Design and Development Agreement between Roberts Properties Residential, L.P. and Roberts Properties, Inc.

Summary

Roberts Properties Residential, L.P. and Roberts Properties, Inc. have entered into an agreement for the design, development, and construction management of a 405-unit apartment community in Atlanta, Georgia. Roberts Properties, Inc. will oversee all aspects of the project, including managing professionals, design teams, and ensuring construction meets approved plans. In return, Roberts Properties, Inc. will receive a fee of $2,025,000, payable upon demand. The agreement outlines the responsibilities and compensation for the development services provided.

EX-10.14.11 5 0005.txt DESIGN AND DEVELOPMENT AGR. (ADDISON) EXHIBIT 10.14.11 DESIGN AND DEVELOPMENT AGREEMENT This Agreement made as of the 24th day of June 1998, by and between ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (the "Partnership"), and ROBERTS PROPERTIES, INC., a Georgia corporation (the "Developer"), W I T N E S S E T H: WHEREAS, the Partnership has acquired approximately 49.14 acres of land at the intersection of Abbotts Bridge Road and Jones Bridge Road in Atlanta, Georgia (the "Property") as described in the 1998 Form 10-K of Roberts Realty Investors, Inc., (the "10-K"), and the Partnership intends to develop, construct, own and operate on the Property a 405 unit apartment community ("Abbotts Bridge") consisting of 118 townhomes and 287 garden-style apartments; and WHEREAS, the Partnership desires that the Developer perform certain advisory, administrative and supervisory services relating to the Partnership's design, development and construction of Abbotts Bridge; NOW, THEREFORE, the parties hereto hereby agree as follows: 1. Services The Developer will create and develop Abbotts Bridge and manage the team of professionals involved, including engineers, land planners, architects and designers, and manage the design team involved in developing the interior design and models, as well as selecting the materials, finishes, features and colors for Abbotts Bridge. The Developer shall also provide supervisory services to ensure that Abbotts Bridge is built in accordance with the approved Plans and Specifications provided. 2. Compensation For the above services, the Developer shall be paid a total of Two Million Twenty-Five Thousand Dollars ($2,025,000), payable upon demand by the Developer. IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first above written. ROBERTS PROPERTIES RESIDENTIAL, ROBERTS PROPERTIES, INC., a L.P., a Georgia limited partnership Georgia corporation By: Roberts Realty Investors, Inc., By: /s/ Charles S. Roberts its General Partner ---------------------------------- Charles S. Roberts, President By: /s/ Charles R. Elliott ------------------------------------------- Charles R. Elliott, Chief Financial Officer