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First Residential Loft Building Planned to Spur Economic Revitalization of Miami's Historic Downtown Riverside District; Mayor Manny Diaz Joins Partners to Celebrate the Groundbreaking of the NEO Lofts
MIAMI, FL --

In an effort to revitalize Miami's Historic Riverside District in the Little Havana Neighborhood and bring families one step closer to downtown living, Mayor Manny Diaz today joined NEO Development, First Union/Wachovia, local housing partners, and Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, to break ground on NEO Lofts, a 199-unit loft-style condominium community planned for downtown Miami. Located within walking distance to jobs, restaurants, and shops, NEO Lofts will be the first residential loft building in Miami's urban core that promises to be key to downtown revitalization.


"NEO Lofts are a critical element in our ongoing mission to recreate Miami's neighborhoods," said Mayor Diaz. "As we continue to develop attractive downtown housing, more people will realize the convenience and excitement of city life. With the homeownership rate at 5 percent in Little Havana, the NEO Lofts will help increase housing and economic activity in the city."

In April 2002, Mayor Diaz announced the Little Havana Home Ownership Zone initiative. As part of the initiative, several of Miami's economically distressed neighborhoods will receive special attention and substantial financial resources to create homeownership opportunities.

Designed for the urban lifestyles in Miami, the future NEO Lofts condominiums will be situated just west of the West Brickell area along the Miami River and within walking distance to the entertainment district. The 21-story, 199-unit complex will consist of one- and two-bedroom area loft-style units ranging from 713 to 1820 square feet and will be priced from $112,000. In addition, each unit will have a private balcony ranging from 66 to 333 square feet.

Developed by NEO Development, the NEO Lofts will provide open and flexible spaces with ceilings measuring nearly 11 feet, which will add dramatic volume to each unit. The floor to ceiling windows will highlight the views of the Miami River, Biscayne Bay, the entire Brickell area, Key Biscayne, and the downtown Miami skyline. Other amenities will include a lap pool, fitness center, tennis court, business center, conference room, and clubhouse.

"The Historic Riverside District is in the midst of rediscovering it's full potential as a vital and exciting place for the community," said Lissette Calderon, president of the NEO Development. "NEO Lofts offer Miami-resort style amenities with a distinct New York loft flavor and are designed for the urban workforce that has longed to live in the Downtown Miami area. NEO Lofts is poised to become Miami's newest and trendiest urban development. With its unique living concept, NEO Lofts is now ready to make its mark on the Miami skyline with urban loft living in a river front setting."

Fannie Mae made a $5.5 million equity investment in NEO Lofts through the company's Communities Fund® (ACF), NEO Development provided the residual equity, and First Union/Wachovia is providing the construction financing. The Fannie Mae American Communities Fund invests debt or equity in housing developments that support neighborhoods and community revitalization efforts. ACF invests with partners using a variety of funding and investment tools that can help lenders, government entities, developers, and nonprofit housing sponsors achieve their housing goals.

"First Union/Wachovia is proud to be the lender in this development, and we are excited about the important impact the NEO Lofts will have on Miami's downtown," said Jess Lawhorn, Jr., senior vice president of First Union/Wachovia. "Quality urban housing is an essential part of a healthy and economically stable community. NEO Lofts will give its residents unique access to Miami's modern, 24-hour city lifestyle."

"Fannie Mae is strongly committed to supporting Miami's vision of a thriving downtown where families can live, work and play," said Shalley Jones, director of Fannie Mae's South Florida Partnership Office. "NEO Lofts exemplifies the type of relationships we want to foster to transform and rejuvenate Miami's downtown and surrounding neighborhoods."

Fannie Mae's participation in NEO Lofts is part of the company's $2 trillion American Dream Commitment to serve 18 million targeted American families by the end of the decade.





Wachovia Corporation (NYSE:WB),created through the September 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The Company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

NEO Development is a Florida development corporation founded in 1999. NEO Development is focused on affordable urban residential opportunities.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided more than $3.8 trillion of mortgage financing for over 44 million families.

The American Dream Commitment is a service mark and American Communities Fund and ACF are registered marks of Fannie Mae. Unauthorized use of this mark is prohibited.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."