Common use of Private Development Clause in Contracts

Private Development. The Private Development consists of the following three Project Elements, each a Private Development Project Element: (1) an apartment component comprising of approximately 144 units within approximately 128,000 gross square feet of floor area and a retail component comprising approximately 33,400 gross square feet plus ancillary parking in a building to be constructed by the Developer on Block 88 (the “Block 88 Apartment”) with the final unit count subject to completion of design development documents and completion of a market and feasibility analysis to be prepared by the Developer and land use approvals as described in Article IV; (2) an apartment component comprising of approximately 210 units within approximately 192,000 gross square feet of floor area and a retail component comprising approximately 7,800 gross square feet plus ancillary parking in a building to be constructed by the Developer on Block 105 (the “Block 105 Apartment”) with the final unit count subject to completion of design development documents and completion of a market and feasibility analysis to be prepared by the Developer and land use approvals as described in Article IV; and (3) an urban mixed use hotel component having no fewer than 250 guest rooms within approximately 164,000 gross square feet of floor area plus ancillary parking in a building to be constructed by the Developer on Block 105 (the “Block 105 Hotel”) with the final room count subject to completion of design development documents and completion of a market and feasibility analysis to be prepared by the Developer and land use approvals as described in Article IV.