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GRUBB PROPERTIES ANNOUNCES “721” – SECOND MIXED-USE CONDOMINIUM PROJECT AT MORRISON
- Urban-Style Residences To Be Built Above Earth Fare Gourmet Grocer - Owners To Enjoy A Unique Selection Of Upscale Resident Services

CHARLOTTE, NC – July 31, 2006 - Grubb Properties, the local real estate developer behind the Elizabeth Avenue revitalization and the emerging mixed-use neighborhood of Morrison in South Park, today announced plans for “721”, the second upscale condominium project at Morrison. 721 will build upon the success of Grubb’s residential “Lofts” at Morrison by offering three floors of urban-style flats above the previously announced Earth Fare natural grocer. Residents at 721 will enjoy refined design finishes, a luxurious recreational setting, and a unique bundle of owner services designed to enhance the ease of a more urban lifestyle.

As with the rest of Morrison, all homes will enjoy at-your-doorstep access to the boutiques, cafes, restaurants and offices of Morrison and the South Park area.

The project will include a mix of one-, two- and three-bedroom floorplans facing either Morrison’s vibrant retail streetscape or a lavishly landscaped, 30,000 square foot interior courtyard. The courtyard – sitting atop a multilevel parking garage – will offer residents access to a pool, club house, fireplace, fitness center and private gathering / grilling areas.

Homes will range from 787 to 1,556 heated square feet with prices from the mid $200s to the low $500s.

721 is well-positioned to appeal to Charlotte’s surging demand for urban condominium living, says Brannon Gilliam, Grubb’s director of residential sales.

“We know that actual and prospective condo buyers love the walk-to-everything lifestyle. But many are still a bit uncertain about a number of accompanying issues – things like noise, traffic, limited access to groceries and green space, and so on. 721 – and Morrison – help take those issues off the table with a new-urban setting in the midst of South Park’s world-class shopping and luxuriously landscaped neighborhoods.”

“Not to mention the elevator trip to Earth Fare – a 25,000 square foot premier organic grocer set to open in early 2007 – and two acres of historically preserved woodland right across the street.”

Gilliam also emphasized the “unexpected twist” 721 will bring to condominium living in Charlotte. Residents at 721 will be able to take advantage of a unique bundle of resident services more common to high-end condominiums in large metropolitan markets, but rarely seen in cities the size of Charlotte…especially in this price range.

“The final menu is still being determined, but we’ll be providing a suite of services that make 721 an easier, more convenient, more streamlined place to live – the kind of things that make it simpler to travel, work late, or even work from home with less stress and worry.”

721 marks Grubb’s second condominium project at their 24-acre South Park neighborhood, following The Lofts at Morrison – with a few units still remaining – and preceding as-yet-unfinished plans for luxury condominium residences pushing closer to $1 million and up.

Immediately adjacent to 721 and the Morrison neighborhood, residents and neighborhood visitors will appreciate the 2.1 acre wooded site of one of Charlotte’s first post-Civil War African-American churches. Grubb Properties created a non-profit organization called the Grubb Real Estate Preservation Foundation to preserve the land in perpetuity for the benefit of Morrison residents, descendents of Lloyd Presbyterian Church members, and the general public. The site ultimately will be provided with a commemorative interpretation of its history.

All homes at 721 will feature standard finishes like:

Granite countertops
Stainless steel appliances
Hardwood, ceramic tile and carpeted floors
Garage parking
Superior concrete and steel construction to reduce noise and ensure enduring quality

Construction is currently underway, with delivery scheduled for late Spring 2007. For more information, please visit www.morrison721.com

About Grubb Properties

Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has approximately 119 employees and oversees a portfolio of roughly 2,000 apartment homes and nearly one million square feet of office and retail space. The company is headquartered in Charlotte and maintains regional offices in Cary and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com.

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Posted: July 31, 2006 - News | More News