ATLANTA, May 4, 2015 /PRNewswire/ -- Cousins Properties Incorporated (NYSE: CUZ) and Northwood Ravin announce today the execution of a 50/50 joint venture to develop Carolina Square, a $120 million mixed-use project located adjacent to the University of North Carolina in Chapel Hill. The development is currently anticipated to include 246 apartment units in addition to approximately 158,000 square feet of office space and 42,000 square feet of retail space.
"We are excited to begin Carolina Square, which will help meet the high demand for retail and office space in the area and serve as the perfect complement to the already vibrant Franklin Street," said Larry Gellerstedt, President and Chief Executive Officer of Cousins Properties. "We know the quality of Northwood Ravin's first class multi-family developments, and our strong relationship with UNC will contribute to the overall project's success."
As part of the venture structure, Northwood Ravin will oversee the development, construction and property management of the entire development, while Cousins Properties will oversee commercial leasing. Abatement and demolition of the current buildings began in early May with construction scheduled to begin in the fall and delivery expected in the summer of 2017.
"We're excited to bring Northwood Ravin's signature style that marries quality and convenience in an urban setting," said Jeff Furman, director of Raleigh Operations and vice president of development for Northwood Ravin. "There's no better way to make an impact on Chapel Hill than by developing something dynamic on Franklin Street."
Commercial pre-leasing activity for Carolina Square has been strong, with the University of North Carolina signing a 62,000 square foot office lease for their Carolina Population Center (CPC) and School of Public Health, Biostatistics and Epidemiology groups. The developers have also reserved space on the ground floor for an arts user to activate the internal park and streetscape.
UNC-Chapel Hill Chancellor Carol L. Folt was instrumental in championing and finalizing the University's investment in Carolina Square. "This exciting development will revitalize the former University Square area and bring new energy to downtown Chapel Hill," said Folt. "In addition, Carolina Square will enrich the University's mission to integrate academics, arts, research and community outreach."
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use developments in Sunbelt markets. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more information, please visit www.cousinsproperties.com.
About Northwood Ravin
Northwood Ravin is a privately held luxury apartment development, construction and property management firm serving the Southeast. The Northwood Ravin team has developed, managed and constructed over 46 luxury apartment communities, each individually designed and crafted for its specific site and submarket. Known for its award-winning sustainable luxury apartments, Northwood Ravin prides itself on careful planning, precise execution and attention to detail. Northwood Ravin develops apartment communities and mixed-use venues with a singular focus: to create communities that foster healthy lifestyles, neighborhood involvement and appealing living environments. Based in North Carolina with offices in Charlotte, Raleigh, and Tampa Fla., Northwood Ravin has projects from Richmond, Va., and Nashville, Tenn., to Tampa and Dallas. For further information on Northwood Ravin, please visit www.northwoodravin.com.
CONTACT:
Marli Quesinberry
Director, Investor Relations
404-407-1898
marliquesinberry@cousinsproperties.com
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SOURCE Cousins Properties Incorporated