PROJECT DESCRIPTION

Ocean View Associates, L.C., a Limited Liability Company, will be formed to own and develop a 107 Unit Residential Resort Rental Condominium at Panama City Beach, Florida. The development will be comprised of one and two bedroom units with 6 to 9 units on a floor depending on the mix of units on a given floor.

The property is located in Bay County, Florida on the Gulf of Mexico approximately twenty minutes from Panama City Airport and ten minutes from downtown Panama City and five minutes from Pier Point, the proposed Arvida St. Joe Entertainment complex.

Ocean View Associates, L.C. members have contracted for 1.2 acres of land, which is a part of a total tract of approximately 30 acres that will ultimately be developed in a planned Community Redevelopment Plan sponsored and regulated by the City of Panama City Beach. The Community Redevelopment Plan will provide a cohesive plan for the development of the area with improved vehicular and pedestrian access, sidewalks, street lights and pedestrian crosswalks, enhanced landscaping and streetscape, signage controls, off-street parking and other planning and design features to create a homogeneous and visually attractive environment. The approximate .8 acre of land included in the Building Parcel is shown on the aerial photograph in Section 4 of this proposal.

The City of Panama City Beach has just approved City Ordinance 713 providing development incentives in the form of reduced set backs, increased building heights, liberalized parking requirements, and other incentives that enhance the value of the property and allow for the intended use. During the predevelopment phase the development team will obtain a development order for the proposed development and obtain a building permit prior to the start of construction. All utilities are installed along Front Beach Road in the street adjacent to the project property.

The development will be part of a multiple year build out of several developments in the Long Beach area following the guidelines of the City’s Community Redevelopment Master Plan.

The development will be approved by Panama City Beach City Council and will meet all applicable zoning ordinances and building codes.

On grade, under the building parking will be provided for approximately 170 parking spaces under and around the building. These parking areas will be constructed with asphalt, concrete and decorative brick pavers.

There will be an on site rental management office that will be open and staffed 7 days a week for Check-in, Check-out, rental information, bookings, faxes, emails and messages. There will be an on site game room, and maintenance, maids and linens support areas

There will be a heated swimming pool, pool deck and full beach access to the recently renourished, magnificent white sand beaches.

On-site signage for the project shall be constructed of materials that blend with other signs in Community Redevelopment area and meet the requirements of Panama City Beach. The primary purpose of the project sign will be to announce the Development Sales and Management Office.

The architectural style of the development shall reflect the character and theme of a luxury resort residential development, and shall include residential elements with gable and/or hip roofs.

The development shall be constructed with decorative columns, shutters, balcony handrails, building arches, cornices and window details representative of significant resort architecture. The visible roof shall be composed of standing seam metal roofing at the main entry and over the elevator shafts. Roof dormers and various roof heights and ridges shall be used to reinforce the residential character and shall be used to further compatibility and create variety in the building form.

The landscape plan shall be designed to reflect the luxury resort residential theme. A strong streetscape and pedestrian orientation shall be emphasized along Front Beach Road.