Crosland Announces New Retail Development in Richmond, Virginia

Charlotte, N.C., Aug. 2, 2007 – Crosland announced today development plans for a 20-acre retail center in the greater Richmond area’s Hanover County, Virginia. Rutland Commons will include 110,000 square feet of retail space in addition to three outparcels.

The development will be located at the intersection of Chamberlayne Road and Atlee Road, near the I-295/Route 310 interchange in Northeast Richmond, one of the fastest growing markets in the Commonwealth of Virginia. The retail center will be located at the entrance to the 200-acre HH Hunt master-planned community, featuring 575 residences. In addition to the 20-acre site, Crosland will develop seven acres adjacent to Rutland Commons for three additional outparcels.

“We are thrilled to offer our first Virginia-based retail development in Richmond,” said James Downs, vice president of Crosland’s retail division. “Our goal is to provide area residents with a distinct mix of national and regional retailers and restaurants, neighborhood shops and services.”

Anchoring the center will be a 74,000 square-foot Kroger supermarket, combining both grocery and drug stores. Kroger, headquartered in Cincinnati, Ohio, is one of the nation’s largest grocery retailers. Although considered a “neighborhood store” in terms of size, shopping experience, and travel time, Kroger will be large enough to offer the highly desired specialty departments. Customers will enjoy features such as whole health sections, a pharmacy, pet center and world-class perishables including fresh seafood and organic produce. With site work underway, Kroger is expected to open in fall 2008.

In addition to Kroger, Rutland Commons will offer a neighborhood shopping experience featuring specialty shops, services, restaurants and a financial institution. Crosland’s placemaking will be prominent throughout Rutland Commons with signature features such as broad sidewalks, green spaces and outdoor dining areas. Crosland is expected to announce additional tenants over the coming months.