Local Dignitaries Help Break Ground for SearStone

CARY, NC, June 28, 2012

Bill Sears' dream took a giant leap forward today with the official groundbreaking for the SearStone retirement community. The former Sears Farm property at the corner of Davis Drive and High House Road in Cary will now make way for a 169-unit not-for-profit continuing care retirement community (CCRC) where Sears and his parents will reside along with their new neighbors.

Sears and a group of local dignitaries - including North Carolina Insurance Commissioner Wayne Goodwin and Wake County Commissioner Betty Lou Ward - broke ground for SearStone during a brief ceremony this morning. The festivities then transitioned over to the Prestonwood Country Club, where more than 250 VIPs, partners and future residents enjoyed a celebratory luncheon attended by Cary Mayor Harold Weinbrecht.

Construction is made possible through the recent sale of $117.5 million in construction bonds to Herbert J. Sims & Co. Inc. SearStone is believed to be the first CCRC in the United States to be financed in this manner in the past two years.

In addition to several hundred short- and long-term construction jobs, SearStone will create 75 full-time jobs upon completion of Phase One.

Two North Carolina companies will construct SearStone: joint venture Retenbach-CT Wilson and Poythress Building Company. Retirement Living Associates, Inc. (RLA), best known for providing management services for Springmoor Life Care Retirement Community in Raleigh, will manage and operate SearStone when it opens.

SearStone offers several different home styles for independent residents 62 and older, along with exclusive access to long-term-care services such as home health care, assisted living and nursing care. More than 138 of the 169 units have already been presold. The first residents are expected to move into their new homes in the fall of 2013.

"This is a triumphant day for SearStone and our supporters," said Sears. "We've weathered many challenges but ultimately this day is a testament to our vision for a first-class, new urbanist retirement community in Cary. We've got a lot to offer, including a lake, clubhouse, conservatory, walking trails and more."

For more information about SearStone, visit http://www.searstone.com or call (919) 466-9366. Visit SearStone's Facebook page at http://www.facebook.com/SearStoneRetirementCommunity or follow @SearStone on Twitter.

About SearStone
SearStone is a continuing care retirement community being developed on the southeast corner of High House Road and Davis Drive in Cary. The community is not-for-profit and will offer several different home styles for independent residents 62 years and older. SearStone will give residents exclusive access to long-term-care services such as home health care, assisted living and nursing care. SearStone has been mentioned in numerous national publications such as The New York Times and is currently accepting deposits for membership. For more information, visit http://www.searstone.com, call (919) 466-9366 or attend one of our events.