MACTEC GARNERS 2004 PHOENIX AWARD FROM EPA FOR ATLANTIC STATION

ALPHARETTA, Ga., July 28, 2004 -- MACTEC Engineering & Consulting (MACTEC E&C) and Atlantic Station L.L.C. have been awarded the 2004 Phoenix Award for Atlantic Station as the Environmental Protection Agency (EPA) Region 4 best brownfield redevelopment project in the region. EPA Region 4 includes the states of Georgia, Alabama, Florida, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee. Bruce C. Coles, president of MACTEC E&C and chairman & CEO of MACTEC, Inc., the holding company (www.mactec.com) - made the announcement.

MACTEC, working closely with Atlantic Station, L.L.C (composed of Jacoby Development Inc. and AIG Global Real Estate Investment Corp.), various business and community groups, and state and federal regulatory agencies, served as the environmental, design, geotechnical, and construction management engineer for Atlantic Station.

Atlantic Station (www.atlanticstation.com) was the site of the first steel mill in Georgia, the Atlanta Steel Hoop Company. It planted roots in Atlanta in 1901 and prospered as the city grew around it, making cotton bale ties and barrel hoops from recycled scrap steel. The site was used for steel making and steel-product finishing operations for nearly 100 years and was never abandoned but was underutilized for almost two decades after the steel industry declined. Jacoby Development Inc. purchased the property in 1997 and began remediation to allow for the redevelopment of the 138-acre brownfield. The mixed-use, live-work-play development is designed to improve the area's water resources and regional air quality and serve as a model for environmental sustainability.

The Atlantic Station community is projected to include 12 million square feet of retail, office, residential and hotel space as well as 11 acres of public parks once construction is completed. Bordered by downtown Atlanta to the south and Buckhead to the north, the redevelopment is located at the nexus of Interstates 75 and 85 in the heart of Atlanta.

The economic benefits will also be significant. The project is expected to generate approximately 20,000 new jobs with a predicted gain of more than $619 million in total salaries. Additionally, 10,000 new urban residences will be created for a variety of income levels, and several million dollars in tax revenues will be generated for the city and county. Prior to the redevelopment, the 138 acres that is now Atlantic Station contributed $300,000 a year to the city's coffers from property tax. Once fully constructed, Atlantic Station will contribute $30 million a year in property taxes. Additionally, the numerous retailers on site will contribute $10 to $20 million a year in Special Interest Local Option Sales Tax (SPLOST), which helps fund local education and transportation initiatives.

Today, owners have since taken occupancy of the first phase of apartments, condominiums and townhomes. Additional apartments, condominiums, single-family attached homes (duplexes), and single-family detached homes will be constructed. Approximately half of the 3.5 miles of new city streets was opened in early 2004, including the new 17th Street Bridge over I-75/85 connecting the development to Midtown Atlanta.

Since the public has gained access to the redevelopment, walkers and joggers have enjoyed the streetscape and over 11 acres of public greenspace. Atlantic Station is currently home to more than 100 residents and hundreds of professionals who have located office space into the development's first office tower (the 171 17th Street tower). Additional office tenants are scheduled to move in over the next few months, bringing the 500,000 square-foot tower to 70 percent occupancy. Retail construction began in mid-2004 and the majority of the retail locations are expected to open in late 2005. More than 20 retailers, restaurants and entertainment venues have already committed to the development. The live-work-play theme of the project envisioned at conception has become reality.

Mayor Shirley Franklin summed up best what the project has meant to the community: "I am an ardent admirer and supporter. Atlantic Station has delivered on its promise to respect the environment while serving as a needed societal function."

The Phoenix Awards™, Recognition for Excellence in Brownfield Redevelopment, are widely recognized as the outstanding award for achievement of excellence in brownfields redevelopment. This prestigious annual award recognizes one winner from each of EPA's 10 regions. Created in 1997, this award honors individuals and groups who are working to solve the critical environmental problem of transforming abandoned industrial areas into productive new uses.

An independent panel of state, regional and federal government leaders, along with environmental, business and academic professionals selected the winners. The judges evaluated each application based on responses to specific questions related to the project's overall effectiveness, use of innovative environmental solutions, and impact on the environment and local economy. The awards seek to showcase successful solutions and publicize premier redevelopment projects as models for other communities around the country.

The 2004 Phoenix AwardsTM will be one of the highlights of this year's National Brownfields Conference, Brownfields 2004, to be held in St. Louis, Mo., from Sept. 20-22. One of the ten regional Phoenix Award-winning projects will be selected as the Overall Nationwide Winner at this conference.

MACTEC, based in Alpharetta, Ga., is a $431-million environmental, engineering, construction management, and infrastructure services firm with 3,000 employees in more than 100 offices nationwide.

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