Harmony Development Signs MOU With Florida State University

Greenwich, CT / Harmony, FL - Harmony Development Company, an affiliate of Starwood Capital Group Global, LLC, announced today it has signed a Memorandum of Understanding with The Florida State University to build Florida States Energy and Sustainability Center, a state-of-the-art energy research facility, at the green certified development of Harmony, Florida. The center will be located within Harmonys recently created Florida Energy Research Park, which will operate with the goal of researching and developing sustainable and clean energy technologies that contribute to the conservation of Floridas energy resources, climate and environment. Harmony Development Company created the research park as a location where educators, researchers and businesses come together as collaborative partners to seek and demonstrate technology related to renewable and clean energy supplies. The facility will allow Florida State researchers to test sustainable-energy technologies, including solar, wind, hydrogen and biomass, and develop innovative solutions to ensure homes that have as small an environmental footprint as possible.

"This is an incredibly exciting opportunity to partner with a great institution in Florida State to create what we believe will be one of the countrys leading research facilities for sustainable energy technologies," said Robert Geimer, Senior Vice President of Starwood Capital Group. "Working in partnership with the dedicated team at Harmony, leading educators like Florida State and energy companies across the state, this project has the capability to not only pioneer how Florida residents receive their energy for decades to come, but also to serve as a model for other states interested in making their energy infrastructure greener and more sustainable."

Harmony is one of only ten communities in Florida and the largest one in Central Florida that is currently "Green Certified" and is intended to be a showcase for pioneering innovative design in sustainable, green development philosophies. Located about 30 miles south of Orlando in Southeast Osceola County, the development is owned by Harmony Development Company, a Starwood Capital Group affiliate. Starwood Capital Group is a leading private real estate investment firm with significant expertise in the energy sector through its affiliate, Starwood Energy Group Global. Starwood Energy is working in partnership with Lockheed Martin Corp. to develop utility-scale solar generation projects in North America and as part of the MOU with Florida State will explore building a utility scale concentrator thermal solar generation plant at Harmony.

"We are thrilled to participate in this unique partnership, which will allow Florida to address the challenges related to alternative energy by developing a portfolio of research programs that explore reliable, affordable, safe and clean energy technologies for the future," stated Bradford Nordholm CEO of Starwood Energy Group. "Programs like this will only accelerate our nations critical need to engender energy independence, reduce greenhouse gases and create new careers, and we hope this facility will serve as a model for other states across the country to pursue the same goals."

When complete, Harmony plans call for the construction of 7,200 homes, 1 million gross square feet of light industrial space, and another 850,000 gross square feet of commercial/retail space.

"We are thrilled to partner with great organizations on this project such as Florida State University, Harmony and the affiliated companies of Starwood Capital Group," said Maria Toumazos, Osceola County Economic Development Administrator. "This is going to be a catalyst for research initiatives and alternative energy projects, accompanied by high wage, value-added jobs, benefiting Osceola County and the State of Florida."

"As a community that is well known for its commitment to being environmentally intelligent, we are extremely pleased to have the Florida Energy Research Park located within Harmony," said James Lentz of Harmony Development. "Harmony was conceived and built on the premise that suburban living could co-exist with nature and help promote a more environmentally friendly way of living, and this project is the perfect complement to that effort."

For more about Harmony, visit the communitys Web site at www.harmonyfl.com.

About Starwood Capital Group Global, LLC
Starwood Capital Group Global, LLC is a privately-held global real estate investment firm based in Greenwich, CT with its predecessor Starwood affiliates "Starwood". Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwoods clients include public and private retirement programs, university endowments, foundations, and international and high-net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value.

Starwood Capital Group has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, Europes second largest hotel network; iStar Financial NYSE: SFI, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide NYSE:HOT, a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., who, together with its private sister company, owned, leased or managed 255 golf courses. It also participated in the formation of and helped led the growth of Equity Residential Properties Trust NYSE:EQR, one of the premier US multifamily REITs.

About Starwood Energy Group Global

Headquartered in Greenwich, CT, Starwood Energy is focused on power generation and transmission project development and ownership, primarily in North America. Starwood Energy currently has interests in three transmission projects in the Northeast, including the recently completed 660MW undersea transmission line across New York Harbor known as "Neptune" that connects the Pennsylvania-Jersey-Maryland PJM grid to the Long Island Power Authority LIPA grid. It also owns a power plant in Colorado and maintains interests in six power generation projects in California, including five existing simple-cycle, natural gas-fired "peaking" power plants and a 120MW "peaking" power facility currently under construction.

