November 21st

Status Summary

As of November 21, 2003

Design & Permitting

Richard Lis with Ivey, Harris & Walls, our civil engineers, and Ron Campbell, from our Marketing Team attended the Seminole County Development Review Committee Hearing on Wednesday, November 19^th. All items will be completed for resubmission prior to Thanksgiving except the threatened and endangered specie survey and the site lighting plan. Neither of these was previously requested by the county. These two items will be complete no later than December 3, 2003. All issues that were addressed by the county staff have been resolved to our satisfaction.

Fugleberg Koch our Architect is proceeding with the construction drawings on the buildings. The design development drawings on the 1-story building will be completed for review prior to Thanksgiving. The 2-story building design development drawings will be completed the following week. The complete construction drawings should be complete prior to the end of the year.

C onstruction

We have held off on sending out drawings for bids until we have the complete design development drawings and the changes to the site drawings are completed. Currently, we are anticipating the we will solicit bids from various General Contractors, Brassfield & Gorie, Center Construction and Tower Group.

Marketing & Promotion

	The tri-fold brochures were delivered to the post office on Thursday, November 13^th. It seems the first deliveries were Monday, November 17^th. We have received approximately 20 calls and one walk-in this week as a result of the brochures.
	We signed an advertising agreement with “Lake Mary Life”, a local magazine with circulation to10,500 homes and 1,000 offices in the Lake Mary area. The magazine is published bi-monthly and our first ½ page full color ad will appear in the January/February issue. We will finalize the layout and artwork next week. The magazine will also do a feature article on the project in the March/April issue.
	We also have a ½ page full color ad going in the Seminole County/Lake Mary Regional Chamber of Commerce Annual Directory. The layout and artwork for this piece is due on or before December 1^st. This directory is mailed to all chamber members and also to everyone making inquiries to the Chamber throughout the year. Lake Mary Professional Campus is also highlighted in the directory as a “Silver Corporate Member”.
	We are in contact with “Florida Investor” magazine with a circulation of 22,000. They are writing a feature article on the project to be in their next issue.
	We had lunch on Friday with Chris Hurn, the CEO of Mercantile Commercial Capital. They have a dominant position in the Orlando market for providing SBA 504 program loans. They can qualify our prospects in as little as 24 hours when necessary. We have worked out a joint marketing strategy and they will highlight Lake Mary Professional Campus in the promotional literature, including an 8 ½ x 11” two-sided color insert at their expense.

Sales Presentations (week of November 17^th)

Acupuncture & Herbs Zhu Hongjie 1,310 sf

Currently leases 1,100 sf - $1,200/mo in Class C building. Even with the low rental rate the analysis shows a significant benefit to ownership. Financing could be questionable.

Avatar International Inc. Michael Everett, CEO 15,228 sf

Currently leases. The company provides numerous services to hospitals throughout the southeast. Several design issues were discussed to accommodate their operation. They receive paper and forms approximately 10 times per year by tractor trailer. They receive on pallets and access for pallets was discussed. We have discussed several ways to accommodate this requirement with the architects and engineers. It does not appear to be a problem. We can utilize two 3’0” x 8’0” 8-panel steel doors without a center post on the rear of Building 1. The site configuration will allow access of a tractor-trailer for unloading without interfering with the flow of traffic through the parking lot. Numerous other questions relating to code requirements were also answered. This is a very viable prospect. They are looking for 15,000 sf and our 2-story building seems to fit that requirement.

Alta Dental Group Leonides Sandoval, DDS 2,000 sf

Currently owns his building in Altamonte Springs. He is looking to sell his building and downsize his practice. He is currently building a new home in Lake Mary and likes our location. He is a prospect that we will continue to work with.

Micromint Frank Cerasoli 2,000 sf

Currently owns his building. Tire kicker!

Corporate Investment International Sandra Norberg (wife of owner & broker) 3,000 sf

Currently leases approximately 2,000 sf. They have outgrown the space. The lease expires 3/31/04 which may be a problem. They are a prospect that we will continue to work with.

Prospecting (week of November 17^th)

Professional office buildings located between 765 and 820 Douglas Ave. in Altamonte Springs were canvassed. Tri-fold brochures were distributed. This resulted in the presentation to Alta Dental Group.