NORWALK AFFORDABLE HOUSING PROJECT GETS NEW CHAMPION

Norwalk, CT - (November 14, 2006) - In the true spirit of community and corporate responsibility, Norwalk-based developer Building and Land Technology has come forward to put the Fair Street affordable housing project back on track. This is the job that the Human Services Council of Mid-Fairfield County had to sell to the Norwalk Redevelopment Agency after the property got bogged down in litigation.

Building and Land Technology President and CEO, Carl R. Kuehner, III said that when he learned of "this injustice happening right in his backyard" he had to act. "We all know the critical need for affordable housing in lower Fairfield County", continued Kuehner, "and these 60 apartments are an important step in the right direction. They'll help the City maintain its vital diversity and provide housing for an important segment of our local work force". Building and Land Technology, partnering with Northwalke, a local not-for-profit organization that promotes affordable housing, approached the Norwalk Redevelopment Agency with a plan to assure that the much needed project would be successfully completed.

Norwalk Mayor Richard A. Moccia said, "Workforce housing is essential to Norwalk's economic health and overall sustainability. This significant project will provide new affordable housing opportunities to many professionals that work within our City but cannot afford to reside within it. The fact that this important project has been brought back to life by Building and Land Technology is a testament to the high quality and community minded developers who are attracted to Norwalk. Their efforts continue to reshape and redefine our community for the better."

Timothy T. Sheehan, Redevelopment Agency executive director, said he was "most grateful" for Building and Land Technology's proposal and that he couldn't think of a company more qualified to achieve the goal. "The Kuehners and their firm have accomplished so much in the last few years. In Norwalk alone, their Towers corporate campus consists of 900,000 square feet in three Class A+ office buildings at the junction of the Merritt Parkway and Route 7 Connector. The first two buildings are leased in their entirety to the United States corporate headquarters of Diageo North America, Inc., the world's largest beverage company, and to the regional headquarters of Hewitt Associates, one of the world's largest outsourcing and consulting companies. The third tower, topped by a heliport, is already one-third leased to GE Commercial Finance, IMS Health and Building and Land Technology, among others".

The Redevelopment Commission's chairman, Paul L. Jones, said he hoped that the Kuehners' action would "prompt other companies and individuals - from architects to tradesmen and financiers Ñ to step forward and help make this project even more affordable by offering their services at a reduced rate". The state defines affordable as 80% of median income and a lowered total cost could lower that percentage.

No strangers to philanthropy, the principals of Building and Land Technology are past honorees of the March of Dimes of Fairfield County's annual Real Estate Award. Both Carl R. Kuehner, III, and Paul J. Kuehner, the company's Chief Financial Officer, have long supported local charities like the Norwalk Emergency Shelter as well as Hope for Haiti, a Kuehner family-run not-for-profit that has assisted over 100,000 Haitians since its inception 16 years ago.

A second-generation real estate development company, Building and Land Technology has completed ventures worth more than $2 billion as developers, builders and historic redevelopers. Their numerous office parks, apartment complexes, single family subdivisions, common interest communities and adaptive reuse projects are located throughout Fairfield County and on the West Coast.

For additional information, please contact Paul J. Kuehner, 203-846-1900 x1522 or email paul@bltoffice.com.