Crosland Announces New Vice President of Construction Services

Charlotte, N.C. (July 19, 2002) - Crosland, one of the Southeast's leading, diversified, privately-held real estate companies, announced today the appointment of David L. Smith as vice president of construction services for Crosland's Contracting division.

In this position, Smith will oversee pre-construction services, which includes design consultation, estimates and project scheduling. In addition, Smith will collaborate with the other Crosland divisions on the construction of multi-use and mixed-use projects including design review, contractor selection and project coordination.

Smith previously worked for 12 years with Walt Disney Imagineering where he was Director of Facilities and Resorts. He was responsible for the design and construction of a four-star and three-star resort hotel adjacent to a new theme park in Hong Kong. Smith simultaneously managed two hotel development teams located in Florida, California and Hong Kong. Previously, he was senior development manager for Disney's Beach Club Villas where he supervised design and construction. Smith has extensive experience in the construction process with focus on quality control and operator, developer, vendor collaboration. Smith has directly supervised $1 billion of development projects.

"David is a welcome addition to the Crosland team, and we are anticipating excellent results from him in this position," stated Gregg Hendershot, president of Crosland's contracting division. "His proven development management experience will positively impact our projects moving forward."

Smith earned a B.S. in building construction from the University of Florida and is a licensed general contractor in the state of Florida. He will reside in Charlotte with his wife, Diane, and their three sons.

Crosland's Contracting division is known for quality construction and custom-tailored solutions. Primarily wood frame, multifamily construction specialists, Crosland also builds single-family and light commercial projects as well. Since 1995, Crosland has constructed nearly 3,000 residential units; multi-family projects varying from 17 to over 300 units and generated more than $50 million in annual volume. Crosland Contractor's primary focus includes suburban market-rate apartments, such as Cranbrook Apartments in Asheville, N.C., affordable housing apartment communities like Arbor Glen, and The Park at Oaklawn in Charlotte and Kimberly Park - Urban Revitalization Project in Winston Salem, N.C. and mixed-use projects, including Birkdale Village in Huntersville, N.C.

FOR MORE INFORMATION CONTACT:
Lauren Price, Corder Philips & Wilson 704/378-2106, lprice@cpwadv.com