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                                                                   EXHIBIT 10.36

                         JDN DEVELOPMENT COMPANY, INC.

                             EMPLOYMENT AGREEMENT


     THIS AGREEMENT, made and entered into this 13th day of February, 2001, (the
"Execution Date"), to be effective as of November 27, 2000 (the "Effective
Date"), is by and between LEE S. WIELANSKY (the "Employee") and JDN DEVELOPMENT
COMPANY, INC., a Delaware corporation (the "Company").

                                  WITNESSETH:

     WHEREAS, the Employee desires to be employed by the Company, and the
Company desires to employ the Employee, on the terms, covenants and conditions
hereinafter set forth in this Agreement.

     NOW, THEREFORE, for the reasons set forth above, and in consideration of
the mutual promises and agreements herein set forth, the Company and the
Employee agree as follows:

     1.  Employment.  Subject to the terms and conditions set forth in this
         ----------
Agreement, on and as of the Effective Date the Company hereby employs and
engages the Employee to hold the titles of President and Chief Executive Officer
of the Company and perform such duties and responsibilities as may be assigned
or delegated by the Board of Directors of the Company, provided such duties are
commensurate with the position in which he serves.  The duties and
responsibilities the Employee is to perform hereunder shall be conducted
primarily from the Atlanta, Georgia metropolitan area, where the principal
offices of the Company are located.  The Employee may also conduct his duties
and responsibilities from the office described in Section 4.5 hereof.  The
Employee may be required from time to time to perform his duties hereunder on an
occasional basis at such other places as the Board of Directors shall reasonably
designate or as the interests or business opportunities of the Company may
reasonably require; provided, however, that without the Employee's consent, the
Employee shall not be required to relocate his residence from the St. Louis,
Missouri metropolitan area.  The Employee hereby accepts such employment and
agrees to serve the Company as an officer for the term of this Agreement.

     2.  Term of Employment.  Except as otherwise provided herein, the initial
         ------------------
term of this Agreement shall be for one (1) year commencing on the Effective
Date and ending on the first anniversary of the Effective Date (the "Employment
Term").  The Employment Term may be extended by mutual written agreement of the
Employee and the Company upon such terms, provisions and conditions which are
mutually acceptable to the Employee and the Company.

     3.  Devotion to Duties.  The Employee agrees that during the Employment
         ------------------
Term he will devote substantially all of his business time, attention, skill and
energy to the business and affairs of the Company as shall be necessary to
perform the duties of his position.  The Employee will use his best efforts to
promote the success of the Company's business, will cooperate fully with the
Board of Directors in the advancement of the best interests of the Company, and,
except as provided below, will not enter into any other business affiliations or
arrangements without the prior written consent of the Company.

     Nothing in this Agreement, however, is intended to prevent the Employee
from engaging in additional activities in connection with personal investments
(including but not limited to personal investments set forth on Schedule 3
                                                                ----------
hereto and such other real estate investments which are not, in the reasonable
discretion of the Company, competitive with the Company and which do not, in the
reasonable discretion of the Company, usurp a business opportunity of the
Company) and community or professional affairs that are not inconsistent with
the
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Employee's duties and obligations under this Agreement, including without
limitation Section 10 hereof. If the Employee is elected as a director of the
Employer or as a director or officer of any of its affiliates, the Employee will
fulfill the Employee's duties as such director or officer without additional
compensation.

     4.   Compensation of Employee.
          ------------------------

          4.1.  Base Salary.  During the term of this Agreement, the Company
                -----------
     shall pay to the Employee as compensation for the services to be performed
     by the Employee a base salary of Three Hundred Seventy-Five Thousand
     Dollars ($375,000) per year (the "Base Salary"). The Base Salary shall be
     payable in installments in accordance with the Company's normal payroll
     practice and shall be subject to such withholdings and other ordinary
     employee withholdings as may be required by law.

          4.2.  Bonuses; Incentive Payments. In addition to the compensation set
                ---------------------------
     forth elsewhere in this section 4, for each year or portion thereof during
     the Employment Term and any extensions thereof, the Employee shall be
     entitled to receive a bonus in an amount to be determined by the Board of
     Directors in its discretion, based on certain targeted goals set by the
     Board, based upon its evaluation of the Employee's performance during such
     year or portion thereof.  The Employee shall also be eligible to receive
     such other bonuses or incentive payments as may be approved by the Board of
     Directors. Without limiting and in addition to the foregoing, on each of
     the following dates, the Employee shall be entitled to receive a cash bonus
     in the amount of $25,000 if the period of actual employment under this
     Agreement continues to the applicable date:  January 1, 2001, April 1,
     2001, July 1, 2001 and October 1, 2001; provided, however, that in the
     event of a "Termination Upon a Change in Control" or a "Termination Other
     Than for Cause," both as hereinafter defined, the Employee shall be paid
     all of such remaining unpaid bonus payments.

