Gap and Gap Kids Sign at Birkdale Village

Charlotte, N.C., September 25, 2001 - Crosland and Pappas Properties announce the signing of Gap and Gap Kids as tenants at Birkdale Village, an innovative, 52-acre, mixed-use development located in Huntersville, N.C. The project combines 360,000 square feet of upscale retail and office space with more than 300 deluxe, urban-style apartment homes, many of which are built above the retail shops and overlook the main street.

The stores will occupy 8,500 square feet with dual storefronts and a connecting interior in keeping with Gap and Gap Kids' mall configurations. Openings are anticipated in late spring of 2002.
"We are very pleased to enter into this relationship with Gap and Gap Kids, representing the first national fashion retailer to execute a lease at Birkdale Village," says Crosland Retail senior vice president Peter B. Pappas. "We have been actively pursuing a core group of such national and regional specialty retailers - those lifestyle tenants typically seen in main street/town center developments throughout the United States. Other potential specialty retailers are currently negotiating their leases and additional announcements are expected soon."

Birkdale Village, located on Sam Furr Road just west of Interstate 77 at Exit 25, brings to the extended community a shopping and residential environment with a scale and texture that is atypical of conventional shopping centers and housing communities. With an inward focus on a pedestrian-friendly main street, the design combines shops, entertainment venues and dwellings with public spaces and internal streets that connect to existing neighborhoods. A collection of national and regional specialty shops and familiar local retailers are to form the nucleus of this lifestyle center, with a variety of restaurants surrounding the public plazas. Eastern Federal Corporation's 16-screen mutiplex theatre, Movies @ Birkdale, opened in May.

"Birkdale Village blends sophisticated and casual architecture to recreate the feel of a Nantucket hamlet," says Crosland Retail senior vice president Wade H. Robinson. "This is envisioned as a destination for people throughout the Charlotte region who will enjoy its casual elegance and full menu of activities."
Birkdale Village will deliver an urban experience that is unique to Charlotte's suburbs. It is being jointly developed by Crosland and Pappas Properties. Both have been active in the north Mecklenburg market, having been involved in the master planning of NorthCross and Birkdale, respectively. They are now partnering on the development of Birkdale Village. Retail leasing is being managed by Crosland Retail and Crosland Apartments is managing development of the apartments. For additional information, visit the Web site at www.birkdalevillage.net.

Gap Inc. was founded as a single store in 1969 by Donald and Doris Fisher in San Francisco, Calif. Today, the organization is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap®, Banana Republic® and Old Navy® brand names. Fiscal 2000 sales exceeded $13.6 billion. Presently, Gap Inc. operates 3,973 stores and employs over 160,000 employees in the United States, the United Kingdom, Canada, France, Japan and Germany. In the United States, customers also may shop the company's online stores at www.gap.com, www.BananaRepublic.com and www.oldnavy.com. Dale Hall with New South Properties represented the tenant in the transaction.

About Pappas Properties Charlotte-based Pappas Properties develops and markets residential and mixed-use projects that meet the changing lifestyle needs of the market. The company utilizes innovative planning and offers exceptional design and amenities to add value to the overall community. Current projects include Birkdale, a 640-acre master-planned golf and residential community near Lake Norman; Charlotte Cotton Mills, residential, retail and office space in downtown Charlotte; Steele Creek, a 1,000-acre master planned community in southwest Charlotte; and Birkdale Village, a 52-acre main street retail and residential development in Huntersville, N.C.