WATERFORD DEVELOPMENT TO HOLD GRAND OPENING CELEBRATION FOR SPECTRUM

Reston, Va. (March 12, 2008) – Waterford Development will hold a grand opening celebration for Spectrum, a brand new condominium community in Falls Church, Va., this weekend, March 15 and 16. The two-day event starts at noon and will feature tours of a variety of residences, building amenities, and the green roof, and will include refreshments, incentives, and several giveaways.

During the special grand opening weekend, anyone who buys a new Spectrum condominium home will receive a $2,500 gift certificate to Crate & Barrel, Best Buy, or West Elm, to be used after move-in to help furnish their new home. On Saturday, Waterford will be joined by radio personality Jimmy Alexander from MIX 107.3.

“We’re excited to hold this grand opening celebration for Spectrum!” said Jan A. Zachariasse, president and CEO of Waterford Development. “This is an incredible community within the City of Falls Church, and I’m positive we have something for everyone. The building really does offer a spectrum of opportunities.”

Spectrum features 15 different floorplans for their one- and two-bedroom residences, two-story lofts, and a number of penthouses. Additionally, dens, powder rooms, balconies, and terraces are available on select residences. All units offer sustainable bamboo or cork flooring choices and the kitchens feature granite countertops and stainless steel appliances. Building amenities include a clubroom with a pool table and lounge area complete with a fireplace and plasma TV, a catering kitchen, a private dining room, which can also be used as a conference room, business center, and small resident movie theater. Off the clubroom, there is a private resident’s patio and sanctuary garden. Spectrum provides front desk and concierge services for its residents.

Residents at Spectrum will enjoy vibrant retail around Market Square, a park located at the front of the building where residents can stroll and relax in the seating areas, or wine and dine al fresco. It is adjacent to the street level of retail space at Spectrum, which has already attracted popular tenants such as Not Your Average Joe’s restaurant and For Eyes, a full service optical provider. A wine bar and smoothie place have also expressed interest in retail space at Spectrum. Additionally, Spectrum includes two 15,000-square-foot office condominium suites fronting Park Street.

Spectrum is located on Route 7, and residents will enjoy easy access from Route 50 and I-66. It is minutes to both the East Falls Church and West Falls Church Metro Station. In addition, GEORGE, the clean diesel bus that provides local transit service through Falls Church, will stop right at Spectrum to provide shuttle service for residents to and from the Metro.

To make an appointment or for more information about Spectrum, please call the sales center at 703.533.8525 or visit www.spectrumcondo.com.

About Waterford: Waterford Development is a full-service real estate development company headquartered in Reston, Virginia, with an office in Raleigh, North Carolina. Over the past 18 years, Waterford Development has developed thousands of acres of land and completed numerous unique residential communities, as well as innovative office and retail spaces. Recent award-winning developments include Belmont Greene, Symphony Village, The Broadway, and The Palladium. For more information, visit www.waterforddevelopmentllc.com.

# # #