Welcome to the ADCO Group

The array of properties and businesses acquired, built, managed and financed
by ADCO testifies to the diversity
of the ADCO vision.


ADCO’s history began with the professional achievements of its Chairman, Alvin Dworman, and is a chronicle of Mr. Dworman’s imagination and enterprise assisted by the talents of an exceptional team of colleagues and associates. The following outline reflects representative transactions that Mr. Dworman
has completed personally along with those that ADCO has and continues to develop and realize today:

• Alvin Dworman begins his career arranging unique brokerage financing for others, taking no fees but retaining mortgage servicing rights. He becomes known for his original and effective financial structures.

• Alvin Dworman commences acquiring and selling numerous real estate properties in
NY, CA, and FL, preserving the best sites to develop and build himself, and continuing to
utilize his innovative financial strategies.

• Alvin Dworman founds Combined Industries Corporation which manufactured
non-magnetic mine sweeper reels for the U.S. Navy.


The legendary Royal Little, Founder of Textron and 60 Trust (the first real estate trust) finances a number of Alvin Dworman properties and introduces Mr. Dworman to Albert List, well-known financier, who was seeking investments in real estate.


• Alvin Dworman's real estate activities thrive and become national in scope. In addition
to his own real estate ventures, he partners with Mr. List to build a number of properties
in New York City, Los Angeles and San Francisco.


• Alvin Dworman also meets and begins working with renowned financier and philanthropist, Sir Isaac Wolfson, Owner of Great Universal Stores, the seventh largest company in Great Britain. Mr. Dworman introduces Mr. List to Sir Isaac.


• Alvin Dworman, Mr. List, and Sir Isaac form a private company, Great Universal Development Corporation (GUDC), to finance third party transactions in the U.S. At inception, Mr. Dworman, CEO of GUDC, owns a 25% interest; Mr. List, a 25% interest; and Sir Isaac, a 50% interest. The partners invest $1,000,000 of capital in GUDC, Sir Isaac's Anglo Portuguese Bank loans $10,000,000 as subordinated debt, and Mr. List arranges a $100,000,000 line-of-credit from Chemical Bank on a non-recourse basis. GUDC becomes an important merchant bank.


• Alvin Dworman, as designated developer, initiates the Western Addition Urban Renewal Project in San Francisco, CA. As part of this endeavor he assembles the land for St. Mary's Cathedral and builds the following:

:: Cathedral Hill Plaza 169-unit, 13-story apt. bldg.
:: Cathedral Hill Tower 138-unit, 24-story apt. bldg.
:: The Normandy 108 unit apt. bldg.


• In Connecticut, Alvin Dworman arranges to finance Computer Investors Group (CIG), a provider of data recall chips, and establishes leasing affiliates in New York, London, Paris,
and Frankfort. Mr. Dworman becomes Chairman of CIG.


• Alvin Dworman acquires the landmark Western Merchandise Mart in San Francisco, CA,
a 1,200,000 sq. ft. wholesale furniture and office market center (currently being repositioned to create Market Square).


• Alvin Dworman begins purchasing stock in the Franchard Corporation, one of the first public U.S. real estate companies.


• Alvin Dworman negotiates Franchard's purchase of The Mastan Company, one of the top 50 U.S. public commercial finance companies with a $35,000,000 line of credit led by Citibank and Chase Manhattan Bank.


• Alvin Dworman becomes President and CEO of both Franchard and Mastan.


• Franchard owns two prime sites in Santa Barbara, CA, a 72-acre beachfront property
(later to become Bacara Resort and Spa) and a 1,050-acre ranch (currently being reconfigured as Tecolote).


• Alvin Dworman begins acquiring stock in a public company, Lee Tire and Rubber, eventually obtaining a controlling interest.


• Alvin Dworman acquires Mr. List's interest in GUDC and acquires all real estate assets that they owned jointly.


• Alvin Dworman merges the public companies Franchard, Mastan, and Lee Tire and Rubber to form a new public entity, Lee National Corp. Mr. Dworman becomes President and CEO of Lee National.


