City and Community Officials Praise Economic Development Project in Southeast Raleigh

Raleigh, NC, August 14, 2009 --(PR.com)-- A coalition of business and community service organizations have joined together to implement a major economic development project for southeast Raleigh. The first phase of a three phase project opened in early August (a large retail shopping center), and is scheduled for completion in December. In subsequent phases Isha Developments plans to build affordable housing and a Senior Living community.

“Our motto is, ‘Building Prosperity for Humanity,’ and that is exactly what we intend to do in southeast Raleigh,” said Jawahar Muniyandi, CEO of Isha Developments. “There is no reason that business cannot profit while being a good neighbor and giving back to the community.”

Saturday August 8, 2009 marked the grand-opening of Farmington Square and their anchor tenant, Family Dollar, at 2800 Rock Quarry Rd. The Grand Opening culminated in the announcements of Yancy’s at Farmington, De Todo Grocery and GQ Cutz as businesses joining Family Dollar at Farmington Square.

Other businesses planned for the shopping center include a bank, day spa, day-care center, business offices and health care practices. When completed, the four-building complex is expected to generate from 200 to 300 new jobs.

“The city of Raleigh is very pleased to see such an ambitious project coming to a community that needs these services and the accompanying economic stimulation,” said Dr. James West, District City Councilman and Mayor Pro Tempore. “Right now the good folks of southeast Raleigh have to travel for miles to get the services planned for this project.”

In the recent past, a number of development projects have been planned and failed to succeed. Wal-Mart cancelled plans for a new store when the economy went into recession in early 2008. Plans for Olde Towne, a 600 acre up-scale housing development with 500,000 square feet of retail space, went into foreclosure in July. With a completely different business model, solid financial backing, and an eye on community needs, along with a balanced focus between profit and giving back to the community, Isha Developments is succeeding where others have failed.

“We’ve worked a longtime to see economic amenities and quality services come to this area,” said Lawrence Wray, assistant city manager. “Ten or 12 years ago I predicted that Rock Quarry Rd. was going to become a growth area. I am very happy, not only for Jawa and his group, but for the community as well.”

“We are very proud to see our vision for economic revitalization in this community actually coming to fruition,” said Jawahar Muniyandi, CEO of Isha Development and the driving force behind the planned economic development for the southeast Raleigh community. “This is an area that is critically underserved on many levels. We are committed to changing that situation.”

About Farmington Square Shopping Center
The Shopping Center is a development project owned by Farmington Square LLC and being developed by Isha Developments. The extended development team comprises of F7 International, Imperial Design Builders, East Carolina Contractors, York Properties, Design & Development, Innova-Concepts and Diehl and Philips. The project is financed by Crescent State Bank of Cary, NC and NC Community Development Initiative, which is a local funding agency. Both Crescent State Bank and NC Community Development Initiative support economic revitalization and community development projects.

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