The $200 million project–designed to be a community in SeminoleCounty's north Interstate 4 corridor where locals can live, workand play–launched in June 2000. Its first phase consisted of afive-story, 155,000-sf office building and 456 apartments. At fullbuild-out, the project will contain 1.1 million sf of office space,225,000 sf of retail space as well as more than 400 hotelrooms.

"Colonial Properties Trust certainly meets and exceeds the awardcriteria," NAIOP chapter president George Livingston says in astatement on the award. He says the "visionary TownPark developmentmade a big impact on the selection committee. This outstandingproject has come to life in the past year and its success thatthese live, work and shop projects have are the future of realestate development."

Among the criteria NAIOP uses to select the developer of theyear are quality of products and services, social consciousness,financial consistency and stability, and the ability to adapt tomarket conditions. Of course, active involvement in NAIOP also is amajor factor.