Crosland, Inc. and CP&L announced an agreement to build Progress Point

Crosland, Inc. and CP&L, a Progress Energy company, announced an agreement to build Progress Point, a mixed-use development, on land owned by the energy company in Wilmington, N.C.

The development will be built on an approximately 12-acre tract at Military Cutoff and Eastwood roads. The tract is currently home to CP&L’s Eastern Region headquarters. The first phase of the development will be 17,100 square feet of office space at the southern end of the tract that will become the new home of the utility’s Eastern Region headquarters. The second phase will include the removal of the existing building and development of 94,800 square feet of office space and retail space.

"Our vision for Progress Point is two-fold," says Ken Chapman, vice president of Crosland's office division. "The architecture and streetscape of this signature development will create an attractive mix of old town design and detail which will enhance the community. Additionally, this project will provide employment and shopping services, while maintaining the elegance of the well-respected Landfall area of Wilmington.

The development has already signed its first retail tenant. CVS drugstore, has signed an agreement to be an anchor tenant. Preliminary site work is scheduled for late December. Phase 1 is scheduled for completion August 2003. Completion of the second phase is estimated for the second quarter of 2004.

"We are very excited about this joint venture with Crosland," said Jeff Corbett, vice president – CP&L Eastern Region. "Our employees are looking forward to having a new headquarters facility that is better suited to our current operations, and it’s an excellent location for a mixed-use development. This project further illustrates our commitment to economic development in the Wilmington community."

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 21,800 megawatts of generation capacity and $8 billion in annual revenues. The company's holdings include two electric utilities (CP&L and Florida Power) serving more than 2.7 million customers across the Carolinas and Florida. Progress Energy also includes non-regulated operations (Progress Ventures) covering merchant generation, energy marketing and trading, fuel extraction (Progress Fuels), rail services (Progress Rail) and broadband capacity (Progress Telecom). For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com.