Crosland Gets Out Of Development Business

The real-estate development company Crosland has sold off much of its business. The company based in Charlotte will now focus on asset management. Crosland is one of Charlotte's biggest names in real-estate development. It's been behind high-profile projects like Birkdale Village in Huntersville and StoneCrest in South Charlotte. But the company is getting out of the development business. Crosland is selling off its residential/construction business to executive David Ravin and its Florida land development division to a Florida company. It will just focus on managing its existing properties. John Crosland Jr., the company's chairman emeritus, says it's a logical evolution of the company given current economic conditions. Like many developers, Crosland has had a tough go of it over the past few years. It's had to cut several jobs and contend with frustrated lenders. Crosland will continue to be headquartered in Charlotte.