Cousins Properties and Jim Wilson & Associates Start 800,000-Square-Foot Open-Air Retail Project in Memphis.

Business Editors

ATLANTA--(BUSINESS WIRE)--May 10, 2004

Land purchase starts development of The Avenue

Carriage Crossing; Early commitments include Dillard's, Parisian,

Barnes & Noble, Banana Republic and Talbots

Cousins Properties Incorporated (NYSE:CUZ) and partner Jim Wilson & Associates Inc. announced today the purchase of approximately 135 acres for the development of The Avenue(R) Carriage Crossing, an 800,000-square-foot open-air retail center in Collierville, Tenn., an affluent and growing suburb of Memphis. The project is approximately 73 percent committed, with retailers including Dillard's, Parisian, Abercrombie & Fitch, Ann Taylor Loft, Banana Republic, Barnes & Noble, Bath & Body Works, Buckle, Claire's, Express, Hollister, Linens 'N Things, Talbots and Victoria's Secret. In all, approximately 40 retailers and restaurants have committed to the project. Construction will begin in the next 30 days, and the project is expected to open in October 2005.

"We couldn't ask for a better setting for our most ambitious Avenue yet. Collierville is a beautiful and thriving community enjoying high-quality residential and commercial growth. We've been very pleased with the positive response to the Avenue from both the community and our key retail customers," said Joel Murphy, president of Cousins' Retail Division. "It's also a thrill to work with Jim Wilson & Associates, who have been involved in this site for several years. They are great developers and we are excited to join with them to develop and operate this project."

"The Avenue Carriage Crossing represents an excellent opportunity to bring an upscale and beautifully designed retail development to Collierville," said Jim Wilson, Jr., president of Jim Wilson & Associates. "We have been working on the development of this project for several years to insure the right retail fit, design and look for the community."

At 800,000 square feet, The Avenue Carriage Crossing will be Cousins' largest Avenue project and the only one with two department store anchors.

"Dillard's and Parisian are both highly respected brands with consumers and retailers alike," Murphy said. "We are proud to add them to the fine list of retailers that call The Avenue home."

"Dillard's is very proud to be a part of The Avenue Carriage Crossing," said William Dillard, II, chief executive officer of Dillard's, Inc. "Cousins and Jim Wilson & Associates have created an innovative concept with a wonderful mix of retail and restaurant choices in a unique open-air setting. Our new Dillard's store will certainly add to the excitement. Dillard's at The Avenue Carriage Crossing will appropriately reflect our firm commitment to provide our customers with more upscale and fashion-forward selections of merchandise. Our assortments will be specifically tailored to meet the distinctive tastes of Collierville and Memphis-area customers. The Avenue Carriage Crossing is certain to become a premier shopping destination for Collierville, Shelby County and the entire east Memphis area."

George Jones, president and chief executive officer of Saks Department Store Group, commented, "We are very excited about bringing our first Parisian location to metropolitan Memphis. The Avenue Carriage Crossing will be an ideal development for our 130,000-square-foot specialty department store. We look forward to offering the community the outstanding merchandise and premier service that have long been traditions at Parisian. This location will be our prototype 'store of the future' which will incorporate countless innovative design elements and exciting experiences never before offered to department store customers. We can't wait to unveil our spectacular showcase store."

Noted for its pedestrian-friendly nature, extensive landscaping and distinctive architecture, The Avenue places traditional mall merchants in upscale, open-air centers alongside select local merchants and specialty restaurants. The Avenue Carriage Crossing is Cousins' sixth Avenue project, joining three suburban Atlanta Avenues, one in Viera, Fla., and another in suburban Los Angeles.

Jim Wilson & Associates recently completed phase I of The Shoppes at EastChase, an upscale, open-air lifestyle center that is part of a 330-acre, master planned development in Montgomery, Ala.

"Many elements that have proven successful at EastChase will be incorporated into the design of The Avenue Carriage Crossing," Wilson said.

In addition to The Shoppes at EastChase, Jim Wilson & Associates, Inc. has also developed such outstanding properties as the 1.5 million-square-foot Riverchase Galleria in Birmingham, Ala., and the 1.2 million-square-foot Mall of Louisiana in Baton Rouge, La.

Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office, industrial and land development projects. The Company's portfolio consists of interests in 14.1 million square feet of office and medical office space, 2.6 million square feet of retail space, over 1,980 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 6.3 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." For more information on the Company, please visit Cousins' Web site at www.cousinsproperties.com.

Jim Wilson & Associates, Inc., headquartered in Montgomery, Ala., has been a leader in the shopping center industry for almost three decades. During this tenure, the company has developed and provided management, construction, leasing and marketing for many of the finest retail properties in the Southeastern United States. Additional information on Jim Wilson & Associates, Inc. is available at the company's website, www.jwamalls.com.