Riverside on the James - Opening Spring 2005

RICHMOND, VIRGINIA, April 16, 2003 - The redevelopment of Richmond's riverfront will take a giant step forward in a matter of days as demolition crews make room for a major office, residential and entertainment/retail complex on Brown's Island. Construction of Riverside on the James will begin as soon as the existing steam plant is cleared from the site.

Riverside will be the largest mixed-use development on Richmond's riverfront, complimenting the city's $55 million investment in the historic canal area and will bring a dramatic change to downtown's Richmond riverfront. Daniel Corporation and city leaders believe it will be the crown jewel of the redevelopment effort on the riverfront, sparking continued expansion and transformation of the City of Richmond.

"By this time two years from now, Richmond will have a new premier location to live, work and play," said Alex "Andy" Andrews, Jr., senior executive vice president for Daniel Corporation, the project's developer. "The sounds of progress will be heard shortly as we make room for two buildings that will offer spectacular views of the river and the city in what's becoming the most energetic part of Richmond."

Daniel Corporation is the lead developer for the $82 million project that will include 230,000 square feet of office space, 122 apartments, 70,000 square feet of entertainment/retail space and an 800 car parking deck on the 4.2 acre site. Daniel Corporation will team up with The Cordish Company (of Baltimore, MD), one of the country's premier high profile retail and entertainment development companies. A significant percentage of the office space has already been leased by a nationally recognized law firm that plans to expand its presence in Richmond.

"The remaining space is getting a lot of attention from other companies who also see the value of such a prime location," said Michael Campbell, vice president with Daniel Corporation. "Many are encouraged and motivated by the city's overall support of the project. We would not be breaking ground on Riverside on the James without extensive support from the City of Richmond, Richmond's City Council, Richmond Renaissance, the Richmond Riverfront Development Corporation and our neighbors Dominion Resources and Alcoa. They all recognize the spark Riverside will bring to the city."

Daniel Corporation has developed several properties in Richmond, the most notable being Riverfront Plaza, the twin towers that overlook the James River. Daniel's Richmond properties also include Imperial Plaza, Park Central, Guardian Place I and II, Bank of America Center and Biotech V.

The most visible milestone will be the implosion of three 240-foot smokestacks that currently soar above the abandoned power facility. The smokestacks and the accompanying steam plant will be cleared by June 2003. The existing hydroelectric plant and its smokestack will remain - housing a major portion of the development's retail space

Daniel Corporation is headquartered in Birmingham, Alabama with regional offices in Raleigh, North Carolina, Charlotte, North Carolina and Richmond, Virginia. Daniel is engaged in the development, acquisition and management of commercial office, multifamily, residential and senior living properties. Since it was founded in 1964, the company has owned and or developed 8.5 million square feet of office space, 6,500 multifamily units, 2,000 senior living units, 6,000 acres of land and 5,500 single family lots in three residential communities including a nationally acclaimed golf and country club. In addition, Daniel has an extensive history of large-scale land development and the development of large mixed-use projects involving commercial and residential uses.

For more information on Daniel Corporation or the Riverside on the James development call Michael Campbell at (804) 780-3030.