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         Hagan Properties Incorporated

Upscale Urban Living Comes To Greensboro

GREENSBORO, N.C., May 4, 2001 – Greensboro will have its first upscale urban
living concept when Huntington Place at Irving Park opens in September of 2002.
Construction on the six-story mixed-use development consisting of residential, office
and retail space will begin in September on the site of the closed Janus Theatre at
Battleground Avenue and Northwood Avenue. The total cost of the project is
estimated to be approximately $22 million.

“It’s a one-of-a-kind location and concept on one of the highest points in
Greensboro, with extraordinary views of downtown and Greensboro Country Club’s
in-town golf course,” said Jim Marshall of Lindbrook Development Services, the
developer. “The architectural style incorporates a two-story limestone façade
reminiscent of New York’s Upper East Side. It’s the urban living style you also see
in Washington D.C., Atlanta or Charlotte.”

The number of residential units will be limited. Only 36 will be available. They will
occupy the top four floors of Huntington Place and are very large, ranging from
2,000 to 3,600 square feet.

According to Marshall, “They are elegant by design and larger by far than any other
maintenance-free living choices in Greensboro.”

Residents will have a secured gated entrance to private parking and private
elevators. Additionally, video and voice recognition for guests will be provided. All
residences will be wired for high-speed Internet access, cable and satellite.

All residences will have large curved balconies, built-in gas grills, at least one
fireplace (some units have two) and some areas with floor to ceiling glass.

The large size of the residential units is emphasized by huge dens and living areas,
spacious foyers, multiple walk-in closets, roomy kitchens and 10-foot ceilings with
heavy molding.

Marshall stated, “The finishes will be the finest we can source. Everything will be
chosen to emphasize elegance and spacious, convenient living.”
There will be an elevated terrace on the third level. This large landscaped area will
be for the use of residents only.

Prices will range from $400,000 to over $800,000 for the penthouse homes.
Marketing for the residences will be provided by Yost and Little.

The office and retail portion of the building will occupy the first two floors. Parking
for these areas is provided by a two level deck and surface parking. The owners are
in current discussions with several upscale restaurants, a day spa, financial
institutions, a brokerage firm and a gourmet coffee establishment. Greensboro,
North Carolina based Hagan Properties Incorporated will market the commercial
portion of the project.

The building was designed by David Furman Architecture, a specialist in urban
communities. Furman has won over 50 design awards including the 1989 and 1999
Outstanding Project of the Year Award from Builder Magazine. The firm currently
has projects in Charlotte, Washington D.C., Tampa, Houston and Atlanta.

The owner of the project is Irving Park Centre Group LLC. The partners include
W.C. and Hanes Boren, the landowners; Jim Marshall, president of Lindbrook
Development Services, the developer; and David Hagan, Dodson Schenck and
Lawrence Cox of Hagan Properties. The group has been working on the concept,
design and implementation of the project for the past two years.

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