Contact: Kurt Andersen
                        Harris, Baio & McCullough
(for Giannasca Development Group LLC)
215-440-9800

Giannasca Development Group LLC Announces Billion Dollar Project On Reading Riverfront

Developer to Launch “RiverView,” a Mixed-Use, 32-Acre Project

READING, Pa., Feb. 14, 2008 – Giannasca Development Group LLC, a national design and development firm based in New York and Maryland, with new offices in Reading, is launching “RiverView,” a billion dollar mixed-use project on a 32-acre tract of land on Reading’s Schuylkill River waterfront.

RiverView will include approximately 2,000 residential units, 300,000 square feet of office space and approximately 150,000 square feet of retail space.  Residences will consist of single level and loft designs available as for sale condominiums and rental apartments. In addition to the renovation of the larger mostly vacant building of the Reading Hardware Company complex and other property improvements at Fifth and Canal streets, the project will incorporate the construction of nine new buildings, which will include retail and office space on the lower floors and residences on the upper floors of most buildings as well as enclosed garages that will hold more than 3,000 publicly accessible parking spaces. The waterfront property along the Schuylkill River will become a public park, which will feature an amphitheater, promenade, bike and foot trails, tennis courts, a community building with swimming pool, a day care center and playground, a baseball field, small watercraft launching facilities as well as other attractions.  Site preparation for the public park is expected to begin shortly.

“We are excited about the RiverView project,” said Reading Mayor Thomas McMahon (D).  “It represents the beginning of what I see as a new era of urban revitalization for our great City of Reading.  Not only will the project improve the quality of life for the residents of the city, it will create more than 4,000 local and 12,000 statewide jobs during construction.  When completed, the project will generate nearly 900 permanent jobs for city residents and approximately $25 million annually in additional tax revenue for the city” 

 “This project is an excellent example of how a public-private partnership works to benefit the community,” said Governor Ed Rendell (D).  “RiverView is possible because both local government and private business are willing and able to work together to improve the quality of the community and its economy.  I am excited about the overall effect this project will have on the City of Reading, along with the positive economic impact it will have on the entire Commonwealth of Pennsylvania.”

Giannasca Development Group LLC has support from the businesses currently located at the RiverView site. The development team and the City have been working on a comprehensive plan to relocate these businesses to newer, state-of-the-art industrial properties within the City.

“This project will enable us to bring to Reading the quality projects and environments we’ve brought to other cities, like New York, Baltimore and New Orleans,” said Edward V. Giannasca, AIA, NCARB, Chairman of Giannasca Development Group LLC.  “We are not just creating mixed-use spaces; we’re fostering a sense of place and providing an environment that will inspire civic pride on the part of the residents. We see extraordinary potential for Reading, given its beautiful geography and riverfront with easy access to New York and Philadelphia.” Numerous examples of Giannasca projects can be seen by visiting the firm’s web site at www.Giannasca.com.

Giannasca said it was the invitation from Mayor McMahon and follow-up by Managing Director Leon Churchill and the rest of the Mayor’s staff as well as the foresight and master planning of people like Al Boscov, David Thun, and Michael Ehlerman that attracted the developer to Reading. Boscov, Thun and Ehlerman will serve on the firm’s Advisory Board for the project.

Other features of the RiverView development include new raised bulkheading along the riverfront to create an elevated waterfront promenade for public use and enjoyment and a new trolley route along the riverfront from the project to First Energy Stadium using existing railroad tracks.  The project will be environmentally responsible including certification from Leadership in Energy and Environmental Design (LEED).   RiverView will be Reading’s first green community.

“This project will benefit the entire City of Reading not just the residents and businesses of the development,” said Edward V. Giannasca II, President and Chief Executive Officer of Giannasca Development Group LLC.  “We plan to recruit from the local workforce creating new job opportunities during construction.  As each phase of the project is completed employment opportunities will continue to grow with the opening of new restaurants, shops and businesses as well as positions staffing the public park, recreational and entertainment facilities along the river. This will be the beginning of an exciting new era for Reading, Pennsylvania.”

“RiverView is a great example of community development and the benefits of this project are considerable,” said Mayor McMahon. “I think we are finally seeing the realization of the potential and opportunities available in the City of Reading as previously outlined in studies by Sasaki Associates, the Brookings Institute, the Fels Institute and the Berks County Comprehensive Plan.”