Wednesday, September 15, 2010

Crosland Announces Significant Redevelopment Plans for Quail Corners

Crosland LLC, one of the Southeast's leading diversified real estate
firms, proposes a $6 million redevelopment plan for Quail Corners, a
113,000-square-foot, neighborhood retail center in south Charlotte.
Upon finalizing zoning, architectural plans, market feasibility and
financing, construction should begin early 2011 and be complete in
late fall.

"For more than 27 years, Quail Corners has been a cornerstone of
shopping for many South Charlotte residents & businesses," said Peter
B. Pappas, president of Crosland's retail division. "With these
planned updates, we will enhance the shopping and dining experience
for loyal customers of Quail Corners."

Plans include realignment of the shopping center's main access to
improve circulation off of Park Road and within the shopping center
and removal of the existing berms to increase visibility. This also
includes refacing all of the storefront exteriors with a combination
of brick masonry and stucco, a new 7,200-square-foot shop building,
additional freestanding single tenant opportunities, and an open-air
plaza for outdoor dining and weekend entertainment.

"Crosland has a long standing history of successfully renovating its
shopping centers. We will work diligently to minimize impact to our
tenants and their customers as we work toward a new and improved Quail
Corners over the next year," said Pappas.
As plans continue to evolve, Crosland has held meetings with several
members of neighboring homeowners' associations to share the details
of the redevelopment. Crosland has filed a rezoning application to
proceed with the redevelopment and has received positive feedback from
recent informal meetings.

About Quail Corners
Quail Corners, anchored by a Harris Teeter and Rite Aid, is a 113,000-
square-foot unique neighborhood retail center providing shoppers with
a diverse mix of specialty shops, restaurants and retail businesses.
Located at the intersection of Park Road, Gleneagles Road and Sharon
Road West in South Charlotte, it is easily accessible to residents in
SouthPark, as well as neighborhoods bordered by Highway 51 and South
Boulevard.
About Crosland LLC

Founded in 1937, Crosland is one of the most prominent diversified
real estate companies in the Southeast and is recognized as a leading
community builder. Its expertise in retail, multifamily, office, land
development, and general contracting enables it to be an innovator in
multi- and mixed-use development.
Headquartered in Charlotte, N.C., Crosland has offices in Raleigh,
Orlando, Tampa and Nashville, and develops, builds and manages
properties in the Carolinas, Florida, Kentucky, Tennessee and
Virginia. The privately held company's asset portfolio and current
projects have a market value well in excess of $1 billion. For more
detail, visit crosland.com.