March 26, 2004

CONTRACT AWARDED FOR BOOK ON THE WOODLANDS

Roger Galatas has reached agreement with the Urban Land Institute for a book about the master planned community, The Woodlands, in South Montgomery County. Titled, The Woodlands: The Human Side of Development, it will be published in 2004 by the Washington, D.C.-based association.

Galatas is a geologist by training and a developer of master planned communities by experience. While working with Humble Oil and Refining (later Exxon) he helped develop two planned master communities, Kingwood and Woodlake, both in the Houston area. He was hired by The Woodlands in 1979 and served as executive vice president, president and CEO of The Woodlands. In 1998, after The Woodlands was sold to Crescent Real Estate Equities and Morgan Stanley for $545 million he left the company. He now owns Roger Galatas Interests, LLC, and provided advisory and development services to owners, investors and executive management of real estate ventures with a focus on master planned communities. Jim Barlow, a retired business columnist at the Houston Chronicle, is the book's co-author. Jim also worked in radio, television, and with the Associated Press.

"Most business books look only at those in particular company," Galatas said. "But The Woodlands is more than the story of a company, Mitchell Entergy and Development Corp. and its founder George Mitchell. The Woodlands would never have achieved its great success without the involvement of many of its residents. We intend to also tell their stories."

"This book of course looks at the very real difficulties Mitchell and his company faced in The Woodlands," Galatas said. "But it's more than an account of a real estate development. The truth is that while planning and money are vital part of any human endeavor in the end it all comes down to people and the decisions they make. The story of The Woodlands provided a look at the difficulties those who built it faced, and how they overcame them. It also examines the significant contributions of volunteer leadership by residents in the formation and operation of community institutions and programs."

The Urban Land Institute is a non-profit education and research organization that was founded in 1936 and has more than 20,000 members. Its mission is to provide responsible leadership in the use of land in order to enhance the total environment. "ULI's mission and the vision that led The Woodlands are consistent, so it is especially exciting that they have agreed to publish this work," Galatas said.