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GRUBB PROPERTIES TO DONATE UP TO $400,000 FROM CONDOMINIUM SALES AT MORRISON
Habitat for Humanity of Charlotte becomes first recipient in June

CHARLOTTE, NC – May 30, 2008 – Grubb Properties, local developer behind the emerging Morrison residential and shopping enclave in South Park, announced today that it would donate 2% of all condominium sales at Morrison over the next five months to a select group of local non-profit organizations.

Total donations over that time period could be in excess of $400,000.

Morrison, at the corner of Sharon and Colony Roads in South Park, is home to a growing list of exclusive shops and restaurants as well as a collection of condominiums ranging from studio lofts to expansive, 3-bedroom luxury penthouse residences. Pricing ranges from the $190s to $1.6 million.

“At a time when many are cutting back their giving, we feel like it’s necessary to do everything we can to ensure the health of Charlotte’s community-based non-profits,” Clay Grubb, president of Grubb Properties, said.

The plan calls for donations to five monthly partners from across the non-profit landscape, one partner each month from June to October. Habitat for Humanity of Charlotte (www.HabitatCharlotte.org) was announced as the first recipient partner for June.

Bert Green, executive director of Habitat Charlotte, said, “Grubb Properties has been a good partner to Habitat over the years. We love innovative ideas like this, and we certainly hope that anyone looking for a condominium lifestyle in Charlotte will recognize this opportunity to support our mission and take a look at Morrison.”

Grubb said the donation plan was simply a combination of the company’s vision with current market realities.

“Our vision statement says that we will ‘enhance life and community’ through the creation of ‘exceptional real estate environments.’ We believe that Morrison offers residents and shoppers an exceptional urban setting in the heart of suburban South Park, and we’re committed to supporting the efforts of Habitat for Humanity and others who make Charlotte a better place to live for us all.”

“Besides”, Grubb added, “this is a buyer’s market. With today’s pricing and interest rates, people are starting to feel positive about buying again. Now they can also feel positive about making a difference in the lives of others who are simply less fortunate.”

Grubb said the company will release details about future donation recipients in the near future.

ABOUT MORRISON

Morrison is a 22-acre neighborhood at the corner of Sharon and Colony Roads, one block from Southpark Mall. Condominium residents live above a diverse collection of street-level boutiques and restaurants, including but not limited to: Earth Fare gourmet grocer, Stickley Furniture, Barnes & Noble (opening August 2008), Varji & Varji Salon and Spa, winestore, Asana Activewear, Firebirds Wood Fired Grill (opening June 2008), Hotham Jewelry, Swoozie’s, Capitol (opening June 2008), ChezElle, E Martini, Yama Asian Fusion, and more. Visit www.LiveAtMorrison.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 over 100 employees and oversees a management and/or leasing portfolio of roughly 1,500 apartment homes and one million square feet of office and retail space. The company is headquartered in Charlotte and maintains offices in Raleigh and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com.

Posted: June 03, 2008 - Press Release | More News