2.28.06
Hudson Capital and AMC Delancey Group Acquire 62-Acre Waterfront Parcel
Land From Jacksonville University to Develop Lifestyle Riverside Village

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

Jacksonville, FL --- Miami-based Hudson Capital and Philadelphia-based AMC Delancey Group, Inc. have once again joined forces and announced the $31.5 million acquisition of a 62-acre waterfront plot of land from Jacksonville University.  Hudson Capital and AMC Delancey plan to develop a fully integrated, lifestyle riverside village called Dolphin Reef.  The $400 million large-scale development project will include the construction of 980 condominiums, 10 town homes and 40,000 square feet of retail space.        

“We are pleased to add this new wonderful lifestyle village to our Jacksonville, Fla. development portfolio,” said Andrew Greenbaum, Principal of Hudson Capital.  “We are equally delighted to once again partner with AMC Delancey Group on this, our second joint venture.  Jacksonville University is known for its unwavering commitment to the community and environment, and we intend to continue to uphold this tradition as we embark on our Dolphin Reef development.”

“This acquisition continues our long-term investment program to acquire quality real estate and enhance it for the benefit of residents and the surrounding neighborhood,” said Michael C. Wachs, Vice President of Acquisitions, AMC Delancey Group, Inc.  “At AMC Delancey, our core strategy is to align our interests with a select group of local operating partners, and we are extremely pleased to be partnering with Hudson Capital on our second Jacksonville-area luxury waterfront lifestyle community development. We are confident that when completed, Dolphin Reef will set a new standard for luxury living and shopping in the Jacksonville community.”

The luxury waterfront condominiums and townhouses at Dolphin Reef will range in size from 1,036 to 2,680 square feet.  A Mediterranean design theme will be carried out throughout the community in a variety of floor plans and amenities at Dolphin Reef.  Community amenities will include a nine-hole golf course, 130 boat-slip marina, golf and yacht club and two amenities centers featuring swimming pools, tennis and volleyball courts, a state-of-the-art theater, fitness and business center.  The Jacksonville University House, which is part of the transaction, will be incorporated into the overall site plan.

Hudson Capital and AMC Delancey Group are partnered in the development of Antigua at St. Augustine — a luxurious waterfront community situated on 157 acres on Anastasia Island with views of the Bridge of Lions and St. Augustine Lighthouse. The Antigua at St. Augustine community will be comprised of 450 luxury waterfront residences and condominiums, as well as executive office suites. 

Hudson Capital is also developing the Gardens of Bridgehampton Veranda Homes — a luxury condominium development located near St. Luke’s Hospital on Gate Parkway in Jacksonville’s Southside.

Additional Northeast Florida assets that AMC Delancey is currently invested in include The Radisson Hotel Jacksonville Butler Boulevard, the only Radisson in Jacksonville’s Southside, and the Sheraton Orlando North hotel, which is slated to open summer '06.  In conjunction with joint venture partner Paramount Hotel Group, AMC Delancey has completely transformed The Radisson Hotel Jacksonville and is currently repositioning the Sheraton Orlando North Hotel.

Hudson Capital is an integrated real estate firm focusing primarily on the acquisition, development, rehabilitation and conversion of residential multi-family apartment complexes to condominiums.  Hudson Capital was founded in 2004 and is led by development partners Abraham Galbut, Andrew Greenbaum, Eric Galbut, Neil Greenbaum and Seth Frohlich. Hudson Capital currently has 4,000 residences in various stages of development in its portfolio.  It is a family-owned company spanning three generations and more than seven decades of combined real estate experience.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a leading real estate investment and development firm that aligns interests and co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's programmatic approach focuses first on the quality of potential operating partners, next on their investment strategies, and then on the specific properties proposed for acquisition.  The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development.  AMC Delancey plans to expand these and future investment programs throughout the United States, with both existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars.  For more information on AMC Delancey Group, visit www.amcdelancey.com.