Target & Two Retail Tenants at Carolina Square Announced

Cousins Properties and Northwood Ravin Announce Three New Retail Tenants for Carolina Square Development

The concepts further energize the project, blending with the landscape of Franklin Street

 News Release from Cousins Properties, July 7, 2016 — Cousins Properties Incorporated (NYSE: CUZ) and Northwood Ravin announced today the execution of a 21,000-square-foot lease with Target Corp.; a 2,989-square-foot lease with Pieology, a made-to-order pizza restaurant; and a 2,940-square-foot lease with b.good, a farm-to-table fast-food chain, in the Carolina Square development at 123 W. Franklin St. in Chapel Hill, N.C. All three retail locations are scheduled to open in summer 2017.

 “We’re very excited about Target anchoring the retail portion of Carolina Square and how the leasing is progressing,” said Larry Gellerstedt, president and chief executive officer of Cousins. “The addition of Target, Pieology and b.good to the project provides our residents and customers, as well as the surrounding neighborhoods and our UNC community, a unique and highly sought-after offering.”

 Pieology is a made-to-order pizza restaurant featuring house-made crusts, signature sauces and dozens of fresh toppings. Customers can choose to create their own pizza or salad, or choose one of the restaurant’s creations. There are 40 different toppings to choose from, resulting in 13 trillion possible pizza combinations, and the cost comes in at $8 or less for most custom pies. This will be their third location in the Triangle.

 Also joining Carolina Square is the “real” fast-food chain b.good that specializes in local, natural and healthy quick serve food. This farm-to-table restaurant serves kale and grain bowls, seasonal salads, all-natural burgers, all-natural sandwiches, smoothies and more. The chain is also developing its own urban farm in Boston to supply produce to its 32 b.good restaurants, as well as with local community partners. b.good has two other locations in Raleigh, N.C.

 “Our residents will love the ability to go downstairs to Target for all of their necessities, grab a pizza at Pieology or get a healthy meal on-the-go at b.good,” said Jeff Furman, vice president of Northwood Ravin. “They will enjoy living in the heart of Chapel Hill, right in the middle of Franklin Street, and now being that much closer to these three new and exciting concepts.”   

 Currently under construction and on schedule to deliver in the second quarter of 2017, Carolina Square will include approximately 159,000 square feet of office space, 246 luxury apartment units and 43,000 square feet of retail space.

“We are thrilled to welcome new commercial office, retail and dining options at Carolina Square,” said Chapel Hill Mayor Pam Hemminger who spoke enthusiastically about having additional options to work, shop and eat within walking distance of downtown residences, campus and local bus service. “Carolina Square is one of several changes that will contribute to a more diverse and vibrant downtown. We appreciate the University and the developer’s efforts to put together a quality project and mix of uses that benefits downtown Chapel Hill.”

The Carolina Square office tower will have unparalleled views of Chapel Hill, as well as great onsite and offsite amenities for employees. Charlie Coyne of CBRE oversees retail leasing while Brad Corsmeier also of CBRE oversees office leasing.

“Carolina Square will serve our students in many ways, not only as a vibrant open door to creativity and the arts with The Core@Carolina space, but also as a space that will serve their basic needs right in the heart of downtown,” said Gordon H. Merklein, executive director of real estate development at the University of North Carolina. “I am looking forward to the addition of Target and other retailers who are specially tailored to provide for the needs of our students."

The 246 luxury apartment units will be kicking off residential leasing this summer 2016. The developers hope to have 100% occupancy by the time residents move in during summer 2017. If interested in leasing, contact the Northwood Ravin team by calling 919.354.3680 or by emailing carolinasquare@nwrliving.com.

About Cousins Properties Incorporated

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).  The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.  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. Its current residential portfolio is comprised of 18 projects and 7,552 units across six states in the Southeast representing a gross capitalization of approximately $2 billion. 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, Northwood Ravin has projects from Richmond, Va., to Nashville and Tampa to Dallas. For further information on Northwood Ravin, please visit www.northwoodravin.com.