The Kalikow Group Announces Grace Park Mixed-Use Development in Morrisville, North Carolina Nears Total Occupancy

MORRISVILLE, N.C., April 18, 2013 /PRNewswire/ -- The Kalikow Group, on behalf of KEP Morrisville Realty, LLC, and EYC Companies on behalf of EYC Grace Park, LLC, announce that Grace Park, a mixed-use development featuring 128 rental apartments, 52 custom-designed townhomes and 90,000 square feet of prime, ground-floor and outparcel retail space, is nearing 100 percent occupancy.

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(Photo: http://photos.prnewswire.com/prnh/20130418/PH96761-b)

The residences are now 98 percent occupied and 90 percent of the retail space has been leased. Some of the new retail tenants include Trali Irish Pub, which leased 4,100 square feet, Health Station, which will occupy 1,500 square feet, Ladders Teaching Supply Store, which will occupy 1,500 square feet, and Mare, an Italian restaurant that recently leased 3,200 square feet. In addition, the Discovery Child Development Center will relocate and expand to a new 8,500 square-foot building on the remaining outparcel retail site, next to the Grace Park Animal Hospital, by the end of 2013.

These new businesses join the existing roster of retail tenants at Grace Park that includes Starbucks, 5 Hot Chilies, Edward Jones, Peppers Market, Pristine Auto Spa, Salon 93, Quizno's Subs, Buffalo Wings and Rings, Dairy Queen, Bite Dental, Anytime Fitness, Red Polish Nail Bar, NC Bagel Café, Goodwill, Wake Med and Wake Radiology.

"We are extremely pleased at the response to Morrisville's newest mixed-use development," said Edward Kalikow, President and Chief Executive Office of The Kalikow Group. "Grace Park creates a versatile shopping environment in an unparalleled setting, along with an ideal live/work atmosphere."

Situated in one of North Carolina's premier hot spots for residential living, shopping and dining, Grace Park combines Main Street ambiance with modern urban living. Residences are comprised of two-story brownstones featuring spacious garden-style apartments and flats over retail space with chic urban interiors, maple cabinets, unique curved walls and balconies, and 10-11-foot ceilings. Residents have access to outdoor seating and grilling areas and an array of concierge services.

Ideally located at the corner of Morrisville Carpenter Road and Davis Drive, Grace Park is situated less than 1.5 miles from both Research Triangle Park and the Town of Cary and just minutes from the I-540 exit.

About The Kalikow Group:

The KEP division of the Kalikow Group is a private source of Joint Venture Equity financing for middle-market real estate developers. Headed by Edward Kalikow, it has been acquiring, developing and investing in all types of real estate projects for over 25 years. The Kalikow Group is a multifaceted source of equity for a variety of investment real estate development platforms, including retail, multi-family, condominiums and single-family home lot development. To date, The Kalikow Group has raised $103 million of equity capital that has funded projects valued in excess of $850 million. For more information about The Kalikow Group, visit www.thekalikowgroup.com.

About EYC Companies:

EYC Companies is a privately held real estate development firm based in Charleston, South Carolina providing a comprehensive range of services for single-family, multi-family and senior housing and light commercial projects. They specialize in identifying exciting opportunities from developing markets to in-fill communities and creating niche products to meet market demand.  Their hands-on approach, from site acquisition to product design, construction management and end-user marketing ensures efficiency and vision is maintained throughout a project's development life cycle.  For more information, visit www.eyccompanies.com.

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SOURCE The Kalikow Group