          4.3.  Benefits.  The Employee shall be entitled to participate, during
                --------
     the period of actual employment, in all regular employee benefit and
     deferred compensation plans established by each of JDN Realty Corporation
     ("JDN Realty") (to the extent such participation is not restricted by the
     Internal Revenue Code of 1986 (the "Code")) and the Company, including,
     without limitation, any savings and profit sharing plan, incentive stock
     plan, dental and medical plans, life insurance, and personal catastrophe
     and disability insurance, such participation to be as provided in said
     employee benefit plans.  The Employee shall also be entitled during the
     period of actual employment to such paid vacation as is provided in the
     policy adopted by the Company.  For purposes of this Agreement, the term
     "period of actual employment" means the portion of the Employment Term
     during which the Employee is employed, but not the portion following the
     termination of Employee's employment.

          4.4.  Office and Secretary.  The Employee will have a private office,
                --------------------
     secretarial assistance, administrative support, and such other facilities
     and services as the Company deems necessary or appropriate for the
     performance of the Employee's duties under this Agreement.

          4.5.  Reimbursement of Expenses.  The Company will provide for the
                -------------------------
     payment or reimbursement of all reasonable and necessary expenses incurred
     by the Employee in connection with the performance of his duties under this
     Agreement in accordance with the Company's expense reimbursement policy, as
     such may change from time to time.  Without limiting the foregoing, the
     Company will reimburse the Employee for air travel between St. Louis,
     Missouri and Atlanta, Georgia at applicable coach fares and rent for the
     Employee's existing office (or a comparable office at an equal or lesser
     rental amount than the existing office) in St. Louis, Missouri during the

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     period of actual employment under this Agreement.  In addition, the
     Employee shall be entitled to receive reimbursement for up to $5,000 in
     legal expenses incurred in connection with the negotiation and execution of
     this Agreement.

          4.6. Apartment.  The Company will provide the Employee with a
               ---------
     furnished apartment in Atlanta, Georgia for the Employee's use during the
     Employment Term to the extent he is required to be in Atlanta to conduct
     Company business.  The Company will pay the rent and any security deposits
     (excluding pet deposits and any damages in excess of any security deposits)
     in connection with the apartment, which will be selected by the Employee
     and agreed upon by the Company prior to the Employee signing a lease
     agreement; provided, however, the Company's liability for such rent and any
     security deposits shall not exceed $2,000 per month.  At the Employee's
     request, the Company shall sign the lease agreement in lieu of the Employee
     signing the same and/or the Company shall guarantee the same without
     recourse (by contribution, subrogation or otherwise) to the Employee.

          4.7  Stock Options.  Effective as of November 28, 2000, the Employee
               -------------
     was granted options to acquire 200,000 shares of the common stock of JDN
     Realty at a per-share exercise price of $10.50, all of which will vest and
     become exercisable on November 27, 2001 (i.e., before the expiration of the
     one-year Employment Term). Any unexercised options shall expire ten years
     from the Effective Date.

          4.8  Restricted Stock.  On the Execution Date of this Agreement, the
               ----------------
     Employee has been granted 25,000 shares of restricted common stock of JDN
     Realty.  The shares of restricted stock will vest and become transferable,
     subject to applicable federal and state securities laws, rules and
     regulations, 20% on each anniversary of the Execution Date of this
     Agreement; provided, however, that if the Employment Term is not extended
     beyond November 27, 2001 as provided in Section 2, 100% of such shares of
     restricted stock shall vest and become transferable, subject to applicable
     federal and state securities laws, rules and regulations, on November 27,
     2001.

     5.   Termination of Employment.
          -------------------------

          5.1. Termination for Cause.  "Termination for Cause", as hereinafter
               ---------------------
     defined, may be effected by the Company at any time during the term of this
     Agreement by written notification to the Employee.  Upon Termination for
     Cause, the Employee shall immediately be paid all accrued salary, bonus
     compensation to the extent earned, vested deferred compensation (other than
     pension plan or profit sharing plan benefits which will be paid in
     accordance with the terms of the applicable plan), any benefits under any
     plans of the Company in which the Employee is a participant to the full
     extent of the Employee's rights under such plans, accrued vacation pay and
     any appropriate business expenses incurred by the Employee reimbursable by
     the Company in connection with his duties hereunder, all to the date of
     termination, but the Employee shall not be paid any other compensation or
     reimbursement of any kind, including without limitation, severance
     compensation.  In the event of a "Termination for Cause," the Employee will
     have thirty (30) days to vacate the apartment provided pursuant to Section
     4.6; the Company will be responsible for paying or reimbursing the Employee
     for all expenses payable by the Company under Section 4.6 related to the
     same during such 30-day period.  "Termination for Cause" shall mean
     termination by the Company of the Employee's employment by the Company by
     reason of the Employee's (a) failure to adhere to any written policy of the
     Company applicable generally to employees of the Company after notice and a
     reasonable opportunity to cure such failure and which failure is reasonably
     determined by the Company to have a material adverse effect on the Company,
     or (b) appropriation (or attempted appropriation) of a material business
     opportunity of the Company, including attempting to secure or securing

