196-UNIT MULTIFAMILY PROPERTY PLANNED IN NORTH CAROLINA

CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC has selected McShane Construction Company’s Southeast Region to construct Phillips Swift Creek, a 196-unit multifamily property at 2025 Swift Commons Lane in Cary. Situated on 13.18 acres, the 239,196-square-foot property will be comprised of seven three-story buildings and one split-level building. The complex will offer one-, two- and three-bedroom apartments featuring stainless steel appliances, granite countertops, a garden-style soaking tub and a patio or balcony. Additional amenities include laundry facilities, enclosed garage space, a car wash, an outdoor grilling area, a resort-style swimming pool and a clubhouse with a fitness center, a media room and a kitchenette/party area. Atlanta-based The Preston Partnership is providing architectural services for the project, which is slated for completion in July 2011.