Major Milestones Reached at Westdale

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For Immediate Release For More Information Contact: Tuesday, August 12, 2015 Lisa Rowe | [email protected] | 319.396.0740 PROGRESS AT WESTDALE Construction Milestones; Opening of Chick-fil-A, US Bank and Edgewood Partners Scheduled CEDAR RAPIDS, Iowa –Frew Development Group, LLC (“FDG”) is pleased to announce it has met major milestones in its repositioning of the former Westdale Mall in Cedar Rapids, Iowa. “By the end of July, our design and construction team delivered 15 of the 28 development pads, and the remaining pads will be available by the end of this year,” said Lisa Rowe, Vice President of Retail and Westdale General Manager. “During the last three years we focused on acquisition, tenant relocation, mall closure, hazardous materials abatement, demolition and reconstruction of essential infrastructure. Now we are focused on delivering buildings for new and existing tenants. Today’s grand opening of Chick-fil-A represents the beginning of the future for Westdale.” Major Milestones include: § Completion of Demolition: the recent removal of the former Tire, Battery and Accessory portion of the JCPenney building concludes the demolition phase of the project. o Crews have demolished approximately 564,000sf of the 900,000sf mall structure. o Approximately 67% of demolition debris has been recycled. § Paving: 75% of the new one-mile long ring road around the interior of the property has been completed. § Underground Utilities. 75% of underground utilities have been replaced. § New Primary Entrances Completed and Open. o A new primary entrance at Edgewood Road, including a new traffic signal. o Williams Boulevard Entrance. § New Parking. The first renovated parking field west of the JC Penney building is now open to shoppers. § Renovation to remaining buildings. o JCPenney Building. Renovation of the west side of the JCPenney building is complete. The north and south sides will be completed by October 15, 2015. o Younkers Building. The side of the building exposed by demolition of the mall will be faced with brick and vestibule to match the other sides. o Former Von Maur Building. This building will have its own unique and exciting look, both inside and out. § Opening of first new buildings. o Chick-fil-A Grand Opening (August 12, 2015) o US Bank Grand Opening (September 14, 2015) o First new multi-tenant building (scheduled for October 1, 2015) The repositioning of Westdale will transition the 72-acre property into a unique and vibrant mixed-use development, including retail, commercial, office, entertainment and green spaces, all intended to stabilize and revitalize the site and serve as an asset to the community. About FDG: Frew Development Group, LLC is a private real estate development company based in Denver, Colorado. FDG acquired the former Westdale Mall on January 1, 2013, which is managed and operated by Westdale CR Ventures #1, LLC, a subsidiary of Frew Development Group. For more information, visit www.frewdevelopment.com or www.westdalecr.com ### 2811 WILEY BLVD., SW, SUITE KCEDAR RAPIDS, IOWA 52404 | 319.739.4040 .

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