Crescent Resources Sells Jocassee Tract

Lake Jocassee, S.C., July 2, 2008 … Crescent Resources has sold 63 acres of pristine land on Lake Jocassee to the South Carolina Department of Natural Resources (SCDNR).

The land will be managed as part of SCDNR’s Jocassee Gorges, a 33,000-acre tract of Wildlife Management Area (WMA) lands around Lake Jocassee that features dozens of waterfalls, 3,000-foot peaks and lush forests inhabited by rare species of plants and animals.

The property, which sits on a peninsula on Lake Jocassee and is entirely surrounded by the Jocassee Gorges WMA, features about a mile of shoreline and excellent views of the lake and mountains.  The property will be open for public use and hunting opportunities and will be managed as part of the Jocassee Gorges WMA. Crescent Resources made a contribution to the state to facilitate the transaction of the 63-acre tract to the South Carolina Department of Natural Resources.

“We are committed to protecting the environment and enhancing the quality of life for residents living in communities where we own land,” said Jim Short, president of Crescent Resources’ Land Management Division. “This tract is a natural addition to Jocassee Gorges, and now it will remain undisturbed so the public will can enjoy it for generations.”

“We welcome this important addition to South Carolina’s Jocassee Gorges property,” said John Frampton, Director of SCDNR.  “Crescent Resources sold this tract to the citizens of South Carolina rather than develop it.  This tract, if developed, would have greatly impacted the beauty and natural habitat of the Lake Jocassee area.”

South Carolina acquired the 33,000-acre Jocassee Gorges from Crescent Resources in 1998 and 1999.

Crescent Resources, LLC is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. More information is available at www.crescent-resources.com.