• Alvin Dworman assembles the land and develops plans for the 500,000 sq. ft. Airport Towers in El Segundo, CA. The site is sold to Prudential Life Insurance Company which constructs 1,000,000 sq. ft. of office space.


• In 1972, Lee National acquires a 21% interest in Kansas City Southern Railroad
(KCSR) in a $20,000,000 cash purchase.


• In 1974, in one of the first greenmail transactions, Lee National sells its 21% interest back to KCSR for $34,000,000 and 1,200 acres of land in Kansas City, MO. Subsequently, two thirds of the land is sold to Equitable Life Assurance Society and Trans America Life Insurance Company for $8,000,000. Later, Lee National reacquires the entire 1,200-acre site and develops an extremely successful industrial park, Executive Park, at that location.


• Alvin Dworman, as a principal, executes workouts and restructurings for Citibank
and others.


• Alvin Dworman increases his position in Lee National.


• Alvin Dworman and Artoc Bank and Trust privatize Lee National and its subsidiaries through a tender offer.


• Alvin Dworman acquires Artoc's interest in Lee National and becomes 100% owner of the private company.


• Alvin Dworman acquires Sir Isaac's interest in GUDC and becomes the 100% owner of the private company.


• Alvin Dworman privatizes Universal Mortgage & Realty Trust.


• ADCO builds Convention Plaza, a 315,000 sq. ft. office building in San Francisco, CA.


• In a landmark transaction, Alvin Dworman acquires Kips Bay Plaza, twin 20-story towers with a total of 1,118 units, in New York, NY, designed by I.M. Pei, and completes one of the most successful condominium conversions in the U.S.


• Alvin Dworman acquires the East River Savings Bank, with an asset base of
$2.5 billion, becoming the first individual to purchase a mutual savings bank.
East River becomes a merchant bank.


• Alvin Dworman, as a principal, performs workouts and restructurings for Manufacturers Hanover Bank and others.


• ADCO develops Museum Parc, a 15-story condominium of 233 units in San Francisco, CA.


• ADCO purchases the city of Battlement Mesa, CO, from Exxon and further develops it.


• ADCO builds 80th-at-Madison, a 28-story, luxury condominium on
New York City's Upper East Side.


• Hong Kong Shanghai Bank Corp. (HSBC) acquires East River's bank branches. East River, retaining $350,000,000 of assets is renamed RB Asset and continues operation as an
investment entity.


• Bacara Resort and Spa, a $300,000,000, 360-key, five-star luxury, oceanfront resort in Santa Barbara, CA is conceived, designed, and developed by Alvin Dworman on the land that Franchard originally owned in the 1960's.


• Alvin Dworman opens Bacara Resort and Spa in Santa Barbara, CA.


• ADCO is currently preserving and repositioning the landmark Western Merchandise Mart in San Francisco, CA and creating Market Square, a multi-use development with 940,000 sq. ft. of high-tech commercial space and 150,000 sq. ft. of exceptional retail space.


• Upon finalization of entitlements and an Environmental Impact Report, ADCO will
commence the construction of an elegant 35-story residential tower at 1481 Post Street in San Francisco, CA, opposite St. Mary's Cathedral.


• Presently in the entitlement process, Alvin Dworman looks forward to creating the Bacara Completion Phase, 56 eco-friendly lodging units overlooking the Pacific Ocean, adjacent to the Bacara Resort & Spa in Santa Barbara, CA.


• With his Tecolote project, Alvin Dworman is reconfiguring a 1,050-acre ranch in Santa Barbara, CA, to preserve 94% of the land in perpetuity as wilderness and agricultural cultivation and the remaining 6% of acreage will accommodate 26 secluded, estate
home sites.


• ADCO is restoring and upgrading Alden Park, a landmark, 757-unit, residential hi-rise rental complex in Philadelphia, PA.


• ADCO is currently completing affordable housing along the East River in the Bronx, NY. Harbor Pointe at Shorehaven (a gated community with amenities) and adjacent Beechwood at Castle Hill feature 1,199 two-family homes (one dwelling for the homeowner and the other to rent). Over 1,000 of these units have already been sold and the remaining units will be delivered to home owners over the next 15 months.