| Undeveloped Land and Construction in Progress |
Undeveloped Land and Construction in Progress The Company currently has two active development projects, as outlined in the table below. The Company owns approximately $246.6 million of undeveloped land parcels that are held for future developments. Of the future developments listed below, the Company expects to initiate development of at least one additional multifamily apartment community and one commercial development during 2011. Although the Company currently anticipates developing certain other projects in the future, there can be no assurance that the Company will pursue any of these particular future development projects. | | | | | | | | | | | | | Total Units/ | | Costs Capitalized | | Location | | Square Feet (1) | | to Date | ($ in thousands) | | | (unaudited) | | | Active Developments: | | | | | | Multifamily: | | | | | | Colonial Grand at Double Creek | Austin, TX | | 296 |
| | $ | 6,250 |
| Colonial Grand at Hampton Preserve | Tampa, FL | | 486 |
| | 22,669 |
| Total Active Developments | | | 782 |
| | $ | 28,919 |
| | | | | | | Future Developments: | | | | | | Multifamily: | | | | | | Colonial Grand at Azure (2) | Las Vegas, NV | | 390 |
| | $ | 10,334 |
| Colonial Grand at Lake Mary | Orlando, FL | | 232 |
| | 5,588 |
| Colonial Grand at Randal Park (3) | Orlando, FL | | 462 |
| | 11,835 |
| Colonial Grand at South End | Charlotte, NC | | 353 |
| | 13,688 |
| Colonial Grand at Sweetwater | Phoenix, AZ | | 195 |
| | 7,244 |
| Colonial Grand at Thunderbird | Phoenix, AZ | | 244 |
| | 8,379 |
| | | | 1,876 |
| | $ | 57,068 |
| Commercial: | | | | | | Colonial Promenade Huntsville | Huntsville, AL | | 111,000 |
| | $ | 9,910 |
| Colonial Promenade Nord du Lac (4) | Covington, LA | | 236,000 |
| | 17,879 |
| Randal Park (3) | | | — |
| | 16,017 |
| | | | 347,000 |
| | $ | 43,806 |
| Other Undeveloped Land: | | | | | | Multifamily | | | | | $ | 3,295 |
| Commercial | | | | | 46,270 |
| Commercial Outparcels/Pads | | | | | 26,281 |
| For-Sale Residential Land (5) | | | | | 69,902 |
| | | | | | $ | 145,748 |
| Total Future Developments | | | | | $ | 246,622 |
| Consolidated Undeveloped Land and Construction in Progress | | | | $ | 275,541 |
|
________________________ Footnotes on following page
| | (1) | Units refer to multifamily apartment units. Square feet refers to commercial space and excludes space owned by anchor tenants. |
| | (2) | On May 18, 2011, the Company purchased approximately 20 acres adjacent to the existing multifamily site for approximately $2.5 million. The Company intends to combine the sites and develop 390 multifamily units as compared to the 188 apartment units previously planned. |
| | (3) | This project is part of a mixed-use development. The Company is still evaluating plans for a multifamily apartment community. Therefore, costs attributable to this phase of the development are subject to change. |
| | (4) | The Company intends to develop this project in phases over time. Costs capitalized to date for this development, including costs for Phase I, which was placed into service in 2010, are presented net of an aggregate of $25.8 million of non-cash impairment charges recorded during 2009 and 2008. |
| | (5) | These costs are presented net of $24.6 million of non-cash impairment charges recorded on two of the projects in 2009, 2008 and 2007. |
Interest capitalized on construction in progress during the three months ended June 30, 2011 and 2010 was $0.1 million and $0.3 million, respectively. Interest capitalized on construction in progress during the six months ended June 30, 2011 and 2010 was $0.1 million and $0.7 million, respectively. |