Media Contacts

Capital Group and Starwood Energy Group
Tom Johnson
Abernathy MacGregor Group
212-371-5999

Harmony Development Company
Melanie Lentz-Janney
Doverwood Communications, Inc.
321-945-4208
Melanie@doverwood.com

Osceola County Economic Development
Maria Toumazos, Economic Development Administrator
407-742-4200

Harmony Development, un Afiliado de Starwood Capital, Firma Memorando de Entendimiento con la Universad Estatal de la Florida Para Desarrollar Facilidad de Energía

Facilidad avanzada será localizada en el parque Energy Research en el Green Certified Development de Harmony, FL

Greenwich, CT / Harmony, FL - 4 de diciembre, 2008 - La compañía Harmony Development, Starwood Capital Group, Universidad Estatal de la Florida Florida State University, y el departamento del desarrollo económico del condado de Osceola anunciaron hoy que, la compañía Harmony Development, un afiliado de Starwood Capital Group, LLC, ha firmado un memorando de entendimiento con la Universidad Estatal de la Florida para construir el centro de energía y continuidad de la universidad, una facilidad avanzada de la investigación en materias energéticas en el desarrollo certificado verde de Harmony, Florida. El centro estará localizado dentro del recientemente creado parque Florida Energy Research, que operará con la meta de investigar y desarrollar tecnologías de energía sostenibles y limpias que contribuyan a la conservación de los recursos de energía de la Florida, clima y el ambiente. La compañía Harmony Development creó el parque de investigación como una localización donde los educadores, investigadores y los negocios se junten como socios de colaboración para buscar y demostrar tecnología relacionada a suministros de energía reanudables y limpios. La facilidad permitirá a los investigadores de la universidad de examinar tecnologías de energía sostenibles, incluyendo solar, viento, hidrógeno y biomasa, y desarrollar soluciones innovadoras para aseguar que las viviendas tengan la más pequeña huella ambiental posible.

"Esto es una oportunidad increíblemente emocionante de asociarse con una gran institución de la universidad para crear lo que creemos será una de las instalaciones de investigación principales del país para las tecnologías de energía sostenibles," dijo Robert Geimer, vice-presidente mayor de Starwood Capital Group. "Trabajando en sociedad con el equipo dedicado de Harmony, los educadores principales como la universidad y compañías de energía por todo el estado, este proyecto tiene la capacidad para no sólo iniciar cómo los residentes de la Florida reciben su energía durante las próximas décadas, pero también servir como modelo para otros estados interesados en hacer su infraestructura de energía más verde y sostenible."

Harmony es solo una de las diez comunidades en la Florida y la más grande de la Florida central que es actualmente "Green Certified" Certificado-Verde y será un escaparate para iniciar diseño innovador en filosofías sostenibles, del desarrollo verde. Localizado a 30 millas al sur de Orlando en el sur-este del condado de Osceola, el desarrollo es poseído por la compañía Harmony Development, un afiliado de Starwood Capital Group. Starwood Capital Group es una empresa inversora privada principal de las propiedades inmobiliarias con maestría significativa en el sector de energía a través de su afiliado, Starwood Energy Group Global. Starwood Energy está trabajando en asociación con Lockheed Martin Cop. para desarrollar proyectos solares de la generación en America del norte y como parte del MDE con la universidad explorará la construcción de una planta solar termal en Harmony.

"Proyectos de esta magnitude colocará el condado de Osceola en el mapa como el lugar elegido para compañías de tecnologías de energía alternas y investigadoras," dijo John "Q" Quiñones, presidente de la junta de comisionados del condado de Osceola.

Cuando terminado, Harmony pretiende la construcción de 7,200 viviendas, 1 millón de pies cuadrados gruesos de espacio alumbrado industrial, y otros 850,000 pies cuadrados gruesos de espacio comercial/venta al por menor.

"Estamos emocionados de juntarnos con grandes organizaciones en este proyecto tal como la universidad estatal de la Florida, Harmony y las compañías afiliadas de Starwood Capital Group," dijo Maria Toumazos, administradora del departamento del desarrollo económico del condado de Osceola. "Este va a ser un catalizador para las iniciativas de investigación y los proyectos de energía alternos, acompañado por trabajados de alto salarios, y de valor añadido, beneficiando al condado del Osceola y al estado de la Florida."

"Como una comunidad que es bien conocida por su compromiso de ser ambientalmente inteligente, estamos extremadamente satisfechos de tener el parque Florida Energy Research situado dentro de Harmony," dijo James Lentz de Harmony Development. "Harmony fue concebida y construída en la premisa que la vida suburbana podría coexistir con la naturaleza y ayudar a promover una manera más respetuosa del medio ambiente de vida, y este proyecto es el complemento perfecto a ese esfuerzo."

Para más información sobre Harmony, visite la página web al www.harmonyfl.com.

Contactos de Prensa:

Para Starwood Capital Group y Starwood Energy Group:
Tom Johnson
Abernathy MacGregor Group
212-371-5999

Para la compañía Harmony Development:
Melanie Lentz-Janney
Doverwood Communications, Inc.
321-945-4208
Melanie@doverwood.com

Para el Condado de Osceola:
Maria Toumazos
Departamento del Desarrollo Económico del Condado de Osceola
407-742-4200