CONSTRUCTION UNDERWAY FOR “QUIET ZONE” IN PEARL DISTRICT

05/12/2010

HOYT STREET PROPERTIES, PORTLAND DEVELOPMENT COMMISSION AND PORTLAND BUREAU OF TRANSPORTATION ANNOUNCE START OF CONSTRUCTION FOR RAILWAY “QUIET ZONE” IN PEARL DISTRICT

Raised medians and other safety features will replace need for locomotive horns at crossings

(PORTLAND, OR) — May 12, 2010: HOYT , the largest developer of Portland’s Pearl District, announced that the construction phase for the neighborhood’s highly anticipated railway “quiet zone” has begun. The construction phase marks an important milestone for a project that HOYT , along with the Portland Development Commission (PDC), and the Portland Bureau of Transportation (PBOT) began pursuing with the Federal Railroad Administration (FRA), in early 2008. The project is also supported by the Pearl District Neighborhood Association and the Old Town Chinatown Neighborhood Association.

The North Pearl quiet zone includes the vicinity of the main line railroad crossings along N.W. Naito Parkway at N.W. 9th, 15th and 17th Avenues. Currently, locomotive operators are required to sound their horns as they approach all roadway-railroad grade crossings within the vicinity of Union Station. Under new quiet zone restrictions defined by the FRA in 2005, the use of locomotive horns will be prohibited, except in the case where the operator perceives a potentially hazardous situation.

Safety improvements at each of the three rail crossings primarily consist of non-traversable medians that will prevent motorists from circumventing the gates when trains approach. Each crossing will retain the existing gates, flashing signals and bells that activate when trains approach.

“As the neighborhood has changed from largely industrial to residential and commercial, the noise from passing trains throughout the night and early morning has become more and more of an issue for the people who live and work in the Pearl District,” said Tiffany Sweitzer, HOYT president and partner. “With construction under way, we’re that much closer to a solution that will keep the rail crossings safe while enhancing enjoyment of the overall area — from existing development to developing properties such as The Fields Park , Pearl Family Housing, and Centennial Mills , to the waterfront and developing properties to the west.”

Total costs for the project are expected to be less than $400,000, with funding provided equally by PDC and HOYT through a cost-sharing agreement. The project is being managed by PBOT and construction completed by the Portland Bureau of Maintenance.

“This has been a great partnership between the public and private sectors that will significantly improve the quality of life for people who live, work, and play in the Pearl District,” said Eric Jacobson, PDC project manager.

Construction on the three crossings is expected to be completed by June 2010. Once construction is complete, the crossings will be inspected by the Oregon Department of Transportation Rail Division. After approval from ODOT Rail, the national database will be updated to notify rail operators about the implementation of a new quiet zone. HOYT and its project partners anticipate the quiet zone to be in effect by mid-July, pending delays in the approval process.

About HOYT HOYT , (Hoyt Street Properties) is a leader in creating sustainable communities to encourage sound investment and support an earth-friendly lifestyle. Since 1997, it has developed more than 50% of Portland, Oregon’s Pearl District — a community that is widely recognized as one of the most successful urban revitalization projects in the world. Hoyt Yards, a 34-acre plot of what used to be abandoned rail yards and “brownfields,” is now home to 14 mixed use and condominium buildings, as well as restaurants, retail, galleries, parks and other attractions. The Hoyt Yards plan recently earned a LEED for Neighborhood Development (LEED ND) Platinum rating, the highest available. It was the fifth neighborhood plan in the US to receive LEED ND Platinum.

HOYT’s real estate arm, HOYT Realty Group, offers the widest selection of living options in the Pearl District. It represents HOYT developments, as well as other Pearl condominium properties. Information about HOYT and HOYT Realty Group is online at hoytliving.com .

Media Contacts:

Tiffany Sweitzer HOYT 503-227-6677 tiffanys@hoytstreetproperties.com

Shawn Uhlman Portland Development Commission 503-823-7994 uhlmans@pdc.us

Rich Newlands Portland Bureau of Transportation 503-823-7780 Rich.Newlands@portlandoregon.gov