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Proposed Re-development Area in Charlotte’s First Ward

Faison and Levine Properties Propose Major Redevelopment in Charlotte's Uptown

Charlotte, NC — February 3, 2006 — Charlotte based Faison Enterprises and Levine Properties have announced that they will partner to propose an urban village to be located in uptown Charlotte's First Ward. The 32 acre area currently owned by Levine Properties, parallels the trolley line between Sixth and 11th Streets, and it is hoped will soon be home to shops, offices, residences, civic buildings, a hotel and a four acre park that would be situated on the top of an underground parking garage. “Parks usually attract residential developers; it is easy to visualize high-rise or mid-rise condos or apartments springing up around the First Ward open space,” commented Jim Apple, Faison's Executive Vice President of Commercial and Residential Development in a recent interview.

Charlotte's core urban area has experienced an upswing in residential growth over the past two years. This along with an increase in available amenities in the uptown area has given the center city area the economic boost necessary to make such a project possible. To achieve a sustainable mix, Levine Properties has enlisted the services of Civitas, Inc. a Denver, CO based urban planning firm that focuses on creating public spaces with their staff of urban designers, landscape architects and planners. 

"The market is going to direct us; how fast and whether such projects get developed depends on the economy. A downturn, a jump in interest rates or a softening of the housing market likely would be felt," Mr. Apple added. "The ideal situation would be to begin the first phase with a public, an institutional and at least one commercial or residential project." With the purchase of land by UNC Charlotte at the corner of Brevard and Ninth streets earlier in the year, the project appears to be off to a good start. Recommendations from Civitas will help to determine necessary details for the next step in the project's master plan.

Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.

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