Voters Pass Gaming Referendum in Ranson, WV 01/22/2010

Farmington, Conn. – January 22, 2010 – In a recent vote Jefferson County, West Virginia passed a referendum that will bring table games to Charles Town Races & Slots. Konover Development Corporation’s neighboring retail center located in Ranson, WV will no doubt benefit greatly from this new legislation. The addition of table games to Charles Town’s video slot machines will create over 500 new jobs and will add over $10 million in new tax revenues for Jefferson County. Local business owners are excited about the increased tourism and additional sales that entertainment venues of this magnitude provide.

Konover Development Corporation broke ground in 2009 on its multi-tenanted retail project on Route 9 bypass in Ranson, West Virginia. Konover Development purchased this fully approved, 16,410 s.f., project from a larger, master-planned development in 2008.

The Connecticut-based developer has already leased space within the center to local restaurant staples and industry leaders, ‘Five Guys Burgers and Fries’ and ‘Jerry’s Subs & Pizza’ and recently signed a letter of intent with a national chain for 4,500 sf. who is anticipated to be open by spring. The Ranson Shoppes are part of the highly successful Potomac Town Center anchored by Home Depot, Weiss Supermarket & Kohl’s on the east side of the signalized highway intersection. Konover Development chose this project because Ranson is a high growth center and is part of the expanding Washington D.C. retail market. Please contact Will Ferrell, Trout Daniel & Associates at (410) 435-4004 for information regarding leasing space.

Konover Development is expanding its presence into the Mid-Atlantic region utilizing its professional team of developers, project managers and capital resources. We are currently seeking retail sites located within the Northeastern and mid-Atlantic states and welcome submissions from owners and brokers alike of property to be developed or re-developed. Submissions should be sent to:

Stan Glantz, EVP & Chief Operating Officer
135 South Road, Farmington CT 06032
860-284-7246/Office, 860-989-1213/Cell
860-284-7746/Fax or sglantz@konover.com

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