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“SEIGLE POINT” TOWNHOMES LAUNCH REVITALIZATION OF 23-ACRE PIEDMONT COURTS SITE
Classic 3BR townhomes offer space, Uptown/Plaza-Midwood convenience, and stunning skyline views – steps from First Ward

CHARLOTTE, NC – March 26, 2007 - Grubb Properties, best known for developing urban mixed use properties near South Park and along Elizabeth Avenue, today announced the sales launch of “The Townhomes at Seigle Point,” a joint venture revitalization project with The Charlotte Housing Authority and The Communities Group of Washington, DC.

The Townhomes at Seigle Point will feature 50 three-level homes with classic urban architecture in the style of adjacent First Ward neighborhoods. Each home features a spacious three-bedroom floorplan; some offer one-car garages, and all include stunning views of the immediate Uptown skyline. The development is the first phase in an ambitious restoration at the intersection of Seigle Avenue and 10^th Street, minutes by foot from both Uptown and the eclectic charm of Central Avenue and Plaza-Midwood.

Three-bedroom floorplans will average 1195 square feet, and pricing will range from the mid-$140s to the low $200s depending upon location, finishes, and design.

“We couldn’t be more pleased with how things are evolving at Seigle Point,” Jennifer Gallman, CHA’s communications officer, said. “This is a fabulous location, a stone’s throw from Uptown and at the entrance to a proud and important community. Seigle Point will play a big role in the future of this neighborhood and in the lives of the people who call this home.”

Seigle Point sits on 23 acres along the Little Sugar Creek Greenway project between Elizabeth and NoDa. Residents will have immediate access to the Greenway, several local parks, Uptown, Plaza-Midwood and most major commuting routes into the city.

“Seigle Point has so many things going for it,” said Brannon Gilliam, Grubb Properties’ director of residential sales. “First of all, it’s a great location – literally steps from the jobs and lifestyle amenities of Uptown and Plaza-Midwood. Perhaps even better, we’re able to offer three-bedroom townhomes – some with garages – at almost unheard of prices this close to the city. Financing options will make this a once-in-a-lifetime opportunity for a number of qualified buyers. We’re proud to be working with our partners here to help create a stable, thriving neighborhood for Charlotte’s up and coming families.”

For more information about The Townhomes at Seigle Point, call 704.405.1635 or visit www.SeiglePoint.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 leading 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 100 employees, a management and/or leasing portfolio of over two million square feet of commercial and residential space, and a focus on revitalizing properties, land and communities in North Carolina’s premier real estate markets. The company is headquartered in Charlotte and maintains offices in Cary and Lexington, North Carolina. For additional information visit www.grubbproperties.com.

About Charlotte Housing Authority

The Charlotte Housing Authority's Real Estate Development area exists to provide the maximum number of high quality mixed income units that serve our target market and promote economic integration. In addition, this group is busy repositioning existing assets and seeking other development opportunities that economically self-supporting.

The department focuses on three integral parts of the affordable real estate market:

§ Rental product development

§ Rental product acquisition

§ For sale product development

The real estate development department is responsible for developing and/or acquiring mixed income communities that include public housing units. The group is also charged with expanding the pool of developers and funding sources available to CHA for future projects. Affordable housing developers that choose to do business with the Authority will have the benefit of a ready source of below-market financing and a per unit subsidy.

The department has a strong record in mixed-finance, leveraged development resulting in the successful redevelopment of four former public housing complexes. The CHA Real Estate Development department is creative, production-oriented, and sensitive to the needs of development partners.

About The Communities Group (TCG)

Since 1984 TCG Development Services, LLC has worked to support urban development and community revitalization. This goal is accomplished through the development of mixed income rental housing and homeownership programs, including the development and financing of urban infrastructure.

TCG Development Services, LLC is currently working to revitalize communities in 13 cities in Maryland; North Carolina; South Carolina; Minnesota; Ohio and Virginia. These projects include over 2,000 units, with a total project value of more than $250 million. Additionally, TCG Development Services is tracking an additional 15 projects, which could result in over 7,000 units, and more than $1 billion in total development. The objective for these major projects is improving the quality of life for families eligible for housing nationwide.

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Posted: March 26, 2007 - News | More News