CASTLE & COOKE ANNOUNCES EXPANSION OF ITS ALBERHILL RANCH IN LAKE ELSINORE

LAKE ELSINORE, CA -- Castle & Cooke, one of the nation's leading developers of residential and commercial properties, has announced that it is increasing the commitment made to the City of Lake Elsinore by expanding the scope of its new Alberhill Ranch master-planned community, which is currently in development.

"As part of the expansion, Alberhill Ranch and the new parcels, all of which are contiguous to Alberhill Ranch, will now be called Alberhill," said Michael Williams, Vice President of Sales & Marketing for Alberhill Ranch. "The expansion will encompass approximately 2,500 acres and will be planned for thousands of homes, new schools, a Boys & Girls Club facility, community parks, and numerous retail and commercial sites. Alberhill Ranch, which will be the centerpiece of the new Alberhill region, is about 400 acres."

"Castle & Cooke is forming the new region by the acquisition of three parcels that lie north and east of Alberhill Ranch. The northern parcel will be Alberhill Village (now referred to as Pacific Clay); the two parcels to the east will be Alberhill Ridge and Alberhill Estates (now referred to as Tri-Valley and Hoist, respectively)," added Williams.

"We believe Lake Elsinore and the surrounding area will continue to be a strong housing market, which will only get stronger as the market stabilizes and demand for new housing increases in the Inland Empire over the next several years," said Williams. "Strategically, Alberhill will be in perfect position to capture a major share of that demand with its array of housing opportunities and the numerous public and community amenities that it will encompass. This will be a very exceptional location."

Planned for development over the next 20 years, Alberhill will be one of the largest regions to include a variety of master-planned communities in the Inland Empire. Its varied topography will provide opportunities for a wide range of housing from luxury view-oriented, estate homes in a gated neighborhood to higher density homes designed for first-time buyers.

Located between Corona and Temecula along Interstate 15, Lake Elsinore has a population of about 38,000 residents and the 3,000-acre Lake Elsinore is within the city's boundaries. One of the Inland Empire's fastest growing municipalities, the city encompasses a wide variety of shopping centers that include some of the nation's largest retailers, office and industrial parks, numerous public parks and recreational facilities, a highly ranked public school system, and the Lake Elsinore Storm minor league baseball team.

Founded in Hawaii in 1851, Castle & Cooke has decades of experience and the proven ability to transform raw land into unique places where people and families desire to live. The company has long been in the business of building quality homes and high-end residential communities, golf courses, country clubs, retail shopping centers, office and industrial parks, and spectacular vacation resorts.

Castle & Cooke's goal is to provide quality and lasting value for every customer. Their approach is accomplished through a team of experienced development professionals and executive leadership focused on every detail. They believe that executing this vision of creating quality homes with warmth and style will enhance the lives of their customers.

Today, the company's extensive list of accomplishments includes master-planned residential communities in California, Arizona, Florida and Hawaii, including developments on the luxurious Island of Lana'i, and the exclusive Lake Sherwood in Southern California.

For information on Alberhill Ranch, please visit www.alberhillranch.com. For addition information on Castle & Cooke, please visit www.castlecooke.net.