"Mike and I share the same passion for breathing new life into urban communities and town centers," says Silverman. "We have known each other for years. When looking for a president, we were keenly focused on identifying someone whose aptitudes complemented mine."

Formed in 1989, the company focuses on adaptive reuse and historic renovation projects with an aim of revitalizing neighborhoods and town centers. Among residential projects the company has undertaken include Lovejoy Lofts and Copenhill Lofts in Atlanta and Brumby Factory Lofts in Marietta. Commercial projects include Meeting Park and Buckhead West. "I look forward to being a part of and helping to shape Winter Property's continued evolution," Fallon says.

Fallon previously served as president of the Southwood Corp. and United Properties Group. Southwood did not comment on the move. He also founded and headed the national corporate consulting division at Cushman & Wakefield, where he served as SVP. Prior to joining Cushman & Wakefield, he served in VP positions at Howard P. Hoffman Associates--the real estate consulting subsidiary of Lehman Brothers Kuhn Loeb--and Investors Central Management Corp. He began his career with official positions in the real estate divisions of both Chemical and Chase Manhattan Banks.