Wednesday, June 20, 2007 - Town Creek Breaks Ground on First Phase of Development

“The Market at Town Creek,” a 225,000-Square-Foot Retail Development Planned

LENOIR CITY, Tenn. – Today, Southeastern Retail Investments (SERI), a wholly-owned subsidiary of Mimms Enterprises of Roswell, Georgia, broke ground on a 225,000-square-foot retail development in Town Creek. The 53-acre tract will include national, regional and local tenant spaces and multiple out parcels.

“This retail destination will be the front door to the overall mixed-use development that Dr. Bob Overholt has planned,” said Robert Mimms, President of Mimms Enterprises. “We were fortunate to have acquired such an unbelievable site and to be working with so many great people in Lenoir City.”

SERI will be responsible for the construction, leasing and management of the retail development. Construction on the infrastructure and roads will take place this summer, and shopping center construction is expected to begin early next year.

The development, named “The Market at Town Creek,” is the first phase of the Town Creek project, which is located in Lenoir City, just off of I-75 and Highway 321. There will be at least five components of the Town Creek project, and when built out, the mixed-use development is expected to have a $1 billion economic value to Lenoir City and Loudon County.

“This is a very high quality development, and it’s exciting for Lenoir City, not only because it will bring in high-end in retail, which in turn creates quality jobs, but because it adds a new dimension to the quality of life in our community.,” said Lenoir City Mayor Matt Brookshire. “Town Creek is also an important economic contributor to our Lenoir City—not only will the development bring in additional property taxes, but it will provide sales tax revenue and attract people to shop and live in our community.”

The 321-acre property is being developed by Dr. Bob Overholt of Overholt Holdings, along with other partners.

“Town Creek will be a great addition to Loudon County, and we are excited to see the first phase get underway,” said Loudon County Mayor Doyle Arp. “This development will have a tremendous economic impact on our community, and it will provide a variety of shopping and living alternatives for our residents. I'm proud to join with Mayor Brookshire in supporting this project.”

Town Creek will have three entrances off of Highway 321 that form the beginning of a 7,200-foot boulevard that bisects the overall property leading to Highway 95. The boulevard will have curb & gutter, sidewalks, underground utilities, and will be maintained by the development entity. In addition, there is a planned connector with the Adessa development, which will allow better circulation for both the properties.

Mimms Enterprises’ portfolio totals 5,500,000-square-feet with approximately 530 tenants. The company specializes in the development, re-development, leasing and management of retail, industrial and office properties. For more information, visit www.mimmsenterprises.com.