SS/american.pr      96-158         Contact:  David Weaver, 301-217-6530


MONTGOMERY COUNTY, DEVELOPERS OF
PROPOSED AMERICAN DREAM PROJECT
REACH AGREEMENT, LAUNCH SEARCH
FOR PRIVATE SECTOR FINANCING            For Immediate Release:  May 2, 1996



     Montgomery County Executive Douglas M. Duncan and Triple Five Eastern
Development Corporation, developers of the "American Dream:  Town Center for
Silver Spring" project, today officially signed a development agreement which
defines the roles of both the County and Triple Five in the development of the
proposed $585 million urban entertainment and retail center in downtown Silver
Spring.
     "Up until now, this has only been a public-private partnership in
theory," said Duncan.  "Today's completion of the development agreement
consummates that partnership and establishes a framework to ensure its
success.  It will serve as the foundation for all of the pivotal steps ahead
that will need to be taken to make the 'American Dream' a reality.
     "Since last August, when the American Dream concept was first announced
to the public, I said that its ability to move forward would depend heavily on
two factors:  community support and the attraction of private financing.  The
first goal was achieved when the project earned an overwhelming endorsement
from the 47-member Silver Spring Redevelopment Advisory Board, which spent six
months reviewing all aspects of the proposal.

                                 - MORE -

COUNTY, TRIPLE FIVE REACH DEVELOPMENT AGREMENT                        2-2-2

     "Now, the issue of financing rises to the forefront.  I look forward to
working with Triple Five, over the next several months, to obtain the
necessary private financing to make this project a reality."
     "We are very pleased to have reached this development agreement with the
County and are excited to be moving ahead," said Nader Ghermezian, one of the
principals of Triple Five.  "This project will be the model for large-scale,
urban retail and entertainment development across the nation -- it represents
the future of the industry.  Based on our extensive experience in this arena,
American Dream will be extremely successful in the nation's capital.  As an
economic engine, it will deliver a financial impact of Olympic proportions,
generating thousands of new jobs and increasing the County's tax base."
     According to the development agreement, during the next 180 days, Triple
Five "must use its best efforts to determine the maximum amount of private
debt and equity which is available for development of the project." 
Additionally, during that period, Triple Five and the County have agreed to
jointly explore the availability of public sources of funding from the State
and Federal governments.  If either side determines that the total amount of
private and public funding, and the level of such funding, is not satisfactory
to both parties, then either the County or Triple Five may terminate the
development agreement. 
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