Design and Development Agreement between Roberts Properties Residential, L.P. and Roberts Properties, Inc. (Ballantyne Project)

Summary

Roberts Properties Residential, L.P. has engaged Roberts Properties, Inc. to oversee the design, development, and construction of a 332-unit apartment community called Ballantyne in Charlotte, North Carolina. The Developer will manage all aspects of the project, including coordinating professionals and supervising construction to ensure compliance with approved plans. For these services, the Developer will receive $1,660,000, payable upon demand. The agreement outlines the responsibilities and compensation for the Developer in connection with the Ballantyne project.

EX-10.17.01 12 0012.txt DESIGN AND DEVELOPMENT (BALLANTYNE) EXHIBIT 10-17.01 DESIGN AND DEVELOPMENT AGREEMENT This Agreement made as of the 22nd 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 23.8 acres of land at the intersection of Lancaster Highway (old NC-521) and John J. Delaney Drive in Charlotte, North Carolina (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 332 unit garden-style apartment community ("Ballantyne"); 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 Ballantyne; NOW, THEREFORE, the parties hereto hereby agree as follows: 1. Services The Developer will create and develop Ballantyne 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 Ballantyne. The Developer shall also provide supervisory services to ensure that Ballantyne 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 One Million Six Hundred Sixty Thousand Dollars ($1,660,000), 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