RUSS WICKS TEAMS UP WITH HARBOR STEPS AND SCHWEITZER MOUNTAIN RESORT

Promotes Properties and Uses Facilities for World Record Attempt

SEATTLE, March 2, 2004- Harbor Properties, Inc., a full service real estate firm, today announced an innovative sponsorship agreement with World Speed Record Holder Russ Wicks.   The agreement creates a unique relationship in which Wicks will be utilized as a spokesperson promoting Harbor Steps and Schweitzer Mountain Resort.

Wicks, a current resident at Harbor Steps in Seattle, will utilize this facility and Schweitzer Mountain Resort to train for his upcoming world record attempts.   "Both Harbor Steps and Schweitzer Mountain Resort are natural fits for me," said Wicks.   "The properties include spaces for the best of both indoor and outdoor fitness training.   This relationship will greatly aid in preparing me for my next world speed record challenge."

Wicks is listed in the Guinness Book of Records as the fastest person on water in a propeller-driven craft, and he is one of only a handful of people to have traveled more than 200 mph on both land and water.   Wicks is also the star of the upcoming reality television show, "AMERICAN SPEEDFREAK," which will follow him as he prepares to challenge the most extreme speed records known to mankind.

"Our involvement with Russ Wicks provides a unique opportunity to raise consumer awareness for Harbor Steps and Schweitzer Mountain Resort," says Doug Daley, Chief Operating Officer, Harbor Properties, Inc.   "We believe there are many common aspects between the activities and personality of Wicks and the core values of Harbor Properties - commitment, dedication, passion, leadership and teamwork.   All of us at Harbor are thrilled to be associated with Russ and are very excited about the forthcoming AMERICAN SPEEDFREAK television series."

As part of his fitness training to prepare for his next world record attempt, Wicks will make several trips to Schweitzer Mountain Resort in Sandpoint, Idaho, during the year for skiing and mountain biking.   Wicks' American Challenge team -- comprised of the best aerospace, hydro/fluid-dynamics, design and manufacturing expertise in the world -- will also utilize Harbor Properties' conference facilities for strategy and design meetings.

Wicks describes Harbor Steps as "a downtown paradise with exceptional amenities."   Overlooking Puget Sound, Harbor Steps is a mixed-use urban redevelopment project centered on the 16,300 square-foot Harbor Steps Park.   Harbor Steps is comprised of four mixed-use towers that combine 1.3 million square feet of residential, office and retail space and extend over 2.5 acres in downtown Seattle.

About Harbor Properties:   www.HarborProporties.com
Harbor Properties is a full service real estate firm that owns, manages and develops a broad spectrum of real estate including office, retail, multifamily residential and resort properties.   Harbor Properties was founded in 1972 by Stimson Bullitt, former Chairman of the Board, and has been under the direction of Robert Holmes, President and CEO, since 1996.   Harbor Resorts is a wholly owned subsidiary of Harbor Properties that currently owns and operates Stevens Pass ski area in Washington and Schweitzer Mountain near Sandpoint, Idaho.

About American Challenge:   www.AmericanChallengeWSR.com
A Seattle-based consortium of successful business leaders, innovative technical engineers and motor-sports professionals focused on breaking the 25-year old world water speed record.   American Challenge's goal is to produce the most powerful and revolutionary vehicle ever to attack the speed record.   It will be constructed much like a military fighter jet, using the latest design and manufacturing processes available.

About AMERICAN SPEEDKING:   www.AmericanSpeedking.com
AMERICAN SPEEDFREAK is a new reality-based television show starring daredevil and World Speed Record Holder Russ Wicks.   The show will provide a unique behind-the-scenes insight into the state-of-the-art technology utilized by Wicks' American Challenge team as he prepares to return the water speed record to the United States.   The series will culminate with a grand finale featuring Wicks' run for another World Speed Record.