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     any personal profit or benefit (other than as a result of compensation and
     other benefits hereunder or as a result of employment with the Company) in
     connection with any transaction entered into on behalf of the Company, or
     (c) misappropriation (or attempted misappropriation) of any of the
     Company's funds or property, or (d) the conviction of, the indictment (or
     its procedural equivalent) for or the entry of a guilty plea or a plea of
     no contest with respect to, a felony, the equivalent thereof, or any other
     crime with respect to which imprisonment is a possible punishment, or (e)
     the good faith determination of the Company's Board of Directors (after
     giving the Employee notice and a reasonable opportunity to cure) that the
     Employee materially breached this Agreement or has failed to perform the
     Employee's duties to the Company in a satisfactory manner.

          5.2.  Termination Other Than for Cause.  Notwithstanding any other
                --------------------------------
     provisions of this Agreement, the Company may effect a "Termination Other
     Than For Cause", as hereinafter defined, at any time upon giving written
     notice to the Employee of such termination.  Upon any Termination Other
     Than for Cause, the Employee shall immediately be paid all accrued salary,
     bonus compensation to the extent earned, vested deferred compensation
     (other than pension plan or profit sharing plan benefits which will be paid
     in accordance with the applicable plan), any benefits under any plans of
     the Company in which the Employee is a participant to the full extent of
     the Employee's rights under such plans, accrued vacation pay and any
     appropriate business expenses incurred by the Employee in connection with
     his duties hereunder, all to the date of termination, and all severance
     compensation provided in subsection 6.2.  In addition, upon such
     termination of employment, all stock options granted to the Employee shall,
     subject to applicable federal and state securities laws, become fully
     vested and exercisable and all restricted common stock granted to the
     Employee shall fully vest and become transferable.  "Termination Other Than
     for Cause" shall mean termination by the Company of the Employee's
     employment with the Company other than a termination pursuant to subsection
     5.1, 5.3, 5.4, 5.5 or 5.6, or termination by the Employee of the Employee's
     employment with the Company by reason of (i) the Company's material breach
     of this Agreement, (ii) the assignment of the Employee without his consent
     to a position, responsibilities or duties of a materially lesser status or
     degree of responsibility than his position, responsibilities or duties as
     of the Effective Date, (iii) the relocation of the Company's principal
     executive office outside the metropolitan Atlanta, Georgia area, without
     the Employee's consent, or (iv) the requirement by the Company, subject to
     the provision in Section 1 hereof that the Employee shall not be required
     to relocate his residence from the St. Louis metropolitan area, that the
     Employee be based anywhere other than the Company's principal executive
     offices, without the Employee's consent.

          5.3.  Termination by Reason of Disability.  If, during the term of
                -----------------------------------
     this Agreement, the Employee, in the reasonable judgment of the Board of
     Directors, has failed to perform his duties under this Agreement on account
     of illness or physical or mental incapacity, and such illness or incapacity
     continues for a period of more than 120 consecutive days, or 180 days
     during any twelve-month period, the Company shall have the right to
     terminate the Employee's employment hereunder by written notification to
     the Employee and payment to the Employee of all accrued salary, bonus
     compensation to the extent earned, vested deferred compensation (other than
     pension plan or profit sharing plan benefits which will be paid in
     accordance with the applicable plans), any benefits under any plans of the
     Company in which the Employee is a participant to the full extent of the
     Employee's rights under such plans, accrued vacation pay and any
     appropriate business expenses incurred by the Employee in connection with
     his duties hereunder, all to the date of termination, but the Employee
     shall not be paid any other compensation or reimbursement of any kind,
     including without limitation, severance compensation.

          5.4.  Death.  In the event of the Employee's death during the term of
                -----
     this Agreement, the Employee's employment shall be deemed to have
     terminated as of the last

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     day of the month during which his death occurs and the Company shall pay to
     his estate or such beneficiaries as the Employee may from time to time
     designate all accrued salary, bonus compensation to the extent earned,
     vested deferred compensation (other than pension plan or profit sharing
     plan benefits which will be paid in accordance with the applicable plan),
     any benefits under any plans of the Company in which the Employee is a
     participant to the full extent of Employee's rights under such plans,
     accrued vacation pay and any appropriate business expenses incurred by the
     Employee in connection with his duties hereunder, all to the date of
     termination, but the Employee's estate shall not be paid any other
     compensation or reimbursement of any kind, including without limitation,
     severance compensation.

