Crosland Receives Approval for Shoppes at Black Diamond

Development Agreements Approved for Citrus County Shoppes

Tampa, Fla., September 17, 2008 – Crosland LLC, one of the Southeast’s leading diversified real estate firms, received unanimous approval yesterday of the development agreement for the Shoppes at Black Diamond, a 43-acre neighborhood shopping center located in Lecanto, Fla.

The development agreement approved by the Citrus County Commission addressed building permits, impact fee credits, Department of Transportation concerns including the right of way, and approval of the site plan.

“We are committed to developing town centers that connect neighboring communities and provide residents with a value-rich place to gather,” said Mike Wiggins, senior vice president of Crosland’s retail division. “The Shoppes at Black Diamond is a natural response to the growing needs of Citrus County.”

The Shoppes at Black Diamond is a proposed retail center at the intersection of W. Norvell Bryant Highway (CR-486) and N. Lecanto Highway (CR-491). Adjacent to Black Diamond, a 1,300-acre community , the retail center will serve approximately 135,000 residents.

The Shoppes at Black will be anchored by a Wal-Mart Supercenter that will feature a new design concept that reflects Mediterranean architecture and a smaller footprint at 148,000 square feet (typical Wal-Mart Supercenters exceed 200,000 square feet). The Mediterranean architectural style will carry throughout the rest of the shopping center.

Crosland is expected to close on the land later this year and construction will begin late 2009. The Shoppes at Black Diamond is anticipated to open in mid 2011.