The Las Catalinas of the future.

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1 February 10, 2010 The Las Catalinas of the future. Las Catalinas is 1,200 acres of spectacular seaside land located in Guanacaste, Costa Rica. We are developing a resort town on a portion of this land and we intend to make this one of the most beautiful and delightful places ever built. It will consist of a mixture of private homes, resort lodging, commercial establishments, civic buildings, and recreational facilities. These elements will be arranged in a way that creates a series of wonderful public places, and Las Catalinas will be an exceptionally wonderful place in which to walk. The town will be surrounded by a large undeveloped area where we will actively manage the regeneration of a full-fledged tropical dry forest. The experience in Las Catalinas will be one of a delightful, lively, walkable town surrounded by spectacular nature both on land and at sea.

2 The Las Catalinas of the present. LAND DESCRIPTION Las Catalinas is located eighteen miles from the Liberia airport, twenty-two miles on the road. As the crow flies it is three miles to Flamingo Beach, twelve miles to the Four Seasons Resort on the Papagayo Peninsula, six miles to the four-star Reserva Conchal resort, and thirteen miles to the town of Tamarindo. Our location is ideal, with excellent proximity to the airport and the other attractions of the region, but also a very pristine, unspoiled environment on the undeveloped Zapotal Peninsula. We are cooperating with the other landowners in the Zapotal Valley Authority, of which there are only a few, to create an entire region of several thousand acres with upgraded infrastructure, security, preserved nature, and high development standards. 2

3 The Gold Coast area from Papagayo in the north to Tamarindo in the south, featuring Las Catalinas right in the center. Las Catalinas has substantial hills, ranging up to 220 meters above sea level. The total coastline length is about 2.3 miles. The property either contains or is adjacent to 5 beaches. Starting from the north, Las Catalinas wraps most of the way around a 110-acre parcel on Playa Guachipelin, also known as Playa Carmel, where a Rosewood Hotel has been planned (but currently the project is stalled). Moving south, Playa Dantita and Playa Danta are both completely contained within our property. And farther south, we wrap behind two more beautiful beaches, Playa Pan de Azucar (where the Hotel Sugar Beach is located) and Playa Prieta. These beaches are somewhat protected from the full brunt of wave action, but still have waves frequently of good size for body surfing. There is excellent snorkeling to be had in several sheltered areas. And this portion of the coast is ideal for sea kayaking and sailing. In addition to the beaches we have dramatic rocky headland areas including Punta Penca, the ridge between Playas Danta and Dantita, and Punta Guachipelines. 3

4 DEVELOPMENT PLANS We purchased the property in August of Our initial phase of building began in the fall of We plan to create and operate a seaside resort town at Las Catalinas, to make it one of the most beautiful and delightful places ever built, and to provide a superlative experience for the people who live there be that fulltime or for just one night. Las Catalinas will consist of: A primary beach town neighborhood on Playa Danta A secondary beach town neighborhood and primary hotel site on Playa Dantita Associated hilltown neighborhoods on Punta Guachipelines, Las Cruces, Windy Peak, and McHenry Peak. Residential development in the Southern Highlands, a beautiful area at the southern end of Las Catalinas with breathtaking ocean views. Over 1,000 acres of beautiful natural areas with an extensive trail system. In Las Catalinas there will be a great emphasis on walkability, a rich and beautiful public realm, and the joy of getting around under your own power. Many areas of the beach town and hilltowns will be car-free. Our development will be compact, and utilize only about 18% of the land. Maximum building height will be four stories. Las Catalinas will be extremely environmentally friendly in terms of energy and resource efficiency; water usage, water treatment, and storm water control, and enhancement of wildlife habitat. Overlooking the Las Catalinas town area. 4

5 Las Catalinas Master Plan. 5

6 INSPIRATIONS Some of the places where we see inspiration and good examples for what we want to accomplish are: The new urbanist beach resort towns of Seaside and Rosemary Beach in Florida - The lessons for Las Catalinas from Seaside and Rosemary Beach are primarily ones of development programming. Our architecture will not look anything like Seaside or Rosemary. And in some ways our planning won t have much in common either we will not have the relatively standard geometrical lot and block patterns they have. But, from the point of view of creating, from scratch, a beachside resort town with an engaging walking environment and a rich public realm, they are good models. Western Green and a portion of Main Street in Rosemary Beach, Florida. 6

7 The hilltowns and seaside towns of the Mediterranean From a physical planning perspective, these are our primary models. We feel that the hilltowns of the Mediterranean are some of the most magical places ever built. Like them, Las Catalinas will feature relatively narrow pedestrian streets, intriguing passageways, and a rich variety of public spaces. The great views that our land provides are paramount in our planning - even more so than it was in most Mediterranean precedents. But the architecture of Las Catalinas will be substantially different than what one finds in these places, as it will be adapted to our climate and to our residents strong desire for outdoor living. Some of the places where we have found particular inspiration include: Ronda, Spain; Eze, France; Cap Ferrat, France; The Cinque Terre, Italy; The Amalfi Coast, Italy; and Santorini, Greece. This photo from Ronda, Spain captures many of the elements of Las Catalinas design - the side yard garden enabling the view out, the garden wall with grand door, the building gracefully engaging the narrow street and facing a garden rather than another building. 7

