Overview
Delray is located at the southwest corner of Camelback Road and 44th Street within the City of Phoenix. Delray will:

• Create a diverse mix of activities to keep the property healthy and vibrant.
• Utilize a strong pedestrian character to empower the adjacent neighborhoods to walk or ride bicycles to the Property. Enhancement of the pedestrian character is accomplished by placing all public parking below grade. The only vehicular link is a preview road that connects Camelback to 44th Street and doubles as emergency fire department access.
• Provide a balanced amount of Class 'A' Office space fronting on Camelback Road.
• Provide a small, boutique Hotel to service the Arcadia/Paradise Valley region as well as businesses along the East Camelback Corridor.
• Provide a limited number of high end Residential Condominiums to offer an alternative lifestyle to the typical single family ranch homes of Arcadia.
• Create a Park-like Landscape Buffer between the Property and the adjacent Arcadia Villa 3 Subdivision to the west.

Assemblage Process
The Property for Delray consists of fifteen separate parcels that were purchased from nine different owners. The assembly includes the Lafayette Medical Center and the Providence First Trust Company fronting on 44th Street, the Camelback Court retail center fronting on Camelback Road, and a dozen single family homes immediately tangent to these properties to the south and southwest (See attached Aerial View - Property Address Map & Executive Takedown Summary).

Location
Delray sits at the crossroads of Paradise Valley and the Arcadia District of Phoenix, two of the most affluent areas of the Phoenix Valley. In addition, Delray is minutes from Downtown Scottsdale, Sky Harbor Airport, and is located on the prestigious Camelback Corridor. Delray is situated in the heart of a large and wealthy population base perfect for the multitude of restaurants and small boutique retail shops.

Development Plan

• Phasing
  Due to the nature of the construction the development is not planned to have phased construction. It is possible that the office building in the C-1 zone may be constructed early to allow businesses in the existing commercial buildings to temporarily relocate during the construction phase.
• Access
  Delray will be accessible to vehicles via Camelback Road and 44th Street. Pedestrian access will be provided by these two streets, as well as by controlled access through the park from the Arcadia Villa 3 neighborhood, located directly adjacent to the Property.
• Parking
  All Buildings except the office building in the C-1 Zone will be constructed over two levels of subterranean Parking. No visitor parking is planned on-grade.

Neighborhood Outreach
The primary focus of our neighborhood outreach program was the single family neighborhood immediately west of the Property. These homeowners are the most directly affected by this project in terms of the scale of the development and the potential obstruction of views. Presentations were also given to the Stanfield Neighborhood Association and the Arcadia Camelback Mountain Neighborhood Association.

The input provided by our neighbors resulted in many significant changes to the project over the past several months. Chief among them are a reduction in project size of approximately 80,000 square feet to address intensity concerns; and a reduction in overall height of all buildings from the initial four stories at 56' of height. All buildings are now less than 56' in height and the buildings closest to the adjacent single family homes are now just two stories.

Rezoning Efforts
For the vision of the Development to be realized, it was necessary to rezone the existing R1-10, C-O & R-O to C-1 & C-2 Commercial. The Park Buffer would remain R1-10 with Deed Restrictions to protect the use for the neighbors, and a P-2 Parking border would be created to aid in the reduction of setbacks adjacent to the single family zoning district. The C-2 Zone for the bulk of the project allows for the variety of uses envisioned for Delray. To be a success Delray will require the synergies created by the mix of Class 'A' Office, Dynamic Restaurants, Specialty Retail, Plaza Style Urban Condominiums and the Boutique 'Businessman's' Hotel.

A great deal of effort and expense was required to overcome the objections of a well organized and vocal minority of anti-development activists in the Arcadia area. Eventually, with the strong support of the immediate neighborhood to the west, the Zoning Entitlements were granted according to the following schedule:

Filed Amended Rezoning Application	September 7, 2007
Planning Post Application Meeting with Staff	September 7, 2007
Camelback East Village Planning Subcommittee Approval	September 17, 2007
Camelback East Village Planning Committee Approval	September 25, 2007
44th Camelback Specific Planning Subcommittee Approval	October 2, 2007
Planning Commission Approval	October 10, 2007
City Council Approval	November 7, 2007

Architecture

• The pedestrian oriented design and the boutique size first floor retail suites will provide a small 'neighborhood scale' shopping and business environment catering to Arcadia and Paradise Valley residents. The experience is intended to be a series of smaller specialty retail spaces, where the tenant has a great deal of flexibility to personalize his/her 'space'. Due to the size and design of Delray Regional box stores that typically bring in traffic from the greater Phoenix area are not appropriate.
• Special attention will be given to "the space between" the architecture. The Utilization of Covered Walkways, Street Furniture, Hidden Courtyards, Signage, Arbors and Landscaping will help to make this a year-round destination with plenty of places to sit and relax, meet friends or enjoy a coffee in the midst of the greenbelt park. These details are critical in creating a sense of place and a successful neighborhood experience.
• Organized around a central Paseo the Delray shops will be an intimate collection of unique retail and dining experiences that are in keeping with the pedestrian friendly design of the project and offer a street shopping experience like that of a quintessential European city.
• Residential lofts and a luxury hotel are wrapped around the "Sand Painting Plaza" at Delray. The plaza is an abstraction of a Native American sand painting brought to life with colors, textures, water features and a focal point called the "Tree of Light." Small dining patios line the edges of the plaza creating a place that acts as a neighborhood outdoor dining room. In addition a tree lined rooftop lounge will allow people to view beautiful Camelback Mountain to the east while sitting and relaxing in the shade.

A low profile Frank Lloyd Wright inspired building opposite the hotel along 44th street will reinforce the community character of Arcadia. An adjacent garden setting creates a place for neighbors and visitors to relax and enjoy a garden.

The intimate shopkeeper building along the west side of the Paseo is a two story composition of rich architectural detailing and warm colors and textures. The ground floor retail is complimented by residential balconies that establish an intimate sense of place.

The lush garden that runs along the full west side of the project offers both a destination and buffer. It will create a cool oasis for neighbors to enjoy and a garden getaway for visitors. A dining plaza will connect the garden to the Paseo and offers a place for outdoor café seating and gathering. Along the Camelback side of the Delray will be the Office Building. Conceived as a terraced garden building from the west, the buildings façade offers a soft edge to the neighborhood and offers wonderful Class 'A' Office Space.

Spiral patterned Roundabouts at each end of the Paseo act as focal points and pedestrian friendly traffic calming elements. Delray brings together all of these unique experiences into a special place, with something for everyone.