Buzz Issue 64

Cousins Properties (NYSE: CUZ) closed in late October on the purchase of approximately 45 acres on the south side of La Frontera. The site is located along SH 45, and bounded by SH 45, FM 1325 and CR 172. It is the only portion of La Frontera area that is located within the extra-territorial jurisdiction (ETJ) of the City of Austin. Cousins also has an option for 15 additional adjacent acres within La Frontera.

The site has premium visibility and access from the new SH 45. SH 45 is the major new east-west highway along the Travis County and Williamson County border. The site is less than a half-mile east of the new Loop 1 North / SH 45 flyover interchange and is served by a dedicated off-ramp from this interchange, which leads directly to the La Frontera project and the east-bound SH 45 frontage road.

It is anticipated that Cousins will use all or a portion of the site for a lifestyle retail center - The Avenue at La Frontera. For more information on Cousins see: www.cousinsproperties.com

There are now five of the Cousins-trademarked "Avenue" projects operating in three states - Georgia, Florida and California - and The Avenue Carriage Crossing opened last week in suburban Memphis, Tennessee. The Memphis Avenue is the largest Avenue yet at 786,000-square-feet on a 96-acre site. The seventh project, The Avenue Webb Gin, is now under construction in suburban Atlanta's Gwinnett County and will be completed in August 2006.

In addition, Cousins is actively pursuing additional Avenue and power center (MarketCenter) projects in markets across the country, including Atlanta, Albuquerque, Austin, Memphis and San Jose, California.

Despite being in different markets, the Avenue projects share many common characteristics including distinctive architecture, beautifully appointed design features, heavy landscaping, upscale merchants, outdoor pedestrian plazas and convenient storefront parking. Cousins is pleased to have among its premier group of retailers Parisian, Dillard's, Gap, Banana Republic, Talbots, Williams-Sonoma, Abercrombie & Fitch, Pottery Barn, Ann Taylor, J. Crew, American Eagle, Pier 1 Imports, Victoria's Secret, Restoration Hardware, Borders Books & Music, Barnes & Noble, Bath & Body Works, Jos. A. Bank Clothiers, Smith & Hawken, Harold's, Chico's, Regal Cinemas, Coldwater Creek, The Sharper Image and many more.
⁽¹⁾ Copyright from Cousins Properties Incorporated Web site at www.cousinsproperties.com/retail/index.cfm

The pendulum has now shifted from a high unemployment percentage to lower unemployment. A year ago the Austin metro area was recording unemployment figures around 5%; the percentage has now dropped to around 4%.

Meanwhile, jobs are continuing to be added in the Austin area - 19,000 this year and even more, 22,600, next year, according to Daniel Kah, a research director at Austin-based Angelou Economics, a firm that has tracked Austin's economy. And the population will continue to grow by 30,000 to 40,000 each year."
Source: Neal Spelce Austin Letter September 16, 2005 www.austinletter.com

Beginning January 19, JetBlue Airways, the fastest growing major U.S. airline, will offer three daily nonstop flights from Austin to JKF International Airport in New York and one daily nonstop flight from Austin to Boston's Logan International Airport. "At a time when the airline industry is suffering as a whole, it shows they have faith in the Austin Economy," said Andy Carlson, Director of Corporate Recruiting at the Greater Austin Chamber. Carlson and the ABIA team visited with JetBlue in an effort to bring their service to Austin.