Groundbreaking Held for Warwick Grove Author: LeylandAlliance 05/11/2004 WARWICK, N.Y. (May 11, 2004) - A ceremonial groundbreaking for the new active adult community that will be known as Warwick Grove was held today at an event attended by the mayor of Warwick and other local officials. The project, which will consist of an estimated 215 units, will be situated on a 130 acre wooded site nestled between County Route 17-A and Forester Avenue. The developer is Warwick Grove Company, LLC, an affiliate of LeylandAlliance LLC and Tarragon Realty Investors, Inc. The plan for Warwick Grove utilizes the principles of Traditional Neighborhood Design, which looks for its inspiration to many of the most cherished historic towns and villages in the United States such as Charleston, South Carolina; Stonington, Connecticut and Nantucket, Massachusetts. Traditional Neighborhood Design places emphasis on human scale, a lively mix of uses and pedestrian-friendly atmosphere. These neighborhoods typically feature a town center, a variety of housing types and interconnected street networks. In contrast to the suburban sprawl that has been engendered by the expanding highway systems of an increasingly auto-dependent society, communities like Warwick Grove are compact and walkable. The proposed breakdown of units to be constructed at the Warwick Grove development is: 154 single family houses, 31 townhomes and 30 condominiums. The design and architectural firm for Warwick Grove is Donald Powers Architects of Providence, Rhode Island. Architecturally, Warwick Grove takes its cue from the historic precedents of the Hudson Valley, predominantly Dutch Colonial, Farm Country and Victorian. A Design Code is in place that controls the architectural style, design features, building size and placement and materials for all the structures. William S. Friedman, Chairman of Tarragon Realty Investors, Inc. states, “Tarragon is proud to be allied with LeylandAlliance in putting together Warwick Grove. The respect that this project shows for its setting, the quality of construction and the innovative design are typical of what Tarragon looks for in all of its homebuilding activities. That, and the creativity of the Leyland principals, are why we are looking forward to a long and productive relationship with Leyland.” Steve Maun, President of LeylandAlliance, adds, “We at LeylandAlliance and Tarragon Realty are particularly excited about working closely with public leaders such as Warwick Mayor Michael Newhard and Town Supervisor Michael Sweeton, who are extremely interested in the principals of Traditional Neighborhood Design. We believe that public/ private partnerships will shape the future and direction of community developments in coming years and will increase in importance as the real estate developers seek more environmentally sensitive techniques upon which to build smart growth neighborhoods.” The project has already been recognized with six of the building industry’s most prestigious awards for its model house. These awards are based on architectural design, layout, choice of building materials and suitability to the site and local community. The judges are selected from prominent architectural firms and leaders in the building industry. The completed model home, named “The Warwick” for the town, is particularly inspired by the 18th century architecture in the Village of Warwick. The Powers firm was design architect for the house and DeGraw & DeHann Architects of Middletown, New York served as construction architect. The interior designer is Patricia Stadel Interior Design of Lancaster, Pennsylvania. The model was designed with a sophisticated buyer in mind, one who wants less house and less yard, but also a more unique design, high quality construction and a choice of options. An “outdoor room” adjacent to the house is defined by side fencing for privacy, with brick pavers and space for a garden. Floor plans and interior detailing reflect the lifestyles of the Active Adults with no children that are targeted as owners. The living room is spacious and bright with a welcoming fireplace. Nearby is an open kitchen with generous room for appliances and storage and an open dining room. Also on this level is a master bedroom in a private suite. On the second floor are located two guest rooms and “flex” space that can serve as a home office. Perhaps the house’s most distinctive architectural features are its steep and protective roof and its deep, welcoming front porch, recalling classic farmhouses in the region. Powers' prototype is one of eight plans that can be rendered in three basic styles, which will result in about 25 different variations for Warwick Grove. "In a neighborhood that's being built by a single developer, it's very important to find a way to get that kind of variety," says Powers. The sale of the first units in Warwick Grove is expected to begin in the summer of this year. ################ LeylandAlliance LLC is a pioneering developer of new residential communities based on the principles of Traditional Neighborhood Design. Communities built upon these principles represent the most innovative and exciting design trend in residential real estate today, and Leyland is at the forefront of this movement. Many of Leyland’s communities are planned to attract the expanding market of retirees and aging baby boomers entering the 55-year and older age category – the “Active Adult” Market. The emerging trend of this market segment is to downsize in place, rather than relocate. Tarragon Realty Investors, Inc. (NASDAQ: TARR) is a 30-year old publicly traded homebuilder specializing in the development of residential communities in Florida, New Jersey and New York. With a portfolio of over 15,000 apartments, Tarragon's philosophy is to create and realize value for its stockholders and residents alike by developing innovative, high-quality properties.