Developers Unveil Plans for Nashville Area’s Largest Open-Air Retail Center

Mount Juliet, Tenn., Nov. 17, 2004 – Two of the Southeast’s leading real estate firms, Greenville-based Carolina Holdings Inc. and Charlotte-based Crosland Inc., have completed the purchase of a 104-acre tract for the Nashville area’s largest open-air retail center.

Called Providence MarketPlace, the development is approved for 830,000 square feet of retail space at Interstate 40, Mount Juliet Road (state Route 171) and Belinda Parkway in Mount Juliet, east of Nashville. The site is at the entrance to Providence, a 1,000-acre multi-use, master-planned community being developed by CPS Land that calls for 3,400 single- and multi-family homes. For high-resolution renderings of Providence MarketPlace, go to http://www.cpwadv.com/pr/siteplan.jpg and http://www.cpwadv.com/pr/elevations.jpg.

“We are very excited to have purchased the property, and believe this is an exceptional site given its proximity to downtown Nashville and the airport, its access and visibility from I-40, and the rapid residential growth of the area,” said Bill Misiaveg, vice president of Carolina Holdings. “Beyond the favorable location, it is rare to have the opportunity to be part of such a significant master-planned community.”

In addition to Belk, which was announced earlier this year, grocery-chain Kroger recently closed on the purchase of nine acres and will join the center. The 73,500-square-foot store will not only be the largest Kroger in the Nashville area, but will also represent a new store prototype. It is expected to open in spring 2006.

Negotiations are currently underway with a number of national and local retailers and restaurants, which will be announced as each transaction is finalized.

“There has been tremendous response from high-quality, well-known retailers and restaurants that are enthused with our east Nashville location as well as the scope of Providence as a whole,” said Peter B. Pappas, president of Crosland’s retail division. “We’ve got deals approved at real estate committee level as well as signed letters of intent with numerous retailers.”

Providence MarketPlace will have a diverse mix of stores, including specialty shops, restaurants, department stores, retailers providing specific services and merchandise, and a movie theater with stadium seating. The land plan calls for several “centers within a center” to offer a variety of shopping experiences. The layout consists of four distinct shopping areas, separated by sidewalks, landscaped medians and ample parking, with numerous convenient entrances along three sides of the property for ease of access to each center.

Carolina Holdings and Crosland are working closely with both the city and the Tennessee Department of Transportation on the widening of Mount Juliet Road from three to five lanes and improvements to the I-40 interchange.

“We’ve had tremendous support from former Mayor Mack, and now Mayor Elam, as well as the city commissioners,” said Misiaveg. “Senator Mac Beavers has been especially instrumental in supporting our efforts on this project. In addition, we have developed a wonderful relationship with Ken Powers and Jeff Browning, who are developing Mt. Juliet Crossing across from our property. By cooperating and collaborating, we are creating one of the most well-planned, integrated multi-use developments in Tennessee.

”The developers are investing $70 million in Providence MarketPlace, and expect a similar level of investment from the center’s retailers. Once complete, the shopping center is projected to generate approximately 1,700 jobs and $4 million in annual sales tax revenue. Providence MarketPlace will be the largest shopping center between Opry Mills in Nashville and Turkey Creek in Knoxville.

Construction has begun on the Providence community’s first phase, which consists of seven distinct single-family subdivisions and a 350-unit multi-family development. Site work at Providence MarketPlace should begin before year-end, with an opening expected in 2006, shortly after the first residents move in.

“John Cain and I had a dream about creating a special community, something which was unique for this part of the Nashville area,” said developer Dudley Smith of CPS Land. “Providence MarketPlace will help in creating a true sense of place. Given its unique mix of retail, food and entertainment, this center fulfills our vision for the Providence community.”

The land for Providence MarketPlace was purchased from Simon Property Group, which originally planned a regional mall. Joining Carolina Holdings and Crosland on the project are Hall Engineering as the civil engineer, Harper Corp. as the general contractor, and Pazdan-Smith Group as project architect. Wachovia is providing financing.

Known for creating successful developments and relationships, Carolina Holdings Inc. was founded in 1986 in Greenville, S.C., with the emphasis of developing, owning and managing investment-grade, commercial and residential properties. The company provides a wide range of services in the areas of real estate development, project management, marketing and leasing.

Carolina Holdings has developed projects throughout the Southeast, with work in the Carolinas, Florida, Alabama, Virginia and Tennessee, and has developed over 70 stores for CVS Pharmacy in five of these states. Carolina Holdings developed Jackson Plaza in Cookeville, making it the largest shopping center in the 14-county upper Cumberland area of Tennessee.

The company has been involved with redevelopment and asset management for major institutions including Protective Life Insurance Co. and Wachovia, and has developed retail property for clients such as Belk, Barnes & Noble, Circuit City and T.J. Maxx. Carolina Holdings has also developed corporate headquarters for international companies like MCI, and serves as a broker for clients that have included Applebee’s, LongHorn, Flat Rock Grille and Krispy Kreme.