Wakefield Development Company Community, Renaissance Park, Announces Launch of Phase One Construction

Company Offers First Technology-Driven Community

RALEIGH, N.C. February 5, 2007—Wakefield Development Company has announced the launch of phase one construction in its newest master-planned community, Renaissance Park, located in southeast Raleigh. The initial phase will contain approximately 242 homesites and will include single-family homes built by W&W Partners and Bedford Builder Group. In addition, 1st American Builders will be constructing federal style townhomes.

At Renaissance Park, technology-driven features, including touch screens and Wi-Fi access scattered throughout the community, will be combined with traditional southern architecture and charm. A selection of Federal-style townhomes priced from the $190s and single-family homes priced from the mid-$200s will offer truly individualized living spaces. All homesites in Phase 1 will feature rear alley loaded garages. In addition, over 380,000 square feet of retail space has been reserved for a commercial district within the community.

"South Raleigh is undergoing a renaissance of its own, and we are excited to be part of that process," said John Myers, president of Wakefield Development Company. "Renaissance Park is influenced by traditional design with a modern twist that gives homeowners easy access to the rapidly growing downtown area of Raleigh."

The community's Recreation Center will include a 7,000 square-foot clubhouse with a state-of-the-art fitness center, full-service business center, a large pool with 4,500 square feet of water surface and a playground. At least three additional pocket parks located throughout the community will have Wi-Fi access. While residents will benefit from the community's close proximity to major highways and easy access to downtown Raleigh, Renaissance Park has also reserved over 49 acres of open space for its residents' enjoyment.

For more information about the community, please contact the Renaissance Park sales office toll-free at 1-888-REN-PARK, or visit www.renaissancepark.com.

About Renaissance Park
Renaissance Park, the newest Wakefield Development Company master-planned community, is located near downtown Raleigh, off the intersection of South Wilmington Street and Tryon Road. Covering 216 acres, Renaissance Park features the latest technological advances, with Wi-Fi access in the 7,000 square-foot clubhouse and pocket parks across the community. With up to 1,100 townhomes and single-family homes, Renaissance Park is a state-of-the-art community offering predominantly Federal- and Georgian-style architecture. For more information on Renaissance Park and Wakefield Development Company, please call 1-877-WKFIELD.

About Wakefield Development Company
Signature Communities. Ideal Opportunities.

Wakefield Development Company is the Triangle's largest developer of residential communities, with a portfolio that includes over 14,000 homesites throughout North Carolina. In addition to the 2004 and 2006 NCHBA Community of the Year - Bedford at Falls River, the company has six other communities under development across the Raleigh-Wake County market including Wakefield Plantation, Eagle Ridge, Edgewater and Twin Lakes. Wakefield is developing Mackintosh on the Lake in Burlington and has begun construction on two new Triangle area communities - Renaissance Park and 12 Oaks. They also have begun work on two new Coastal Carolina communities, Kingfish Bay and San Rio Ocean & River Club. For more information call (919) 556-4310.