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COLONIAL PROPERTIES TRUST ANNOUNCES PLAN TO DEVELOP TWO MULTI-FAMILY PROPERTIES

 ORLANDO, Fla., Nov. 23 /PRNewswire/ -- Thomas H. Lowder, president and chief executive officer of Colonial Properties Trust (NYSE: CLP) announced today the approval by the company's board of trustees of a proposal to develop additional phases of two multi-family properties owned by the company.
 The new development projects include St. Croix II Apartments, a 192-unit expansion of the company's St. Croix Apartments in Lake Mary (Orlando), Fla., and McGehee Place II Apartments, a 180-unit expansion of the company's McGehee Place Apartments in Montgomery, Ala. Each of the projects will include amenities comparable to those available to tenants at the existing phases of the properties, including athletic facilities, swimming pools, exercise centers, tennis courts, club houses, and laundry facilities.
 The company has already commenced development of the St. Croix II Apartments, and expects to commence construction of the McGehee Place II Apartments in December. The company expects to complete construction of both projects in 1994.
 "These two developments represent the expansion of two highly successful multi-family properties in areas that are experiencing tremendous growth," said Tom Lowder. "We are striving to complete these projects as quickly as possible to take advantage of the opportunities presented by the growth in these markets and the reputations of our existing properties in those markets."
 Lowder added, "The company intends to continue development of new properties or expansions of existing properties, and to pursue acquisitions of other properties in the Southeast, as attractive opportunities present themselves."
 Colonial Properties Trust is a real estate investment trust that, through its subsidiaries, owns and manages a portfolio of 36 retail, multi-family and office properties located in Alabama, Florida and Georgia and performs development, acquisition, management, leasing and brokerage services for its own properties as well as properties owned by third parties. The company's common shares are listed on the New York Stock Exchange under the symbol "CLP."
 -0- 11/23/93
 /CONTACT: Douglas B. Nunnelley, senior vice president and chief financial officer, Colonial Properties Trust, 407-677-1112/
 (CLP)


CO: Colonial Properties Trust ST: Florida IN: SU:

BR-TG -- AT006 -- 7206 11/23/93 10:49 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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