Milford Marketplace - UPSCALE SHOPPING CENTER TO OPEN IN MILFORD

July 17, 2006 - DeForest W. Smith, CCIM, SIOR is pleased to announce that the former Wayside Furniture property on the Boston Post Road in Milford is being developed as an upscale 100,000 square foot retail center. The Smith firm represented both the owners and the developer.

This transaction is a bit unusual because the developer, Chattanooga-based CBL, will be ground leasing the 12-acre parcel. The owners of the property - since 1928 -gave the Smith firm the assignment of finding a developer, who would lease the property and develop an upscale center. It is the largest land lease in Southern Connecticut in recent memory.

The center will be anchored by a 30,000 square-foot Wild Oats natural food market. Several high-end clothing stores, including Ann Taylor, Chico's, Joseph A. Bank, Coldwater Creek and Banana Republic will also be tenants.

Construction is expected to commence within the next 30 days and be completed for summer 2007. The existing 270,000 square foot building will be razed. Ethan Allen Furniture will remain in conjunction with the new center.