          5.5.  Voluntary Termination.  In the event of a "Voluntary
                ---------------------
     Termination," as hereinafter defined, the Company shall immediately pay all
     accrued salary, bonus compensation to the extent earned, vested deferred
     compensation (other than pension plan or profit sharing plan benefits which
     will be paid in accordance with the applicable plans), any benefits under
     any plans of the Company in which the Employee is a participant to the full
     extent of the Employee's rights under such plans, accrued vacation pay and
     any appropriate business expenses incurred by the Employee in connection
     with his duties hereunder, all to the date of termination, but no other
     compensation or reimbursement of any kind, including without limitation,
     severance compensation.  "Voluntary Termination" shall mean termination by
     the Employee of Employee's employment other than (i) constructive
     termination as described in paragraphs (i) through (iv) of subsection 5.2,
     (ii) termination by reason of the Employee's disability as described in
     subsection 5.3, (iii) termination by reason of the Employee's death as
     described in subsection 5.4, and (iv) Termination Upon a Change in Control
     as described in subsection 5.6.

          5.6.  Termination Upon a Change in Control.  In the event of a
                ------------------------------------
     "Termination Upon a Change in Control," as hereinafter defined, the
     Employee shall immediately be paid all accrued salary, bonus compensation
     to the extent earned, vested deferred compensation (other than pension plan
     or profit sharing plan benefits which will be paid in accordance with the
     applicable plans), any benefits under any plans of the Company in which
     Employee is a participant to the full extent of the Employee's rights under
     such plans, accrued vacation pay and any appropriate business expenses
     incurred by the Employee in connection with his duties hereunder, all to
     the date of termination, and all severance compensation provided in
     subsection 6.1.  "Termination Upon a Change in Control" shall mean a
     termination by the Company (other than a Termination for Cause) or by the
     Employee (other than under threat of an imminent Termination for Cause) ,
     in either case within one year following a "Change in Control" as
     hereinafter defined.  "Change in Control" shall mean the date on which the
     Company first determines that any of the following has occurred:

                (a)  any individual, entity or group (a "Person"), other than
          one or more of the Company's shareholders on the Effective Date of
          this Agreement or any entity that either one of them controls, becomes
          the beneficial owner of 50% or more of the combined voting power of
          the then outstanding voting securities of the Company entitled to vote
          generally in the election of directors of the Company (the "Company
          Outstanding Voting Securities"); provided, however, that any
          acquisition directly from or by the Company or any acquisition by any
          Person from W. Fred Williams of his shares of the Company Outstanding
          Voting Securities on or before April 30, 2001 which acquisition has
          been approved by the Company's Board of Directors (or, in the absence
          of any members on the Company's Board of Directors, by all of the
          Company's non-transferring voting security holders) shall be excluded
          from this paragraph (a);

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               (b)  any Person becomes the beneficial owner of 50% or more of
          the combined voting power of the then outstanding voting securities of
          JDN Realty entitled to vote generally in the election of directors of
          JDN Realty ("Realty Outstanding Voting Securities"); provided,
          however, that any acquisition directly or indirectly by JDN Realty or
          any acquisition by a company pursuant to a transaction which complies
          with subparagraphs (i), (ii) and (iii) in paragraph (c) below shall be
          excluded from this paragraph (b);

               (c)  consummation of a reorganization, merger or consolidation (a
          "Business Combination") of JDN Realty, unless, in each case, following
          such Business Combination (i) all or substantially all of the Persons
          who were the beneficial owners, respectively, of the Realty
          Outstanding Voting Securities immediately prior to such Business
          Combination beneficially own, directly or indirectly, more than a
          majority of the combined voting power of the then outstanding voting
          securities entitled to vote generally in the election of directors of
          the company resulting from such Business Combination, (ii) no Person
          (excluding any company resulting from such Business Combination)
          beneficially owns, directly or indirectly, 50% or more of the combined
          voting power of the then outstanding voting securities entitled to
          vote generally in the election of directors of the company resulting
          from such Business Combination except to the extent such ownership
          existed prior to the Business Combination, and (iii) at least a
          majority of the members of the Board of Directors of the company
          resulting from the Business Combination are Continuing Directors (as
          hereinafter defined) at the time of the execution of the definitive
          agreement, or the action of the Board, providing for such Business
          Combination;

               (d)  consummation of a reorganization, merger or consolidation of
          the Company unless, following such reorganization, merger or
          consolidation, the Company is controlled by JDN Realty;

               (e)  consummation of the sale, other than in the ordinary course
          of business, of more than 50% of the combined assets of JDN Realty and
          the Company in a transaction or series of related transactions during
          the course of any twelve-month period;

               (f)  consummation of the divestiture of control of the Company by
          JDN Realty in the event that JDN Realty obtains control of the
          Company; and

               (g)  the date on which Continuing Directors (as hereinafter
          defined) cease for any reason to constitute at least a majority of the
          Board of Directors of JDN Realty.

