CHARLESTON, S.C. -- Lowe Destination Development (LDD) is set to begin construction on the first phase of The Village, a $183 million addition to the world-class Wild Dunes Resort that includes 254 premier condominiums, retail village, full service spa, pool and conference center.

Located on the northern end of the Isle of Palms just outside of Charleston, S.C., the 1,600-acre Wild Dunes Resort is a luxury destination that offers visitors and resort home owners two championship-caliber golf courses, a 17-court tennis center, shopping and dining and a host of recreation options in an exquisite coastal setting.

"Wild Dunes is an exceptional resort that appeals to business and leisure visitors. The Village will bring a vibrant retail and entertainment addition in the heart of the existing resort and expand ownership opportunities that are in strong demand," said Rob Lowe, president, Lowe Destination Development.

The Village, set on 8 acres in the center of the resort, will offer 254 condominiums designed in mid-rise buildings set around a charming tree-lined central plaza. Ranging in size from studios to four bedroom units, including some penthouses, owners will enjoy full resort services and amenities. Construction of the first phase of The Village, which will include 115 condominiums, is set to begin in the next 30 days. The sales program, launched this past summer, has been very successful.

As the new center of activity for the resort, The Village will bring an additional 19,925 square feet of retail and restaurants and 7,000 square feet for an expanded spa and fitness center along with a swimming pool with poolside bar and cafe.

Adjacent to The Village, LDD is creating The Sweetgrass Pavilion, a 10,000-square-foot state-of-the-art conference center with two large ballrooms and one boardroom. Surrounded by sand dunes, the Pavilion will be an elegant and relaxed setting with inviting terraces providing stunning views, ideally suited for special events or business meetings.

"The new conference center expands and elevates the level of service that we can provide for family gatherings, groups or business programs. The flexible space creates indoor and outdoor venues and will be equipped with the latest technology," noted Lowe.

The Village is designed in an architectural style similar to the historic districts of nearby downtown Charleston and includes a landscaping program that will create a seaside garden with indigenous trees, plants, vines and flowers.

Construction of The Sweetgrass Pavilion began in June and is expected to be complete in fall 2006. The Village will be constructed in two phases. Phase one of The Village is expected to be complete in the summer of 2007 with the remaining phase planned for the summer of 2008.

Wild Dunes Resort currently comprises 365 resort homes and villas along with the 93-room Boardwalk Inn. Resort homeowners and guests enjoy its two 18-hole golf courses and Links course, large tennis center and a variety of restaurants. With 2.5 miles of beach and miles of trails for walking, biking and jogging, Wild Dunes Resort offers outdoor recreation options for people of all ages and interests. Wild Dunes Resort is managed by Lowe affiliate Destination Hotels & Resorts.

Lowe Destination Development and Destination Hotels & Resorts are wholly owned subsidiaries of Los Angeles-based Lowe Enterprises, a leading national real estate development, investment and management firm. Over the past 33 years, Lowe has developed, acquired or managed more than $7 billion of real estate assets nationwide. Through Lowe Destination Development, Lowe's hospitality and resort community development subsidiary, the firm is currently developing in excess of $2 billion of hospitality properties nationwide, notably the 1,040-acre Grizzly Ranch in Portola, Calif., the 700-acre Stone Eagle Golf Club in Palm Desert, Calif. and the 6,000-acre Suncadia project near Roslyn, Wash. Destination Hotels & Resorts, a wholly-owned subsidiary of Lowe, is a lodging management company located in Englewood, Colo. With 33 independent, luxury and upscale hotels, resorts and golf clubs, it is one of the largest independent hospitality management companies in the country. Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington D.C. and project offices nationwide.

Contacts
Casey Sayre & Williams, Inc.
Karen Diehl, 310-396-2400