Miami Beach City Leaders Join Aimco Representatives to Officially Open a 1/3 Mile Section of the Baywalk to the Public Ceremony at The Flamingo South Beach Apartments Marks Major Progress toward City's Goal of Creating a Public Promenade

MIAMI BEACH, Fla., May 21, 2013 /PRNewswire/ -- In partnership with the City of Miami Beach,  Apartment Investment and Management Company ("Aimco") (NYSE: AIV) today opened a new section of the Baywalk to the public, along the Western waterfront from 5th Street to Lincoln Road.  The ribbon-cutting ceremony in the bayside courtyard of Flamingo South Beach Apartments not only officially expanded the Baywalk to the citizens of Miami Beach, but also signified a new partnership between Aimco and the City.

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"Today we are pleased to open the gate to a significant portion of the Baywalk and to publicly show our support for the City's goal of enabling citizens and visitors to enjoy the beauty of Biscayne Bay along a signature promenade," said Aimco Executive Vice President John Bezzant. "Our substantial investment in this new section of the Baywalk will enhance the living environment for our Flamingo South Beach residents, and provide them with further access to wonderful nearby amenities.  We encourage other bayside property owners to join us in making the City's vision a reality."

"As part of the city's Atlantic Greenway Network, it is the city's vision to have a network of alternative and sustainable modes of transportation that interconnect," said Miami Beach City Manager Jimmy L. Morales. "This public Baywalk will not only provide an additional connectivity, but it will also provide spectacular views for the public to experience."

Aimco began planning its Baywalk project in 2009.  In addition to building a 1/3 mile public walkway, it includes the construction of a seawall that offers Flamingo South Beach residents magnificent views of the Bay while maintaining privacy and security. The new Baywalk project also provided Aimco the opportunity to expand its outdoor amenities, enhancing two pool areas with larger decks, outdoor kitchens and dining areas.

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco owns four properties with 2,304 units in South Florida. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of conventional and affordable apartment communities in the United States, with 259 properties serving approximately 250,000 residents each year. Aimco's properties are located in 24 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500.

SOURCE Aimco



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