     As used in this Section 5.6, the definitions of the terms "beneficial
owner" and "group" shall have the meanings ascribed to those terms in Rule
13(d)(3) under the Securities Exchange Act of 1934.  As used in this Section
5.6, the term "Continuing Directors" shall mean, as of any date of
determination, (i) any member of the Board of Directors on the Effective Date of
this Agreement, (ii) any person who has been a member of the Board of Directors
for the two years immediately preceding such date of determination, or (iii) any
person who was nominated for election or elected to the Board of Directors with
the affirmative vote of the greater of (A) a majority of the Continuing
Directors who were members of the Board of Directors at the time of such
nomination or election or (B) at least four Continuing Directors but excluding,
for purposes of this clause (iii), any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies by or on behalf of a Person other than the Board of
Directors of JDN Realty. "Control" means the direct or indirect

                                       6
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ownership of voting securities constituting more than fifty percent (50%) of the
issued voting securities of a corporation.

          5.7. Notice of Termination.  The Company or the Employee may effect a
               ---------------------
     termination of the Employee's employment by the Company pursuant to the
     provisions of this section 5 upon giving thirty (30) days' written notice
     to the other party of such termination.

     6.  Severance Compensation
         ----------------------

          6.1. Termination Upon Change in Control.  In the event the Employee's
               ----------------------------------
     employment is terminated in a Termination Upon a Change in Control, the
     Employee shall be paid the following as severance compensation:

               (a) For one (1) year following such termination of employment, an
          amount (payable on the dates specified in subsection 4.1 except as
          otherwise provided herein) equal to the Base Salary at the rate
          payable at the time of such termination.  Notwithstanding any
          provision in this paragraph (a) to the contrary, the Employee may, in
          the Employee's sole discretion, by delivery of a notice to the Company
          within thirty (30) days following a Termination Upon a Change in
          Control, elect to receive from the Company a lump sum severance
          payment by bank cashier's check equal to the present value of the flow
          of cash payments that would otherwise be paid to the Employee pursuant
          to this paragraph (a).  Such present value shall be determined as of
          the date of delivery of the notice of election by the Employee and
          shall be based on a discount rate equal to LIBOR plus 2.25%, as
          reported in the Wall Street Journal, or similar publication, on the
          date of delivery of the election notice.  If the Employee elects to
          receive a lump sum severance payment, the Company shall make such
          payment to the Employee within thirty (30) days following the date on
          which the Employee notifies the Company of the Employee's election.

               (b) In the event that the Employee is not otherwise entitled to
          fully exercise all awards granted to him under the Company's Incentive
          Stock Plan, and the Incentive Stock Plan does not otherwise provide
          for acceleration of exerciseability upon the occurrence of the Change
          in Control described herein, such awards shall become immediately
          exercisable upon a Change in Control.

               (c) All restricted stock granted to the Employee will, subject to
          applicable federal and state securities laws, vest and become
          transferable.

               (d) The Employee shall continue to accrue retirement benefits and
          shall continue to enjoy any benefits under any plans of the Company in
          which the Employee is a participant to the full extent of the
          Employee's rights under such plans, including any perquisites provided
          under this Agreement, through the remainder of the Employment Term;
          provided, however, that the benefits under any such plans of the
          Company in which the Employee is a participant, including any such
          perquisites, shall cease upon the Employee's obtaining other
          employment.  If necessary to provide such benefits to the Employee,
          the Company shall, at its election, either: (i) amend its employee
          benefit plans to provide the benefits described in this paragraph (c),
          to the extent that such is permissible under the nondiscrimination
          requirements and other provisions of the Internal Revenue Code of 1986
          (the "Code") and the provisions of the Employee Retirement Income
          Security Act of 1974, or (ii) provide separate benefit arrangements or
          cash payments so that the Employee receives amounts equivalent
          thereto, net of tax consequences.

                                       7
<PAGE>

          6.2.  Termination Other Than for Cause.  In the event the Employee's
                --------------------------------
     employment is terminated in a Termination Other Than for Cause, the
     Employee shall be paid as severance compensation his Base Salary, at the
     rate payable at the time of such termination, through the twelve-month
     period commencing on the effective date of such termination.
     Notwithstanding any provision in this subsection 6.2 to the contrary, the
     Company may, in the Company's sole discretion, by delivery of a notice to
     the Employee within thirty (30) days following a Termination Other Than for
     Cause, elect to remit to the Employee a lump sum severance payment by bank
     cashier's check equal to the present value of the flow of cash payments
     that would otherwise be paid to the Employee pursuant to this subsection
     6.2.  Such present value shall be determined as of the date of delivery of
     the notice of election by the Company and shall be based on a discount rate
     equal to LIBOR plus 2.25%, as reported in The Wall Street Journal, or
     similar publication, on the date of delivery of the election notice.  If
     the Company elects to remit a lump sum severance payment, the Company shall
     make such payment to the Employee within thirty (30) days following the
     date on which the Company notifies the Employee of its election.  In the
     event that the Employee is not otherwise entitled to fully exercise all
     awards granted to him under the Company's Incentive Stock Plan, and the
     Incentive Stock Plan does not otherwise provide for acceleration of
     exerciseability upon the occurrence of a Termination Other Than for Cause
     described herein, such awards shall become immediately exercisable upon a
     Termination Other Than for Cause.

