For Immediate Release October 23, 2007 CENTRAL HUDSON UTILITY INSTALLATION TO BECOME CENTERPIECE OF VIBRANT NEW RETAIL

DEVELOPMENT
 
Red Bank, NJ – River Development LLC and Net Properties Group today announced that they have signed a purchase agreement with Central Hudson Gas & Electric Corporation, headquartered in Poughkeepsie NY, to purchase Central Hudson’s 34-acre site known as Eltings Corners located on Route 299 and South Street in Lloyd NY.  The Red Bank NJ-based joint venture will propose an upscale retail experience in accordance with municipal guidelines.
 
“We are excited to be part of this redevelopment effort,” said Christine Burke, a spokesperson for the project. “We will work closely with themunicipality to achieve its design standards as we develop the concept for what will be a great new retail destination.” 

N.J. Developer Buys Lloyd Site
 By Jeremiah Horrigan

Times Herald-Record
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October 26, 2007

Lloyd — While no one's saying exactly which retail outlets are headed for Central Hudson's warehouse site across from the new Lowe's Home Center at Route 299 and South Street, one thing appears clear: The Town Board won't put up many obstacles to its eventual opening.

"I think the board should be loving it," Councilman Mark Elia said yesterday.

Elia's certainly loving it: With Lowe's already having a positive impact on local taxes, a new development across the street can only be a good thing, he said.

"It can only get better — what we've got to do is get more commercial properties to match the rooftops in town, to get if not tax relief, at least tax stability."

A New Jersey development venture has announced the purchase of the 34-acre site, promising to build an unspecified number of retail upscale outlets.

Christine Burke, spokeswoman for River Development LLC and New Properties Group of Red Bank, declined to give specifics of the group's plans, including the sale price, what and how many outlets are likely to be part of the development and when it hopes to begin environmental review. Burke said the group was meeting with project partners and would have no further comment until those meetings are concluded.

John Maserjian, a spokesman for Central Hudson, was similarly closemouthed about details. He said the company is still exploring sites in Kingston, where it can combine its gas and line crews facility and office with the warehouse and maintenance facility in Lloyd.