CONRAD PROPERTIES CORP. SUBMITS PLAN FOR FUTURE PHASES AT SUMMIT IN CREVE COEUR

CREVE COEUR, MO. - Developer Conrad Properties Corp. has announced the next phase of Summit will offer a mix of one- and two-bedroom condominiums. The development is located on a four-acre site between Emerson Road and Decker Lane.

“We are thrilled to introduce a new product that complements the loft homes of Phase I,” said Mike James, chief development officer for Conrad. “We are combining the best features of loft design- lots of natural light, high ceilings, open living area - with more efficient spaces where ductwork will be hidden and bedrooms will be enclosed.”

James said an increase in the number of units planned for the site, plus space-use efficiencies afforded by re-configured building floor plates, will enable Conrad to lower the base entry point for Phase II to a projected $200,000. Phase I units were base-priced from $278,000.

The Summit tract was granted conditional use permits in 1999 qualifying it to host up to 227 units in seven-story buildings. Its requested repositioning of the site plan would result in the creation of 172 units in four buildings (including 28 condominiums already built). Phase II, a new four-story building with 24 units, will rise on the north side of the property and border Emerson Road. Phase III/IV will include two, L-shaped five-story buildings with 60 units each. They are destined for Summit's east boundary at Decker Lane.

Condominiums will range in size from 1,000 to 1,700 square feet. Each will have a balcony or patio and up to two reserved parking spaces - the majority situated in a 269-space underground garage. Units will feature 10-foot ceiling heights; large, operable windows; high speed Internet access; and pre-wiring for DSS, cable TV and HDTV.

“The architectural style established in our first building will be carried through the entire development plan, save for minor modifications,” said James. “When Summit is complete with its extensive landscaping and courtyard amenities, it will have the trademark look of an upscale residential community developed by Conrad Properties.”

Conrad has already opened an elaborate resident center at Summit that includes a fitness/weight training room, an events room with caterer's kitchen and a heated, outdoor pool.

James said pre-sales for Phase II will begin this spring, with construction set to commence early this fall. Initial units are projected to be ready for occupancy in summer 2005.