Crosland to Develop 778-Acre Community Along Catawba River at Hwy. 27

Planning by Crosland’s land development division has just begun and will continue over the next year. Bill Daleure, president of land development for Crosland, envisions more than 2,000 families as well as commercial development in what will be one of the largest master-planned communities in Mecklenburg County.

“This is a beautiful piece of land, so we’re pleased that Clariant has entrusted Crosland with the opportunity of developing it,” said Daleure. “Our foremost task will be to identify physical features that need to be preserved, then find appropriate ways to integrate nature into every aspect of the community. We look forward to working with surrounding neighbors, planning staff and elected officials in our plans for this property.”

The northwestern corner of the property borders the Catawba River, while the central portion runs along Long Creek near Long Creek Bluff, a 16-acre tract protected by the Catawba Lands Conservancy under a conservation easement made by Clariant in 1997. To the south, the property adjoins the proposed U.S. National Whitewater Center, slated to open in March 2006.

“Connections to the whitewater park via waterways, biking and hiking trails will support an array of outdoor activities for residents,” said Daleure. “Preserved open space within the community will provide recreational and educational experiences, as well as a natural way of maintaining good water quality.”

Crosland expects the majority of the master-planned community to be residential, with a diverse selection of housing types and price points. Development will be phased in over the course of a decade.

The property is near two planned interchanges on I-485 at Highway 27 and Moores Chapel Road; the portion of I-485 that leads from these roads south to I-85 is expected to open in December 2005. Future residents will be about 20 minutes from uptown Charlotte and 5 minutes from historic Mount Holly.

Considered by Clariant to be surplus property, the land is part of its Mount Holly East site. Clariant’s total holdings there include 1,600 acres, 360 of which will hold limited production facilities. Clariant continues to own another 450 acres located between its production facility and the new community.

“Clariant was the first corporate donor to the Catawba Lands Conservancy, so it was imperative that we find a developer committed to planning an environmentally sensitive community,” said Chris Barnard, senior vice president and general counsel for Clariant. “We reached a strong comfort level with Crosland and their comprehensive planning approach.” Financial terms of the transaction were not disclosed.

About Clariant Clariant Corp. is the North American affiliate of Muttenz, Switzerland-based Clariant Ltd., one of the world’s leading specialty chemicals makers. Charlotte is the company’s North American headquarters.