          6.3.  Termination Upon Any Other Event.  In the event of a Voluntary
                --------------------------------
     Termination, Termination For Cause, termination by reason of the Employee's
     disability pursuant to subsection 5.5 or termination by reason of the
     Employee's death pursuant to subsection 5.6, the Employee or his estate
     shall not be paid any severance compensation.

          6.4.  Parachute Payment Reduction.  Notwithstanding any other
                ---------------------------
     provisions of this Agreement, any amounts payable under this Agreement
     (including but not limited to severance payments) shall be limited to the
     maximum amount that may be paid so that no such payment will, when combined
     with all other amounts to be received by the Employee upon a change in
     control (described in Section 280G(b)(2)(A) of the Code), constitute a
     "parachute payment" (defined in Section 280G(b)(2) of the Code) and so that
     no "excess parachute payments" (defined in Section 280G(b)(1) of the Code)
     made to the Employee are taxable to the Employee pursuant to Section 4999
     of the Code.  The parties intend that the Employee shall receive the
     maximum payments permissible that are not subject to the taxes described in
     Sections 280G and 4999 of the Code and shall interpret this provision in
     accordance with such intention.  In further accord with such intention,
     nothing herein shall be construed to limit the Employee's right to receive
     payments that do not exceed reasonable compensation for services or to
     receive payments that are otherwise not taken into account in calculating
     "parachute payments" under Section 280G of the Code.

     7.   Obligations Contingent on Performance.  The obligations of the Company
          -------------------------------------
under this Agreement, including its obligation to pay the compensation provided
for herein, shall be contingent upon the Employee's performance of his
obligations under this Agreement.  In the event the Company intends to assert
that the Employee is not performing his obligations under this Agreement, the
Company shall first give notice to the Employee describing such non-performance
and shall give Employee a reasonable opportunity (of not less than 30 days) to
cure such non-performance prior to being relieved of the Company's obligations.

     8.   Confidentiality.  The Employee agrees to hold in strict confidence all
          ---------------
information concerning any matters affecting or relating to the business of the
Company, including without limiting the generality of the foregoing its manner
of operation, plans, protocols, processes, computer programs, tenant lists,
client lists, marketing information and analyses, or other data, without regard
to whether all of the foregoing matters will be deemed

                                       8
<PAGE>

confidential or material. The Employee agrees that he will not, directly or
indirectly, use any such information for the benefit of others than the Company
or disclose or communicate any of such information in any manner whatsoever
other than to the directors, officers, employees, agents and representatives of
the Company who need to know such information, who shall be informed by the
Employee of the confidential nature of such information and directed by the
Employee to treat such information confidentially, or to the Company's vendors,
suppliers, customers or others contacted by the Employee in the course of
performing his duties as President of the Company who need to know such
information, who shall be informed by the Employee of the confidential nature of
such information and who shall expressly agree to maintain the confidentiality
of such information. Upon the Company's request, the Employee shall return all
information furnished to him related to the business of the Company. The above
limitations on use and disclosure shall not apply to information which the
Employee can demonstrate: (a) was known to the Employee before receipt thereof
from the Company; (b) is learned by the Employee from a third party entitled to
disclose it; or (c) becomes known publicly other than through the Employee. The
parties hereto stipulate that all such information is material and confidential
and gravely affects the effective and successful conduct of the business of the
Company and the Company's goodwill, and that any breach of the terms of this
section 8 shall be a material breach of this Agreement. The terms of this
section 8 shall remain in effect following the termination of this Agreement.

     9.   Use of Proprietary Information.  The Employee recognizes that the
          ------------------------------
Company possesses a proprietary interest in all of the information described in
section 8 and has the exclusive right and privilege to use, protect by
copyright, patent or trademark, manufacture or otherwise exploit the processes,
ideas and concepts described therein to the exclusion of the Employee, except as
otherwise agreed between the Company and the Employee in writing.  The Employee
expressly agrees that any products, inventions, discoveries or improvements made
by the Employee, his agents or affiliates, during the term of this Agreement,
based on or arising out of the information described in section 8 shall be the
property of and inure to the exclusive benefit of the Company.  The Employee
further agrees that any and all products, inventions, discoveries or
improvements developed by the Employee (whether or not able to be protected by
copyright, patent or trademark) in the scope of his employment, or involving the
use of the Company's time, materials or other resources, shall be promptly
disclosed to the Company and shall become the exclusive property of the Company.

