Wolff Properties News

Wolff Properties has moved several steps closer to commencing its redevelopment of the southeast corner of Olive Boulevard and Craig Road in Creve Coeur, Missouri. This mixed use project featuring 20,000 square feet of elegant retail space and a luxury brand limited service hotel still requires zoning and site plan approval. The Company expects to break ground on the project in late 2018 with a scheduled completion date in early 2020. Upon completion, the development will be Creve Coeur's finest hotel residence and lifestyle center.

We are also pleased to announce the addition of a number of exciting amenities at Deerfield Apartments. These include a half-court basketball court, playground and picnic area. We are planning construction for a state of the art fitness center and party pavilion in proximity to our pool. This project will be completed in mid-2015.

The Carbondale, Colorado Comfort Inn recently completed an extensive property improvement plan. All guest rooms and common areas were extensively remodeled. Bathroom fixtures, vanities and flooring were replaced as were furniture, light fixtures and art work. A number of building exterior enhancements and landscaping improvements were also completed. We are pleased to report the Hotel now operates at the highest brand standard for Choice Hotels.

During the last two years, the Company did dispose of a 7-11 convenience store, its hotel interest in Mesa, Arizona, its interest in Hurstbourne TownFair, a Wal-Mart anchored shopping center in Louisville, Kentucky, its interest in a Stater Brothers grocery in Costa Mesa, California, and its interest in a convenience store (Phillip 66) in Wildwood, Missouri. Acquisitions included two Jack-in-the-Box properties located in Hermosa Beach and Santa Barbara, California, a 7-Eleven convenience store located in Portland, Oregon, a Bank of America facility in Healdsburg, California, an Olive Garden restaurant in San Diego, California, a Union 76 gas and convenience store in Rancho Bernardo, California, and an Aldi grocery store and a Marie Callender's restaurant both located in Temecula, California.