February 01, 2005

BRIDGEPORT, W.Va. - S & A Homes will construct the homes of Charles Pointe, West Virginia's premier master-planned community. The announcement came at a news conference held today by Genesis Partners, the developer of Charles Pointe.

Charles Pointe, which will be built along I-79 and adjacent to Bridgeport, will be a complete, self-contained community. It will include single and multi-family residences, retail outlets and restaurants in a Main Street setting, office complexes, conference center, hotels, schools, and recreation and cultural facilities. To be developed over a 15-20 year period, Charles Pointe is expected to generate investments of a billion or more dollars.

“We are delighted to welcome S & A Homes to the Charles Pointe family,” said Jamie Corton. Corton and his wife, Jennifer Compton Corton, are the managing partners of Genesis Partners. Emphasizing that S & A was chosen as the exclusive builder of the community's more than 1,700 homes of various types over the next 10-15 years, Corton sited the builder's reputation for high quality products as the determining factor in selecting the company.

“Our commitment to high standards at fair prices is integral to our vision for Charles Pointe,” Corton continued. “S & A understands rural markets, the economies that drive them and the quality of life that make them special. They are committed to building an exceptional community and to the long-term relationships necessary for the endeavor.”

Construction on the homes will begin this spring, according to S & A Chief Executive Officer Bob Poole, who was present for the announcement. S & A, whose corporate headquarters is in State College, Pa., will open a permanent office in the Bridgeport/Charles Pointe area within the next few weeks. The local staff will oversee both construction and sale of homes. S & A already has offices in Martinsburg, W.Va.

“As with all of our projects, we will hire locally and work with local sub-contractors, suppliers and venders,” Poole emphasized. Poole estimated that S&A will have an initial staff of 10 the first year not
counting trades and construction workers. S & A Homes believes its commitment of 100 homes a year will amount to $30 million of revenue in North Central West Virginia. Over the course of the project it should amount to $350-$500 million.

“Like Genesis Partners, we see Charles Pointe as a once-in-a-lifetime opportunity. North Central West Virginia is poised for growth. The I-79 Technology Corridor, FBI Center, the
close proximity to the nation's major population centers and seaports, West Virginia's remarkable natural beauty and natural resources - together they make North Central West Virginia an unbeatable location for growing a business or a family,” Poole said.

Poole praised the efforts of Genesis Partners to bring significant retail, professional and commercial establishments to Charles Pointe. “Charles Pointe is going to be a place of commerce - a generator of economic development,” Poole added.

The construction phase of Charles Pointe will have a significant impact on the region, according to Corton. “According to National Association of Home Builders figures, construction of 100 single family homes in the average American community generates one-year impacts of over $11 million in local income, $1.5 million in taxes and other revenue for local governments, and 250 local jobs. Multiply this by 10 and you begin to get an idea of the potential long term impact of Charles Pointe on the economy of our region and our state.”

Located on approximately 2,000 acres along I-79 and 279 in Harrison County, Charles Pointe already is on its way with the construction of a $8.7 million, 120-room Wingate Inn. The planned City of Bridgeport Conference Center will be adjacent to the hotel.