     10.  Non-Competition Agreement.
          -------------------------

          10.1.  Non-Competition.  The Employee agrees that, during the period
                 ---------------
     of actual employment, the Employee shall not, without the prior written
     consent of the Company, directly or indirectly, own, manage, operate,
     control, be connected with as an officer, employee, partner, consultant or
     otherwise, or otherwise engage or participate in, except as an employee of
     the Company, or any corporation directly or indirectly controlled by it or
     under common control with it, any corporation or other business entity
     engaged in any activity competitive with the Company, including the
     business of owning, developing, leasing or managing shopping center
     properties; provided, however, the Employee may continue to be an investor
     and manage investments set forth on Schedule 3 hereto and such other
                                         ----------
     personal investments to the extent such activities are not, in the
     reasonable discretion of the Company, competitive with the Company and
     which do not, in the reasonable discretion of the Company, usurp a business
     opportunity of the Company.  Further, the Employee may continue to be a
     member of the Board of Directors of Acadia Realty Trust.  Notwithstanding
     the foregoing, the ownership by the Employee of less than 5% of any class
     of the outstanding capital stock of any corporation conducting such a
     competitive business which is regularly traded on a national securities
     exchange or in the over-the-counter market shall not be a violation of the
     foregoing covenant.

                                       9
<PAGE>

          10.2.  Non-Solicitation.  During the period of actual employment and,
                 ----------------
     in addition, the period, if any, during which the Employee shall be
     entitled to severance compensation pursuant to section 6 (notwithstanding
     an election by the Employee to receive a lump sum severance payment for
     such period), the Employee shall not, except on behalf of or with the prior
     written consent of the Company, (a) contact or solicit, directly or
     indirectly, any customer, client, tenant or account whose identity the
     Employee obtained through association with the Company, regardless of the
     geographical location of such customer, client, tenant or account, or (b)
     directly or indirectly, entice or induce, or attempt to entice or induce,
     any employee of the Company to leave such employ, or employ any such person
     in any business similar to or in competition with that of the Company.  The
     Employee hereby acknowledges and agrees that the provisions set forth in
     this subsection 10.2 constitute a reasonable restriction on his ability to
     compete with the Company.

          10.3.  Saving Provision.  The parties hereto agree that, in the event
                 ----------------
     a court of competent jurisdiction shall determine that the geographical or
     durational elements of this covenant are unenforceable, such determination
     shall not render the entire covenant unenforceable. Rather, the excessive
     aspects of the covenant shall be reduced to the threshold which is
     enforceable, and the remaining aspects shall not be affected thereby.

          10.4.  Equitable Relief.  The Employee acknowledges that the extent of
                 ----------------
     damages to the Company from a breach of sections 8, 9 and 10 of this
     Agreement would not be readily quantifiable or ascertainable, that monetary
     damages would be inadequate to make the Company whole in case of such a
     breach, and that there is not and would not be an adequate remedy at law
     for such a breach.  Therefore, the Employee specifically agrees that the
     Company is entitled to injunctive or other equitable relief from a breach
     of sections 8, 9 and 10 of this Agreement, and hereby waives and covenants
     not to assert against a prayer for such relief that there exists an
     adequate remedy at law, in monetary damages or otherwise.

     11.  Indemnification.
          ---------------

          11.1.  Right to Indemnification.  The Company shall indemnify the
                 ------------------------
     Employee to the full extent permitted by the General Corporation Law of the
     State of Delaware and the Company's Certificate of Incorporation.


          11.2.  Non-Exclusivity of Rights.  The indemnification and advancement
                 -------------------------
     of expenses provided by, or granted pursuant to, this section 11 shall not
     be deemed exclusive of any other rights to which the Employee may be
     entitled by law, the Company's Articles of Incorporation or Bylaws, an
     agreement with the Company, or a resolution of the Board of Directors or of
     the Company's shareholders.  Any repeal or modification of the provisions
     of this section 11 shall be prospective only and shall not adversely affect
     any right or protection set forth herein in favor of the Employee at the
     time of such repeal or modification.

          11.3.  Insurance.  The Company may, to the fullest extent permitted by
                 ---------
     law, purchase and maintain insurance, at its expense, to protect itself and
     the Employee against any liability asserted against the Employee and
     incurred by the Employee in any such capacity, or arising out of the
     Employee's duties hereunder, whether or not the Company would have the
     power to indemnify the Employee against such liability under the provisions
     of this section 11, the General Corporation Law of the State of Delaware or
     otherwise.

                                       10
<PAGE>

          11.4.  Saving Provision.  If this section 11 or any portion thereof
                 ----------------
     shall be invalidated on any ground by any court of competent jurisdiction,
     then the Company shall nevertheless indemnify the Employee as to expenses
     (including attorneys' fees), judgments, fines, penalties and amounts paid
     in settlement with respect to any actual or threatened action, suit or
     proceeding, whether civil, criminal, administrative, investigative or
     otherwise, to the fullest extent permitted by any applicable portion of
     this section 11 which shall not have been invalidated, by the General
     Corporation Law of the State of Delaware or by any other applicable law.

