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Q and A with Peter Pappas

by Jennifer Garner

December 5,2006

What design philosophy guides your development? How is your firm different?

Pappas Properties develops and markets residential, resort and mixed-use projects that meet the changing lifestyle needs of the market by using innovative planning, design and amenities. Each project has a focus on community building and place making with a goal of adding value to the communities in which we work. When we approach a project, we start by developing a comprehensive land use plan and incorporating all the principals that are important to building successful communities.

Of which project are you most proud and why?

I am very fortunate to have worked on a variety of projects with excellent joint venture partners. I think Phillips Place was important because it created the first mixed use development outside of uptown. Birkdale Village built on the success of Phillips Place. Our partner, the Crosland Group did an excellent job developing a strong tenant mix that greatly contributed to its success. With Crescent Resources’ sponsorship, we were able to complete an adaptive re-use of one of Charlotte’s oldest cotton mills built in 1897 and construct 187 new loft units. I am proud of all of these projects and our development team which has executed each one of these developments extremely well.

You are making a big bet on the Metropolitan. What keeps you up at night about that project?

We are very positive about our investment in Metropolitan for a number of reasons, mainly the location which is at the front door of downtown and surrounded by Myers Park, Dilworth and Elizabeth. The project is off to a good start with the sale of 57 of the 60 lofts which we will deliver in the summer of 2008 along with the office space. Target and Home Depot will open in October of 2007. Metropolitan is a major redevelopment project that is extremely complicated due to the integration of residential, office and retail space, some of which will tie into the new Little Sugar Creek Greenway. Coordinating our development along with the infrastructure improvements that the city is undertaking and the development of the Greenway by Mecklenburg County will take a great deal of work.

What gives you conviction about the risks you take? How do you mitigate and manage that risk when the projects are on such a large scale?

We make sure that our projects meet the market and that we have a team in place that can execute. At Metropolitan the addition of Colonial Properties gives us a much stronger capital base and a partner with significant office development experience. You couple that with the continued efforts of Collett & Associates on the retail, we now have both the resources and people to deliver a major development.

As recent past chair of the Chamber, did you accomplish everything you wanted to do at the Chamber?

Do you ever get everything you want done? We had a good year and I am extremely pleased that we were able to get the self-financing bond passed. It ‘s exciting to see the Chamber continuing to play such an important and vital role in the business community. The work that Cathy Bessant and her team did on the NASCAR Hall of Fame and Paul Grube’s leadership on the Arts package have been major accomplishments.

What would you do if you were Mayor for a day?

It would be hard to do in a day, but I would tackle the road funding issue. I think we have made some positive steps in coordinating our land use and transportation, but we have more work to do as it relates to funding new road projects, so I would start with that.

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