Birkdale Village Selected by NAHB as Finalist in Two Categories of the "Pillars of the Industry Awards" Competition

Charlotte, N.C. (February 4, 2003) - The National Association of Home Builders (NAHB) today announced that the Crosland/Pappas Properties Birkdale Village mixed-use development is a finalist in the coveted NAHB 2003 Pillars of the Industry Awards. Birkdale Village is one of five finalists competing in the "Best Mixed Use Development" category and the only finalist from the east coast. The development has also been named a finalist in the category "Best Luxury Multifamily Development in a Secondary Market."

Winners of these coveted awards will be announced at a gala ceremony held in conjunction with NHAB Multifamily's Pillars of the Industry Conference, March 24, 2003, at the Boca Raton Resort & Club in Boca Raton, Fla.

"We are excited to be a finalist in NAHB's Pillar of Industry Awards this year," said Jud Little, president of Crosland Apartments Division. "This validates the uniqueness of Birkdale Village as a mixed-use development and high quality living environment. It was a tremendously complex undertaking that required an investment of five years and the coordinated contributions of many."

The 52-acre, $90 million development was carefully designed to create a village setting where residents can enjoy privacy in one of the 320 apartments or the hustle and bustle of life on the main street directly below. This project which took over two years to build is so well executed and representative of resident-inspired features that Birkdale Village is routinely visited by curious developers who consider it a landmark. The community was featured in the national media on the CBS Early Show as an outstanding example of new development trends.

"The residential component of Birkdale Village consists of 47 different unit plans in 11 different building types," said Crosland Vice President David Ravin, who is currently overseeing the development of Birkdale Village. "Even when compared to the other award finalists, Birkdale Village stands out due to the extent to which we went to integrate and stack the residential, retail, and office uses in so many different buildings."

Ravin adds, "We wanted the various building types and architectural styles to evoke the old main street feel. However, making sure the apartment was always designed around the needs of the future resident and not controlled by the floor plate of the retail shop below was a real challenge."

The complexity of a project like Birkdale Village requires the developer to deal with a whole new set of parameters typically taken for granted in traditional suburban apartment complexes. This includes new building codes, separate parking requirements, unusual building access and circulation, trash collection and security.

"Despite these challenges we and our resident customers are pleased with the results. I think this national recognition demonstrates both the challenges involved and the results achieved," stated Little.

The final three mixed-use buildings in Birkdale Village, which will house the last 46 units and over 19,500 square feet of retail and restaurant space, are currently under construction around the center "green." Completion is expected by mid-summer.

NAHB created the Pillars of Industry Awards program in 1990 to honor superior achievement and leadership in the multifamily industry and to promote the benefits of apartment living. Since then, the Pillars have gained the reputation as the industry's most coveted awards and are considered a showcase of innovation and future trends. A record number of entries were received and winners who will be featured in Multifamily Trends Magazine will be named at a ceremony on March 24, 2003. For more information, visit www.nahb.com.