For Immediate Release: February 24, 2004

Retail Success Blooms Again In East Jackson With Construction Of Dogwood Promenade

Montgomery, Alabama - Aronov Realty Management, Inc., today announced that construction is underway for Dogwood Promenade, a 300,000+ square foot shopping center located on Lakeland Drive at Old Fannin Road in Flowood, Mississippi. The new project will be located directly across Lakeland Drive from Aronov's Dogwood Festival Market, Mississippi's only open-air lifestyle shopping center. Since its opening in 2001, Dogwood Festival Market has led the way for explosive retail growth in East Jackson with annual sales exceeding $100 million, generating over $7,000,000 in city and county tax revenue. Dogwood Promenade is projected to generate another $7,000,000 in annual tax revenue.

Scheduled for a Fall 2004 opening, Dogwood Promenade will bring to East Jackson a collection of the nation's leading retailers. Anchoring the center will be a 123,700 square foot Target, introducing their latest and most exciting store format and their second location in the market. Joining Target will be a 54,300 square foot Kroger supermarket, the largest in the Jackson metro area, with their newest store design; a 36,000 square foot Stein Mart and a 19,100 square foot PetsMart; an additional 63,000 square feet of specialty shops, and 10 out-parcels.

“Aronov brought a higher level of retail to Flowood with Dogwood Festival Market,” stated Mayor Gary Rhoads. “Now Dogwood Promenade, with its Target and other great retailers, will be the perfect complement to the existing shopping center. We are pleased to once again work with Aronov to develop some of the finest retail in the area,” he continued.

“The new Dogwood Promenade and neighboring Dogwood Festival Market will provide shoppers with over 600,000 square feet of great retailing in one convenient location,” said Jake Aronov, Chairman and Chief Executive Office of Aronov. “Dogwood Promenade will strengthen the regional draw of the East Jackson area as a dynamic retail hub. We are delighted to present another exciting mix of retailers to serve the people of East Jackson and beyond,” Aronov continued.

Designed by the celebrated shopping center architectural firm of Crawford McWilliams Hatcher of Birmingham, Alabama, Dogwood Promenade will complement neighboring Dogwood Festival Market with attractive architecture, unique exterior features and beautiful landscaping. Dogwood Festival Market was also designed by the firm.

Aronov Realty is the largest privately-owned, fully diversified real estate company in the Southeast and provides acquisition, development, management, leasing and brokerage services for its own portfolio of over 100 retail, office and multi-family properties and for properties owned by third parties.

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