Patriot Transportation Holding Announces Execution of a Letter of Intent for JV With MidAtlantic Realty Partners

Patriot Transportation Holding, Inc. PATR today announced its execution of a Letter of Intent with MidAtlantic Realty Partners, LLC. for the formation of a Joint Venture to develop the first phase of the four-phase Master Development known as RiverFront on the Anacostia in Washington, D.C. adjacent to the Washington Nationals baseball stadium. Under the terms of the Letter of Intent the parties have agreed to seek a modification from the District of Columbia authorities to the existing approved plan for the Master Development to change phase I from an office building to residential apartments for which market demand appears to exist today. The Letter of Intent contemplates the parties will enter into a formal joint venture agreement wherein Patriot Transportation Holding, Inc., through its wholly-owned subsidiary, Florida Rock Properties, Inc., will, following approval for the change to residential apartments contribute the land comprising phase I to the joint venture in return for a seventy percent (70%) interest in the venture. MRP will contribute capital in the amount necessary for the venture to qualify for a nonrecourse loan for the balance of the estimated construction costs (this MRP contribution is currently estimated to be in the approximate amount of $4,500,000).