IKEA Selects Crescent Site for its First Store in the Carolinas
Charlotte, NC, Jan. 17, 2007 … IKEA, the world’s leading home furnishing retailer, has selected Crescent’s site on the northeastern corner of I-85 and the University City Boulevard exit as the location for its first store in the Carolinas. Pending city approvals and infrastructure improvements, construction of the future IKEA Charlotte could begin as early as next summer, with an anticipated opening in Spring 2009.
IKEA will develop the 345,000-square-foot IKEA Charlotte store, with 1,700 parking spaces, on approximately 27 acres. IKEA entered a contract to purchase approximately 30 acres, and will be selling three acres for complementary retail and restaurant uses. After IKEA Charlotte opens, Crescent will develop the surrounding 125 acres.
“We are thrilled to be locating an IKEA store at this site in Charlotte where we can complement our southeastern presence established in Atlanta and the stores underway in Florida,” said Doug Greenholz, IKEA real estate manager. “We know IKEA Charlotte will be more convenient to existing customers while also introducing the unique IKEA family-friendly shopping experience to new shoppers throughout the Carolinas.”
Besides offering nearly 10,000 exclusively designed items, IKEA Charlotte will feature three model homes, 50 room settings, a supervised children’s play area, and a 300-seat restaurant serving Swedish specialties such as meatballs with lingonberries and salmon plates, as well as American dishes. Other family-friendly features will include a “Children’s IKEA” area in the showroom, baby care rooms, preferred parking and play areas throughout the store.
In addition to jobs created during the construction phase, approximately 400 permanent jobs will be created when the new store opens. IKEA Charlotte will provide significant annual sales and property tax revenue for local governments and schools. “We also look forward to being a partner in the local community,” continued Greenholz.
There are currently more than 250 IKEA stores in 34 countries, including 29 in the U.S. Since its founding in 1943 in Sweden, IKEA has offered a wide range of home furnishings of good design and function, at low prices so the majority of the people can afford them. IKEA has been ranked in FORTUNE’s annual “100 Best Companies to Work For” list (three years in a row), Working Mother magazine’s annual list of “100 Best Companies for Working Mothers” (four years in a row) and Training magazine’s annual “Top 100” ranking of companies that excel in employee development (four years in a row). IKEA incorporates environmentally and socially responsible efforts into day-to-day business, and continually supports initiatives that benefit causes such as children and the environment. To visit the IKEA Web site, please go to www.IKEA-USA.com.
Crescent Resources, LLC is a land management and real estate development company with interests in 10 states in the southeastern and southwestern U.S. Based in Charlotte, N.C., Crescent Resources is a joint venture between Duke Energy, Morgan Stanley Real Estate Fund (MSREF) V U.S., and the company’s management. Established in 1969, Crescent creates award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers.
The company has developed approximately 12 million square feet of commercial and industrial space in cities such as Charlotte; Nashville, Tenn.; Tampa, Fla.; Orlando, Fla.; Washington, D.C.; and Atlanta, and retail centers throughout North Carolina, South Carolina, Virginia and Florida.
More information about Crescent’s retail activities can be found at www.crescentretail.com. Additional information about Crescent Resources is available at www.crescent-resources.com.
