifer Brillowsky, marketing manager for SunCor Development Company.

Lakeside Residential Communities, L.L.C., a wholly owned subsidiary of Tempe-based SunCor Development Company, is the developer of Edgewater at Hayden Ferry Lakeside. Callison Architecture based in Seattle, in association with Hancock Bruckner Eng + Wright of Vancouver, BC, is the architect. Residential Constructors, L.L.C., a wholly owned subsidiary of McCarthy Building Companies in Tempe, Arizona, is the contractor.

For more information about Edgewater at Hayden Ferry Lakeside, call (480) 966-5253 or visit www.haydenferrylakeside.com.

Breaking ground in the fall of 2005 is the second condominium tower, Bridgeview at Hayden Ferry Lakeside. Reservations for units will be taken in June or July. Bridgeview will be a 12-story, 104-unit tower that will be completed in 2007. The units will range in size from 1,100 to more than 5,000 square feet and will be priced from the high $300,000 to $4.7 million.

Hayden Ferry Lakeside is the first mixed-use development to break ground on the banks of Tempe Town Lake. In addition to the four residential condominium towers containing a total of 350 units, the 17-acre project will include 923,000 square feet of Class A office, retail and restaurant space, and a planned full-service hotel. A freestanding parking garage also will be part of the development.

SunCor Development Company, a subsidiary of Pinnacle West Capital Corporation, develops and manages office, retail, golf and residential properties in Arizona, Idaho, New Mexico and Utah.

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