Crosland Adds Harris Teeter, Commercial, and New Neighborhood to Blakeney in South Charlotte

Charlotte, N.C., Sept. 8, 2004 – Crosland Inc., one of the Southeast’s leading real estate companies, has signed Harris Teeter as its first retail tenant at Blakeney, a 270-acre multi-use community located near I-485 in south Charlotte. Crosland’s retail, office, land, multi-family and contracting divisions are involved in Blakeney, which consists of four parcels at the intersection of Rea and Ardrey-Kell roads – key thoroughfares linking southern Mecklenburg and Union counties. Blakeney is designed to bring diverse retail, commercial, recreational and residential amenities to this growing area.

Site work is underway on the 48,000-square-foot Harris Teeter, which plans to open late 2005 or early 2006. The retail component at Blakeney comprises the northwest parcel of the planned community. Zoned for up to 495,000 square feet of retail, it will include national and regional retailers, restaurants, neighborhood shops and services.

The signature pedestrian-friendly amenity of Blakeney’s retail area is a 2-acre community park located at the corner of Rea and Ardrey-Kell roads. Fronting a village with specialty shops and restaurants, the park will provide a natural setting for shoppers and diners to enjoy, and will feature a plaza for musical events and other entertainment. Spacious walkways will connect the fountain, green spaces and a play area for children.

“Blakeney’s park and village area represent our commitment to creating a sense of place,” said Peter B. Pappas, president of Crosland’s retail division. “A distinct mix of quality retailers such as Harris Teeter will serve the residential and professional communities in and around Blakeney.”

In addition to its progress in the retail section, Crosland is experiencing significant demand in Blakeney’s residential and commercial areas:

Of the 364 single-family homes and townhomes planned for this neighborhood at the northeast portion of Blakeney, approximately 260 have been sold, with 240 homeowners residing in the neighborhood. Saussy Burbank is nearing completion on the single-family homes, with only a few homesites remaining.

The Aldridge Gladstone and Greenbrier townhomes, being developed by Ryan Homes, consist of two- and three-story townhomes priced from the $130s. Completed neighborhood amenities at Blakeney Greens include a swim club and a nature preserve along two heavily landscaped parks, which include open play areas and a shaded trellis and seating.

Crosland recently broke ground on Blakeney Preserve, the newest residential neighborhood in southwest Blakeney, which will consist of 216 townhomes by Pulte Homes. Priced from the high $160,000s, the three-bedroom, two-and-a-half-bath townhomes will range from 1,560 to 1,750 square feet and include two-car garages. Developed around preserved woodlands and wetlands, the neighborhood will provide residents a secluded area for privacy, while enjoying the convenience of the nearby professional center and retail services.

Blakeney Professional Center

Blakeney Professional Center’s master plan calls for 220,000 square feet in a mix of single- and multi-story buildings. About 70,000 square feet of office space in single-story offices has been sold or put under contract to date. Four single-story office buildings are complete with five additional buildings in the construction or permitting stages. Sensenbrenner Primary Care recently purchased the third building totaling 5,876 square feet. Other buyers recently opening for business include Albright Internal Medicine, Double Radius, Kumon School, State Farm and Piedmont Eye Associates. Allen Tate, Dickinson Mortgage and Dr. Remesh Sunar, an endodontist, plan to open offices in Blakeney Professional Center by year-end. Kids R Kids has purchased a 2-acre site and plans to open a child learning center within the next 12 months.