8 Great towns and neighborhoods of Latin America - many of our best lessons regarding architectural elements, materials, and finishes come from nearby in Central America. In particular Antigua, Guatemala and the Casco Viejo in Panama City, Panama have been inspirational to us. We particularly admire the fantastic traditional finishes that builders have achieved there in both old and new buildings. Also we have taken many lessons regarding the use of porches, shade, ventilation, and other climate-appropriate architectural techniques from these places as well as other places in Mexico and the Caribbean. This photo of the Panza Verde hotel in Antigua, Guatemala illustrates some of the finishes and materials that will be important for Las Catalinas such as great beautiful stucco walls with lime-washed paint, stone and brick garden walls, water, and lush tropical plants. INITIAL PHASES The first thing being built at Las Catalinas is Phase Zero - a group of seven houses, the Lola's del Norte restaurant, and an outfitter business with beach and bike rentals and expeditions. The first buildings should be complete by late Phase Zero will be an enjoyable and beautiful place from the beginning, and will also be an important demonstration of what is to come with the rest of Las Catalinas. 8

9 Our first restaurant, Lola's del Norte, will be owned and operated by the proprietors of the exceptionally popular and attractive Lola's restaurant located at Playa Avellana, about 15 miles south of us. Lola's del Norte will open in time for high season beginning December 2010, and will be a very important attraction and activity center for Las Catalinas. Phase Zero will also include the creation of a beautiful beachfront park and a trail system for hiking, biking, and horseback riding. Following immediately on the heels of Phase Zero is Phase Zero Plus eight more houses and a 16-room inn. To find out more about the houses of Phase Zero Plus, please visit our website at: Phase Zero is located beachfront on our primary beach, Playa Danta. 9

10 Illustrative plan for Phase Zero and Phase Zero Plus BEYOND PHASE ZERO In addition to Phases Zero and Zero Plus, our initial infrastructure work will support the building of a number more houses in the immediate area. The primary beachfront square that will be partially shaped by Lola's and our beach and bike outfitter has a great site for an inn or small hotel, and we are seeking an owner/operator for that opportunity. The next area of development will be Phase One, an area just south of Phase Zero where we have a detailed plan for 34 more houses, a beach club, and another small hotel or inn. Beyond that Las Catalinas will continue to grow phase by phase. Eventually Las Catalinas will be a town, consisting of 2,000 or more homes and a variety of hotels, restaurants, retail stores, offices, civic buildings, and recreational facilities. 10

11 Phase 1 and Phase 0. THE LAS CATALINAS DEVELOPMENT ORGANIZATION Las Catalinas Holding Company LLC paid cash for the property in 2006, has minimal debt, and employs a conservative financial strategy. Las Catalinas is assembling a world class development team consisting of both company employees in Costa Rica and outside consultants. Charles Brewer of Atlanta, Georgia, USA, is the leader of the Las Catalinas owner group. Charles was the lead developer of the Glenwood Park neighborhood in Atlanta, which is becoming known as one of the best examples of new urbanism in the United States, and has won numerous awards. Previously, Charles was the founder and CEO of MindSpring Enterprises. MindSpring grew to be one of the largest Internet Service Providers in the country, and consistently won praise for having the highest quality of service and highest customer satisfaction in the industry. MindSpring merged with EarthLink in Charles is a Phi Beta Kappa graduate of Amherst College with a degree in Economics, and received his MBA from the Stanford University Graduate School of Business. 11

12 The other general partners of Las Catalinas are: Robert F. Davey began his real estate career in Costa Rica over 17 years ago. He has consulted on almost every major development in the Guanacaste Region and has numerous real estate developments currently in progress in the Guanacaste Gold Coast region. Bob is the current President of CRGAR the Costa Rica Association of Realtors and is the Costa Rica liaison for the NAR National Association of Realtors. Bob is the owner and broker of Century21 Marina Trading Post located in Playa Flamingo, Costa Rica. Prior to coming to Costa Rica Bob was President of Davey Development, a licensed contractor in California which specialized in high end residential detached and attached projects. Stuart Meddin has been involved in commercial real estate and development since 1974 and has been the owner of The Meddin Company since He has specialized in urban retail properties and owns some of the most successful street-facing retail in Atlanta, including key sections of the Virginia Highland and Emory University retail areas. Stuart is also a partner in the Glenwood Park development, where he leads the retail development and management team. Tom Claugus is the founder and majority shareholder of GMT Capital, an investment fund with over $3 billion in assets. The fund has achieved approximately a 20% net compound return since inception and was recently ranked in the Top 50 hedge funds based on return by Barron s. Jim Berry is the Vice President of Development for Las Catalinas. Jim has eight years of real estate and land development experience in the Atlanta region including serving as Land Development Manager and then Regional Acquisitions Manager for Sivica Communities. He moved to Costa Rica in 2006 and developed a condominium project in the Nosara area prior to joining Las Catalinas full time in the beginning of Jim received a B.S. in Business Management with minors in City Planning and Building and Construction from the Georgia Institute of Technology. Brian McCarthy is the Vice President of Sales and Marketing for Las Catalinas. Brian has a strong background in the sales and marketing end of the resort industry, including recently as Director of Marketing at Peninsula Papagayo near us in Costa Rica and previously as the Director of Marketing Americas for the prestigious Playground Destination Properties. Las Catalinas is building a strong development and operations organization in Costa Rica, and uses a world-class group of designers and consultants from around the world. 12

13 TO INQUIRE FURTHER, CONTACT: ROBERT F. DAVEY IN FLAMINGO, COSTA RICA In Costa Rica , From the USA dial Or: STUART MEDDIN IN ATLANTA, GA, USA x3 Or: CHARLES BREWER IN ATLANTA, GA, USA Or Visit: 13