Crosland Adds Target at Blakeney in South Charlotte

Charlotte, N.C., Jan. 31, 2005 - Target, the country’s second largest general merchandise retailer, has purchased 10.57 acres in Blakeney, a 270-acre multi-use community being developed by Crosland in south Charlotte. Crosland’s retail, office, land, multi-family and contracting divisions are all involved in Blakeney, which encompasses four quadrants at the intersection of Rea and Ardrey-Kell roads - key thoroughfares connecting southern Mecklenburg and Union counties. This pedestrian-friendly community will link retail, commercial, recreational and residential amenities through a network of sidewalks and trails, with 35% of the multi-use development devoted to greenspace.

Following Harris Teeter, Target is the second anchor announced for the retail portion of the development, which is zoned for up to 495,000 square feet of retail and is anticipated to draw significant national and regional retailers, restaurants, neighborhood shops and services. Occupying 124,717 square feet of space, Target will be adjacent to several additional destination retailers, all of which will be located on the south side of the parcel along Blakeney Heath Road.

“Now that Target has committed to Blakeney, we are confident several other anchor retailers will quickly follow. This will allow us to complete the center at least two years sooner than projected,” stated Ryan Preston, director of leasing. Construction is expected to begin on Target this summer with an opening in March 2006, and on Harris Teeter this spring, which is expected to open in January 2006.

“With market research projecting rapid growth in this area over the next five years, the products that Target and Harris Teeter provide are going to fulfill the everyday needs of residents living, working and shopping in and around Blakeney,” said Peter Pappas, president of Crosland’s retail division. “The increase in households in southeast Charlotte and booming Union County supports Target’s decision to open a second location within the same sub-market.”

Blakeney will also serve as a hub for recreational activity and entertainment. Located in the center of the community, a 2-acre park will offer play areas for children, shaded sitting areas and walking trails leading directly into a village area that features specialty shops and restaurants. The village component will include a plaza area designed with a fountain, complemented by open areas for outdoor dining and entertainment.