Garfield Traub Lands $65 Million California School Contract; Eight Separate Developments Bring Neighborhood Schools Back to LA

DALLAS--()--Feb. 11, 2004--Garfield Traub Development LLC, through its affiliated entity Garfield Traub California Developments Inc., announced today that it has been awarded a $64,576,479 contract to develop seven primary schools and a park and recreation center for the Los Angeles Unified School District (LAUSD). The ambitious program brings neighborhood schools back to communities that have not seen a new school facility in decades.

All eight developments are scheduled for completion in approximately 12 months. The average construction cost per school will be $7 million, with a range between $6.3 million to $9 million. The original request was for two groups of four developments. Garfield Traub won all eight developments.

The primary schools will serve children from kindergarten through second grade. The new facilities will help relieve overcrowding by reducing class sizes at existing elementary schools in each district. California has a state-mandated class size reduction program that affects elementary schools in these areas.

Garfield Traub Development Principal Ray Garfield appreciates the value of the neighborhood school.

"Many of our developments in other communities have been instrumental in revitalizing business districts. In this case, we're excited to be part of a development program that is revitalizing the concept of neighborhood schools as centers of community," said Garfield.

"The schools are located in several economically challenged areas of Los Angeles and will enhance the neighborhoods in which they're built. Neighborhood schools also promote family life - enabling parents to be more active in their children's education, from something as simple as being able to walk them to school to greater interaction with the school's teachers and administration," he continued.

Previously, many of the small children in the area had to go to larger schools, further from their homes.

"We were impressed with the quality of the team Garfield Traub proposed for these important schools. Each proposal was evaluated based on a proposed guaranteed maximum price, strength of schedule, experience and qualifications, and commitment to the District's Small Business Enterprise participation goal," said Jim McConnell, chief facilities executive. "Considering each of these criteria, the Garfield Traub proposal offered the best value to the District. We were very happy to have Garfield Traub as a partner in delivering our schools."

"These schools are yet another celebration for these communities. The new schools will help relieve overcrowding - and the less overcrowding we have, the more student learning we can achieve," McConnell added.

"We're looking forward to applying our experience and leadership in building essential facilities for the public sector to this assignment. Garfield Traub has a breadth and depth of expertise in public/private development - with all of its related and often complicated issues. The role of an experienced developer is essential to the success of this undertaking, and we have proven - in development after development - that we are more than up to the task," said Garfield Traub Development Principal Tony Traub.

The new schools are part of the District's plan to build 80 new schools and expand 78 existing campuses to reduce overcrowding throughout the district by 2006. Of the 158 projects, seven schools and 12 expansions have been completed, with another 77 currently under construction.

The primary centers include:

Dena Primary Center, 2750 E. Hostetter St, Los Angeles; Fremont Primary Center, 8621 S. Baring Cross, Los Angeles; Hooper Primary Center, 1280 E. 52nd Street, Los Angeles; Washington Primary Center, 850 W. 112th St, Los Angeles; Rowan Primary Center, 832 S. Eastman Ave, Los Angeles; Corona Primary Center, 6401 Bear Avenue, Bell, Calif.; Middleton Primary Center, 2410 Zoe Ave, Huntington Park, Calif.; and Corona Park and Recreation Center, 3801 - 61st Street, Huntington Park, Calif.

About Garfield Traub

Founded in 1997, Dallas-based Garfield Traub Development is a national real estate development firm that uses innovative and cost-effective financing methods to offer turnkey solutions tailored towards the requirements of the public sector and institutional clients. The company's offices are organized to offer a complete development solution that includes site identification and acquisition, zoning and entitlement, financing, design and construction, leasing and management. The principals of Garfield Traub each boast over 30 years of development experience in which they have developed more than 11 million square feet of property and financed more than $7 billion in debt and equity for public and private sector clients around the globe. For more information on Garfield Traub Development, please see www.garfieldco.com.

Contacts

Garfield Traub
Kathy DeCarlucci, 972-991-5200
kdecarlucci@garfieldco.com
or
Michael & Partners
Garfield Traub Media Contact
Steve Hill, 972-716-0500 x13
stevehill@michaelpartners.com
or
Los Angeles Unified School District,
Facilities Services Division
Shannon Johnson, 213-633-7733
www.laschools.org

Contacts

Garfield Traub
Kathy DeCarlucci, 972-991-5200
kdecarlucci@garfieldco.com
or
Michael & Partners
Garfield Traub Media Contact
Steve Hill, 972-716-0500 x13
stevehill@michaelpartners.com
or
Los Angeles Unified School District,
Facilities Services Division
Shannon Johnson, 213-633-7733
www.laschools.org