For Release: 06-30-2008

Sorenson Group Plans $1 Billion Towne Center Development in Herriman City, Utah

Scope and Scale of Investment in Planned Herriman Towne Center Community and Economic Development Project Is Unprecedented in City's History

HERRIMAN CITY, UT (June 30, 2008) — The Sorenson Group and Herriman City today announced the Herriman Towne Center, the most ambitious community real estate development in the city's history. Located in the heart of Herriman on Main Street near 12600 South, Herriman Towne Center will be home to a new city hall, Salt Lake County recreation center, Salt Lake County library, shopping area and much more. Upon completion, the project will be valued at an estimated $1 billion.

Herriman Towne Center will be the cornerstone to a larger 375-plus-acre district that will encompass a multi-faceted blend of conveniently located residential, retail, office, civic, cultural and recreational space, including an anticipated:

• 121,000 square feet of small retail space and 52,000 square feet of office space located at the nexus of 12600 South and Main Street
• 45 acres of retail space outside the core of the town center — along 13400 South — for larger mixed-use regional retailers and a variety of restaurants
• 90,000 square feet of civic space, including a new city hall, courthouse and performing arts center
• 20 acres of recreational space — with a proposed one-acre community lake, ice skating rink, playground, splash park and movie theater, as well as a high-quality, multi-use recreation center that will serve Herriman City and its neighboring communities (see related press announcement released today)

"We applaud the vision and commitment of Mayor [J. Lynn] Crane and Herriman's city planners and city council members to their community and citizens," said James Lee Sorenson, CEO of The Sorenson Group. "This is a truly extraordinary group of public servants, and we are honored to work with them on the Herriman Towne Center to help make Herriman City an even greater place to live."

It is anticipated that Herriman Towne Center's residential development will include approximately 2,000 units of mixed-use residential properties — condominiums, town-homes and single-family dwellings. These homes will begin to welcome new residents next year.

"The new Towne Center residences will be highly attractive and located in a vibrant area in the pulsing heart of all the community action," said Sorenson. "At the same time we designed prices ranging from a friendly $150,000 to $325,000, in order to meet the needs of first- and second-time homebuyers."

The Herriman Towne Center has been designed as a highly walk-able community, with all major facilities located close together and connected by a network of attractive, pedestrian-friendly paths and trails.

"The Sorenson Group and its Rosecrest community have been great community builders, and we have enjoyed a great working partnership," said Herriman City Mayor Lynn Crane. "The Herriman Towne Center project is a tremendous victory for Herriman City and its residents, which will enhance our community's identity and improve the quality of life for families at every income level and stage of life."

Herriman City has been one of Utah's — and the nation's — fastest-growing small communities in recent years, growing from 800 residents when it was incorporated in 1999 to more than 20,000 today. Herriman's population is projected to grow in the next decade to approximately 60,000.

About The Sorenson Group

The Sorenson Group develops market-leading real estate projects. The company's developments have introduced new commercial, industrial, retail and residential opportunities. These projects include, among others: Rosecrest, Jordanelle Ridge and River View, which embrace the increasingly popular master-planned community approach; Sorenson Technology Park (SorTech), an innovative commercial and industrial park providing targeted amenities to a variety of industry-leading national manufacturing and distribution companies; and Innovation Office and Retail Park, a distinctive blend of Class A office and retail space.

Press Contacts

David Parkinson
The Sorenson Group
801.490-1015
david@sorensoncompanies.com

Jacob Moon
The Sorenson Group
801.490-1017
jacob@sorensoncompanies.com