     12.  Assignment.  The Employee and the Company acknowledge that certain
          -----------
changes dictated by the  Ticket to Work and Work Incentives Improvement Act of
1999 (the "Act"), to be effective January 1, 2001, will trigger a restructuring
and/or change of ownership of the Company.  It is the intent of the parties to
this Agreement that, despite any conversion of the Company into, or combination
of the Company or its business with, a taxable REIT subsidiary of JDN Realty,
the Employee will continue to be employed under the terms of this Agreement. The
Employee hereby agrees to an assignment of this Agreement by the Company to a
taxable REIT subsidiary of JDN Realty solely for the  purpose of effecting
changes in the Company's business to comply with the Act.  Following or in
anticipation of an assignment, without the Employee's consent, however, the
duties and responsibilities of the Employee performed for the assignee shall not
be materially increased, altered or diminished in a manner inconsistent with the
Employee's duties and responsibilities hereunder for the Company, nor shall
there be a reduction in the Employee's title.  Except as provided in this
Section 12, this Agreement may not be assigned by either party without the
written consent of the other party.

     13.  Entire Agreement.  This Agreement and any agreements entered into
          ----------------
under any of the Company's benefit plans as described in subsection 4 contain
the complete agreement concerning the employment arrangement between the parties
and shall, as of the Effective Date, supersede all other agreements or
arrangements between the parties with regard to the subject matter hereof.

     14.  Binding Agreement.  This Agreement shall be binding upon and inure to
          -----------------
the benefit of the parties hereto and their respective heirs, legal
representatives, successors and assigns.  The obligations of the Company under
this Agreement shall not be terminated by reason of any liquidation,
dissolution, bankruptcy, cessation of business or similar event relating to the
Company.  This Agreement shall not be terminated by reason of any merger,
consolidation or reorganization of the Company, but shall be binding upon and
inure to the benefit of the surviving or resulting entity.

     15.  Modification.  No waiver or modification of this Agreement or of any
          ------------
covenant, condition, or limitation herein contained shall be valid unless in
writing and duly executed by the party to be charged therewith and no evidence
of any waiver or modification shall be offered or received in evidence of any
proceeding, arbitration, or litigation between the parties hereto arising out of
or affecting this Agreement, or the rights or obligations of the parties
thereunder, unless such waiver or modification is in writing, duly executed as
aforesaid.

     16.  Severability.  All agreements and covenants contained herein are
          ------------
severable, and in the event any of them shall be held to be invalid or
unenforceable by any court of competent jurisdiction, this Agreement shall be
interpreted as if such invalid agreements or covenants were not contained
herein.

     17.  Manner of Giving Notice.  All notices, requests and demands to or upon
          -----------------------
the respective parties hereto shall be sent by hand, certified mail, overnight
air courier service, or telecopier (if within a reasonable time a permanent copy
is given by any of the other methods described above), in each case with all
applicable charges paid or otherwise provided for,

                                       11
<PAGE>

addressed as follows, or to such other address as may hereafter be designated in
writing by the respective parties hereto:

     To Company:
     ----------

     JDN Development Company, Inc.
     359 East Paces Ferry Road
     Suite 400
     Atlanta, Georgia  30305
     Telephone:  (404) 262-3252
     Facsimile:   (404) 364-6446
     Attention:  John D. Harris, Jr., Vice President

     To Employee:
     -----------

     Mr. Lee S. Wielansky
     912 Town & Country Estates Court
     St. Louis, Missouri 63141
     Telephone: (314) 569-4144

     With a copy to:

     Joseph D. Lehrer, Esq.
     Greensfelder Hemker & Gale, P.C.
     2000 Equitable Building
     10 South Broadway
     St. Louis, MO  63102
     Telephone:  (314) 241-9090
     Facsimile:  (314) 241-8624

     Such notices, requests and demands shall be deemed to have been given or
made on the date of delivery if delivered by hand or by telecopy and on the next
following date if sent by mail or  by air courier service.

     18.  Remedies.  In the event of a breach of this Agreement, the non-
          --------
breaching party shall be entitled to such legal and equitable relief as may be
provided by law, and shall further be entitled to recover all costs and
expenses, including reasonable attorneys' fees, incurred in enforcing the non-
breaching party's rights hereunder.

     19.  Headings.  The headings have been inserted for convenience only and
          --------
shall not be deemed to limit or otherwise affect any of the provisions of this
Agreement.

     20.  Choice of Law.  It is the intention of the parties hereto that this
          -------------
Agreement and the performance hereunder be construed in accordance with, under
and pursuant to the laws of the State of Delaware without regard to the
jurisdiction in which any action or special proceeding may be instituted.


[Next page is signature page.]

                                       12
<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first stated above.


                         JDN Development Company, Inc.

                         By: /s/ Craig Macnab
                             ----------------
                         Title: EVP




                         /s/ Lee S. Wielansky
                         --------------------
                         Lee S. Wielansky



                         JDN Realty Corporation joins in the foregoing
                         Employment Agreement solely to guarantee the Company's
                         performance of its obligations under Sections 4.7 and
                         4.8 thereof:


                         By: /s/ Craig Macnab
                             ----------------
                         Title: CEO

                                       13