Sundance Cinemas, Joseph Freed and Associates Announce Denver Site at Metropolitan Gardens

Sundance Cinemas, Joseph Freed and Associates Announce Denver Site at Metropolitan Gardens

Theatre Groundbreaking Set for Winter, 2007

LOS ANGELES, May 22 /PRNewswire/ -- Sundance Cinemas and developer Joseph Freed and Associates LLC announced today that they have entered into an agreement for a site in Denver, Colorado. The six-screen theatre will be located at Metropolitan Gardens, a large mix-use transit-oriented development just south of downtown Denver.

Sundance Cinemas, slated to open in the Spring, 2010, will be the fourth in the growing chain of Sundance theatres and will anchor Denver's newest mixed-use neighborhood on the site of the former Gates Rubber Factory in Denver.

The Sundance Cinemas theatre will feature all stadium seating, bars and bistros, Sundance Gallery retail, superior presentation and unique pre-show programming with shorts and features from the Sundance Channel. As in all Sundance Cinemas, the presentation will be commercial free.

"Denver is an important driver in the notion of the New West while still inherently embracing the independent, pioneering spirit of the Western legacy," said Robert Redford, Sundance Group President "It's a terrific community for Sundance to join."

Metropolitan Gardens is a premier mixed-use transit-oriented redevelopment located just minutes from downtown Denver via light rail or car. It features over one million square feet of dynamic retail, restaurant and entertainment venues, 450,000 square feet of office space, approximately 22o0 residential units, two hotels with 150 rooms each and approximately 7,700 parking spaces.

The project also features a transit station that will link it to the city's giant rail project, FasTracks. The sustainable architecture, green space and parks planned for the development will compliment the enticing views of the Denver skyline and the Rocky Mountains.

Cherokee Denver, LLC, a wholly owned subsidiary of Cherokee Investment Partners, is the current site owner. Joseph Freed and Associates LLC will be the developer for the project.

Larry Freed, President of Joseph Freed and Associates LLC said, "This is a very special day for the Metropolitan Gardens project. We are extremely proud that Sundance Cinemas has already opened its first movie theatre at our Hilldale Mall in Madison, Wisconsin. Working with the Sundance team here will help to achieve our goal of creating an environmentally sensitive mixed-use project that will attract Denver residents and visitors alike."

Sundance Cinemas at Metropolitan Gardens in Denver will break ground in Winter 2007.

"Sundance Cinemas couldn't be happier to be working with Joseph Freed and Associates," said Paul Richardson, CEO and President. "As witnessed by the success of our first location in Madison, they are fantastic partners. This Denver site fits in with our plan to build premium facilities for discriminating audiences across the country."

"The redevelopment of the former Gates Rubber Factory site is a tremendous opportunity not only for the surrounding neighborhoods, but for the entire city," said Denver Mayor John Hickenlooper. "With this public-private partnership that now includes Sundance Cinemas, we are setting a high standard for future mixed-use and transit-oriented development, urban infill and smart growth in Denver. We are thrilled Sundance Cinemas has chosen Denver and welcome this new arts and culture option to the Mile High City."

Cherokee Denver LLC president Ferd Belz enthusiastically endorsed bringing Sundance Cinemas to the project. He said "We are excited to be working with Joseph Freed and Associates on this project. They are a great mixed-use developer who shares our vision for this project. Bringing Sundance Cinemas to this property is the first step in fulfilling that vision."

About Sundance Cinemas, LLC

Based in Los Angeles, CA, Sundance Cinemas LLC is in the process of building a multiple facility national theatre circuit. Sundance Cinemas, LLC brings together Robert Redford's Sundance brand, a recognized name in independent film, with the seasoned specialized theatre management team of Paul Richardson and Bert Manzari. Investment funds managed by Oaktree Capital Management are financing the company. For more information please visit www.sundancecinemas.com

About Joseph Freed and Associates LLC

Joseph Freed and Associates LLC is an entrepreneurial real estate company that develops, acquires, and operates retail and mixed-use properties nationally. The company is dedicated to long-term value creation and environmentally responsible and sustainable development. It currently has properties in nine states with over 8,000,000 square feet of space and approximately 5,500 residential units. For more information, visit the company's website at www.josephfreed.com.

About Cherokee Denver, LLC

Cherokee Denver, LLC is a wholly owned subsidiary of Cherokee Investment Partners. Cherokee Investment Partners, LLC is a private equity firm based in Raleigh, North Carolina, with offices in Denver, Colorado and London, England. Cherokee specializes in the acquisition, remediation, and sustainable redevelopment of urban infill and brownfield sites in North America and Western Europe. For more information, visit the company website at www.cherokeefund.com.

Source: Joseph Freed and Associates LLC; Sundance Cinemas, LLC

CONTACT: Nancy Klasky Gribler, Vice President of Marketing of Sundance
Cinemas LLC, +1-415-383-6828; or Jayne Carr Thompson of Joseph Freed and
Associates LLC, +1-312-658-0445

Web site:

http://www.josephfreed.com/

Web site:

http://www.sundancecinemas.com/

Web site:

http://www.cherokeefund.com/

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