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Top Headlines

For Immediate Release
November 9, 2006

Contact:
Joy Martin, KGI Properties
(617) 357-9300

Web Site: http://www.kgiproperties.com

Lowe's Coming to Mountain Valley Mall in North Conway as Part of Major Revitalization Effort by KGI Properties

Tenant relocations, parking and traffic upgrades and landscaping improvements recently completed

KGI Properties, the owner of the redeveloped Mountain Valley Mall in North Conway, N.H. announced that Lowe’s, the second largest home improvement retailer in the world, has become an anchor tenant and will be open by the fall of 2007.

The addition of a 170,000-square-foot Lowe’s mark another significant step in the revitalization of the Mountain Valley Mall located at Routes 16 and 302 in the heart of New Hampshire White Mountain region.

KGI Properties, under the supervision of its in house permitting and construction division, recently completed the first phase of the revitalization by re-locating anchor JC Penney and Fashion Bug to newly built stores in the mall to accommodate the new Lowe’s.

Other upgrades have included improvements to pedestrian access, parking, traffic and landscaping as well as a new clock tower.

When completed next fall, Lowe’s will join Hannaford (52,123 square feet) and JC Penney (38,500 square feet) as the anchors of the 295,123 square foot Mountain Valley Mall. Besides Fashion Bug, other tenants include GNC, Cinema VII and Panda Garden. Available on the site is a 5,000-square-foot outparcel for which KGI is seeking a sit-down restaurant tenant.

“Adding Lowe’s is going to strengthen Mountain Valley Mall as a retail destination with a wide range of offerings,” said Richard Bornstein of KGI Properties. “This is welcome news to residents and visitors alike, and will complete a total transformation of the mall.”

KGI, which purchased the Mountain Valley Mall in April of 2005, is breathing new life into a center that had seen few improvements since it was originally built in 1970.

KGI worked closely with the Town of North Conway on the project to ensure that the redevelopment will fit into the design and theme of the town’s mountain scenery.

North Conway is a growing, year-round tourist destination. The Mountain Valley Mall is located at the intersection of Route 16 and Route 302 in a retail district that includes outlet retailers, national retailers, hotels and restaurants.

KGI Properties (www.kgiproperties.com) acquires and develops retail real estate across the northeastern United States. KGI is vertically integrated with its own construction management and property management divisions. The property management division provides third party services as well, ultimately managing more than 3 million square feet of property in New England with offices in Boston; Providence; Woburn, Massachusetts; and Lebanon, New Hampshire.

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