Green Street Properties to Lead Development of Glenwood Park

November 26, 2001

FOR IMMEDIATE RELEASE

Green Street Properties to Lead Development of Glenwood Park

Green Street Properties announces today that it will develop Glenwood Park into a neighborhood that features a traditional fine-grained mix of different housing types, retail stores, office spaces, civic buildings, parks, and recreational facilities.

The 28-acre site of Glenwood Park is located just south of Interstate 20, two miles east of downtown Atlanta, near Grant Park, Ormewood Park, and East Atlanta. It has served a variety of industrial uses in the past, most recently serving as a concrete recycling facility. The site is currently mostly covered with concrete pads and large piles of crushed concrete. Novare Group, Inc. purchased the property from Blue Circle Williams last year, and has performed site analysis and planning activities, including a rezoning from industrial to planned development mixed use zoning.

Green Street brings an additional round of equity investment to the project, and will take over the lead developer role heading forward. Novare’s investor group will remain in the project, and Novare Group will act as an advisor to Green Street.

“Jim Borders (Novare’s president) is one of the individuals in the real estate business whom I have come to admire and respect the most,” says Charles Brewer, Green Street’s chairman. “I am very pleased and honored to be in business with Jim and his group on this project.”

“Green Street is bringing new vision, leadership, and capital to this project,” says Jim Borders. “We are impressed with their team and pleased to be a part of what will be an outstanding development.”

Green Street will conduct a design charrette – a multi-day planning session – to create a new neighborhood plan for Glenwood Park. The company will seek participation in the planning process from representatives of existing neighborhood groups, the City of Atlanta, and other invited individuals.

“Glenwood Park will offer a compelling alternative for those who are dissatisfied with the choices provided by conventional development. Conventional development emphasizes the private realm, auto dependency, single use pods, privacy, exclusivity, and bigger and bigger private houses. Glenwood Park will emphasize the public realm, walkability, mixed uses, community, diversity, and quality over quantity. We believe there is lots of demand, and little supply, for places with these attributes,” says Charles Brewer.

Katharine Kelley, president of Green Street, adds, “Glenwood Park will pragmatically accommodate cars, but it will be designed for people. The neighborhood will be very walkable. Cars will travel slowly, and sidewalk and street designs will emphasize pedestrian comfort and safety. There will be plenty of interesting things to walk to, because of the fine-grained mix of uses. Walks won’t be too long, because the neighborhood will be relatively compact. And walks will be safe, because there will be plenty of eyes on the street at all times.”

“Glenwood Park’s site plan, as well as construction and management procedures, will emphasize environmental protection and restoration,” says Green Street vice president Walter Brown. “The neighborhood’s plan will incorporate elements of nature and make them part of people’s daily experience.”

Green Street’s vision for Glenwood Park includes retail stores that serve the practical everyday needs of Glenwood Park and its surrounding neighborhoods. It also includes more unique stores that are drawn to the location because of its unique character, high quality urbanism, and easy access from the entire Atlanta region.

The residential elements of Glenwood Park will cover the entire spectrum from small apartments above shops to detached single-family homes.

Green Street anticipates having some small office tenants in the neighborhood from the beginning, and would like to see the office component of the neighborhood grow over time.

Green Street will act as the master developer for the neighborhood, and anticipates working with a variety of other developers to create the individual buildings on the site, including single-family homes, multi-family homes, and commercial buildings. “The development of Glenwood Park will be planned, but not too planned,” says Katharine Kelley. “Having a variety of designers, builders, and developers contribute their individual spark to the neighborhood is important in creating a place that is real and loveable. To aspire to greatness, a plan needs to leave room for the unplanned.”