AAC PURCHASES JOSKE’S BUILDING FOR REDEVELOPMENT

SAN ANTONIO — New York-based Ashkenazy Acquisition Corp. (AAC) has acquired the Joske’s building, a historic, 500,000-square-foot building located at Rivercenter Mall in San Antonio, from Dillard’s. AAC had previously purchased Rivercenter Mall, and plans to redevelop the mall in three phases. This summer, redevelopment work will commence with the renovation of the mall’s lagoon area along Commerce Street. New retail and restaurant venues will be added, including San Antonio’s first Fogo de Châo restaurant. The final phase of the redevelopment will also include updates to the existing mall interior. AAC is currently working with locally based architecture firm S.A. Partnership to create conceptual plans for the Joske’s building. The historic design review process is expected to begin this fall, with construction beginning as early as summer 2009. The Dillard’s that currently occupied the Joske’s building will remain open through August.