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Faison Enterprises, Inc. (“Faison”) was formed in 1989 as a non-stock corporation to serve as the successor entity to a variety of corporations and partnership entities controlled by Henry Faison. With the formation of Faison, Mr. Faison created a professionally managed, ongoing entity to survive him and provide for the continuation of the Faison business for 250 years under a self-perpetuating, fully independent board of directors, after which all assets would be distributed to charities designated by the then-serving board.
A number of properties developed by Mr. Faison prior to the formation of Faison in 1989 remain in the firm’s portfolio and are overseen by its personnel. Major regional malls, urban office towers, suburban office parks and strip centers developed during the ‘70s and ‘80s established the financial stability enjoyed by Mr. Faison during many downturns in the real estate industry. Upon its formation, the company began developing properties for its own account and, as a result, has substantially grown its capital base and net worth since its inception.
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