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Columbus Commons Opens This Summer – IKEA Leads The Way – Other Store Openings Scheduled to Start this Fall

PHILADELPHIA, PA, August 18, 2004

The Goldenberg Group, Inc. announced today that the opening of Columbus Commons, Philadelphia’s newest and largest “power” shopping center, will commence with the opening of IKEA on Wednesday August 25, 2004. Other stores are scheduled to come online starting in the fall. Columbus Commons is located at Columbus Blvd. and Snyder Ave. in South Philadelphia, bordering Center City and convenient to major highway arteries and bridges. This marks the first time that IKEA has located a store in an urban center in the US.

Columbus Commons is adjacent to Snyder Plaza, a shopping center developed by Goldenberg in the mid-1980s. Combined, the retail assemblage collectively accounts for nearly 1 million square feet of retail space in the South Philadelphia area.

“Columbus Commons represents a major investment in the City of Philadelphia,” said Peter Farnum, Senior Vice President and Director of Leasing for The Goldenberg Group.

“This exciting project brings together a dynamic mix of international, national and regional retail and restaurant tenants to invigorate what was recently an unused industrial site. I am pleased to say that we are now approximately 98% leased with only one remaining store to be leased.”

Throughout the construction period, the project has employed more than 400 union jobs per day, equating to more than 4,000,000 man-hours with full wages and benefits. All told, Columbus Commons is expected to generate more than $4 million per year in local and state taxes and more than 1,600 permanent jobs.

“With the completion of Columbus Commons and Whitman Square, a second shopping center under construction in the Northeast, our Philadelphia projects are estimated to generate close to $7 million in annual tax revenues, approximately 2,800 permanent jobs and the reclamation and redevelopment of 90 acres of unutilized former industrial sites,” said Robert Freedman, senior vice president and general counsel for the Goldenberg Group. “Many new jobs are expected to be filled by residents from the local community.” he added.

The following lists the timing for stores scheduled to open during the remainder of this year and the first quarter of 2005:
October: Lowe’s, Best Buy and Chick-Fil-A
November: Longhorn Steakhouse, Linens-N-Things, Pier 1 Imports, and Champps Restaurant & Bar
December: R&S Strauss
Early 2005: Wendy’s Restaurant

The Goldenberg Group is a multifaceted real estate development company specializing in the development, leasing, design, construction and management of retail, commercial, and mixed-use properties.

Headquartered in Blue Bell, Pa., Goldenberg owns and manages 3.5 million square feet of space, with an additional 3 million square feet in various stages of construction and development. Consisting of more than forty highly innovative, talented and experienced individuals; the members of The Goldenberg Group are adept at conceiving of and successfully developing the largest and most complex real estate projects. Areas of concentration include: retail and “power” shopping centers, center city “urban” projects, “community” revitalization projects, residential projects, and acquisitions for renovation and/or conversion.

For leasing opportunities contact Peter R. Farnum, Senior Vice President of Sales & Leasing at 610-260-9600.