Park Avenue Development Corporation is part of the international association of companies under the Garbe Group with offices in Winter Park, Florida, and Hamburg, Germany, with a combined staff in excess of 200 qualified employees. The resources of the group are pooled and available to all group members where and whenever required.

The gross annual income of the Garbe Group surpasses $500 million and the Group frequently finances its projects with its own resources. The Garbe Group has also entered into joint ventures with investors in addition to finance-leasing contracts in cooperation with national and international banks and other investors.

Park Avenue Development Corporation has been operating in Florida for over 25 years and was selected by the City of Orlando as one of four developers out of about 80 nationwide respondents qualified to purchase and develop the Orlando Naval Base.

Park Avenue Development has extensive expertise and accumulated knowledge relative to the development and construction of student housing and under their student-housing division, developed the College Suites concept.

Park Avenue Development Corporation was founded in 1979 with offices in Winter Park, Florida. Park Avenue Development is a full service development Company specializing in retail, residential and student-housing projects. Sites are selected based upon specific parameters, including growth statistics, comparable cost analysis, traffic patterns, demographics and governmental land ordinances. Only properties meeting stringent pre-established criteria are purchased for development.

Park Avenue Development Corporation is particularly adept at rezoning properties and obtaining the complex governmental approvals and permits necessary for environmentally sensitive properties. All research and pre-planning are completed in-house and Park Avenue Development coordinates work between select engineers, architects and governmental agencies.

Park Avenue Development Corporation enjoys wide success due to its market knowledge and proven record of project management. Past projects have included single-family-home subdivisions, student-housing developments, industrial parks and such commercial developments as office, hotel and shopping centers.

The combined expertise of the officers of Park Avenue Development Corporation provide thorough knowledge and proven backgrounds in the fields of architecture, site planning, construction management, marketing and land use.

UDO GARBE (President, Dipl. Ing. Architect)

Stockholder and President with a degree from the University of Berlin in architecture and site planning. Mr. Garbe has been successfully involved in the design of residential, industrial, commercial and hospital projects. He brings a thorough knowledge of land uses and site possibilities.

ANDREW CHU (Vice President)

Land-use specialist with experience in rezoning properties and obtaining approvals to develop residential, industrial and commercial projects. Mr. Chu has a thorough hands-on knowledge in Property Management and comes from an S&P 500 Company.

DANA TOLAND

Chief Financial Officer and Administrator overseeing the daily details of office and accounting functions. Mrs. Toland came to Park Avenue Development Corporation from working in an S&P 500 Company and has a thorough, expansive and hands-on accounting background.

DOREEN SMITH

Land researcher specializing in investigating areas of high potential for future growth and development. Mrs. Smith is a highly qualified and valuable asset to the company.