DANVILLE, California – Blake Hunt Ventures (BHV), developer of the Emerald Place shopping center in Dublin, has announced it has reached agreement to acquire the adjacent land from IKEA for an expanded Lifestyle Center in Dublin.

IKEA today informed the City that the Swedish retailer would not be constructing a store on the 14 acres it owns in Dublin, where BHV planned to develop an adjacent 140,000 square foot specialty retail center. The acquisition of the additional land will allow the Lifestyle Center component to more than double in size. BHV and its partner intend to redesign and develop a Lifestyle Center of approximately 300,000 square feet on the expanded 27 acre site.

Jerry Hunt, President of Blake Hunt Ventures said, “We are excited and eager to work in partnership with the City Council, Planning Commission, City staff and the community to design a shopping center that is a centerpiece of community pride. The property is extraordinary and a new design affords a rare opportunity to expand the high-quality retail offering for the Dublin and tri-valley resident.”

BHV plans a “Main Street” concept running east to west through the 27 acre property. Hunt added, “We envision a central walkway that will create meaningful gathering places, water features and “Town Green” where the community can not only shop but have a rich pedestrian experience. We anticipate a specialty grocery store, a diverse offering of restaurants, apparel stores, home goods and retailers on par with other high-end Lifestyle projects on the West Coast.”

About the plans for the expanded Lifestyle Center, Dublin Mayor Janet Lockhart said, “I look forward to working with BHV on the project to bring a world class shopping and social experience to the community.”

In conclusion Hunt said, “We are working towards the project completion in the fourth quarter of 2009.”