Document:

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                                                                   EXHIBIT 10.35

                              EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
this 17th day of November, 2000 (the "Execution Date") by and among JDN REALTY
CORPORATION, a Maryland corporation (hereinafter, the "Company") and CRAIG
MACNAB (hereinafter, "Executive"), to be effective as of the Effective Date, as
defined in Section 1.

                                   BACKGROUND
                                   ----------

          WHEREAS, Executive currently serves as the Chief Executive Officer of
the Company, and has served in this capacity since April 2, 2000; and

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

          NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     1.  Effective Date.  The effective date of this Agreement (the "Effective
         --------------
Date") will be April 2, 2000.

     2.  Employment.  Executive is employed effective as of the Effective Date
         ----------
as the Chief Executive Officer of the Company.  In his capacity as Chief
Executive Officer of the Company, Executive shall have the responsibilities
outlined in the Company's Bylaws and such other responsibilities commensurate
with such position as shall be assigned to him by the Board of Directors of the
Company, which shall be consistent with the responsibilities of similarly
situated executives of comparable companies in similar lines of business.  In
his capacity as Chief Executive Officer of the Company, Executive will report
directly to the Board of Directors.

     3.  Employment Period.  Unless earlier terminated in accordance with
         -----------------
Section 7 hereof, Executive's employment shall be for a two (2) year term (the
"Employment Period"), beginning on the Effective Date.

     4.  Extent of Service.  During the Employment Period, and excluding any
         -----------------
periods of vacation and sick leave to which Executive is entitled, Executive
agrees to devote his business time, attention, skill and efforts exclusively to
the faithful performance of his duties hereunder; provided, however, that it
                                                  --------  -------
shall not be a violation of this Agreement for Executive to (i) devote
reasonable periods of time to charitable and community activities and, with the
approval of the Company, industry or professional activities, and/or (ii) manage
personal business interests and investments, so long as such activities do not
materially interfere with the performance of Executive's responsibilities
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under this Agreement. It is expressly understood and agreed that to the extent
that any such activities have been conducted by Executive prior to the date of
this Agreement (as to which activities Executive has given written notice to the
Company prior to execution of this Agreement), the continued conduct of such
activities (or the conduct of activities similar in nature and scope thereto)
subsequent to the Effective Date shall not thereafter be deemed to interfere
with the performance of Executive's responsibilities hereunder.

     5.   Compensation and Benefits.
          -------------------------

          (a)  Base Salary.  During the Employment Period, the Company will
               -----------
pay to Executive a base salary of $384,000 for the period April 2, 2000 through
April 1, 2001 ("Base Salary"), less normal withholdings, payable in equal
monthly or more frequent installments as are customary under the Company's
payroll practices from time to time. Prior to April 1, 2001, the Compensation
Committee of the Board of Directors of the Company shall review Executive's Base
Salary and in its sole discretion, subject to approval of the Board of Directors
of the Company, may increase Executive's Base Salary for the period April 1,
2001 through April 1, 2002. The annual review of Executive's salary by the Board
will consider, among other things, Executive's own performance and the Company's
performance.

          (b)  Incentive, Savings and Retirement Plans.  During the Employment
               ---------------------------------------
Period, Executive shall be entitled to participate in all incentive, savings and
retirement plans, practices, policies and programs applicable generally to
senior executive officers of the Company.  Without limiting the foregoing, the
following shall apply:

               (i)    Bonuses.  During the Employment Period, Executive will be
                      -------
entitled to an annual bonus of up to 100% of his Base Salary for such year,
based on performance criteria established by the Compensation Committee of the
Board of Directors of the Company, which criteria shall not be changed after
established by the Committee and agreed to by the Executive.

               (ii)   Stock Options.  On the Execution Date of this Agreement,
                      -------------
Executive will be granted options to acquire 150,000 shares of the common stock
of the Company (the "Options"), at a per-share exercise price of $_______, the
closing price of the stock on the Execution Date. Options for 43,750 shares will
vest and be immediately exercisable on the Execution Date, and options for the
remaining 106,250 shares will vest and become exercisable in equal monthly
installments over the remainder of the Employment Period. Any unexercised
options shall expire ten years from the Execution Date.

               (iii)  Restricted Stock. On the Execution Date of this
                      ----------------
Agreement, the Executive shall be awarded a total of 115,000 shares of
restricted common stock of the Company (the "Restricted Shares"), 33,542 of
which will be vested as of the Execution Date, but shall not be transferable
until January 1, 2001, and the remaining 81,458 of which will vest and become
transferable in equal monthly installments over the remainder

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of the Employment Period. Executive shall receive dividends on such restricted
shares regardless of vesting.

               (iv)   Upon the occurrence of (i) a Change in Control; (ii) a
Termination Other Than for Cause; (iii) the Executive's death; or (iv) the
Executive's disability as defined by Section 7(c), any unvested Options and
Restricted Shares shall immediately become fully vested, and any restrictions on
the transferability of the Restricted Shares shall lapse.

               (v)    The Company will amend the Plans for the non-qualified
stock options and restricted stock in Sections (ii) and (iii) above to eliminate
the current limitation under the Plan on the Executive's ability to sell or
otherwise dispose of such securities for six (6) months from the Date of Grant.
The Company will take all steps reasonable and necessary to effectuate the
foregoing.

          (c)  Welfare Benefit Plans.  During the Employment Period, Executive
               ---------------------
and Executive's eligible dependents shall be eligible for participation in, and
shall receive all benefits under, the welfare benefit plans, practices, policies
and programs provided by Company (including, without limitation, medical,
prescription, dental, disability, Executive life, group life, accidental death
and travel accident insurance plans and programs) ("Welfare Plans") to the
extent applicable generally to other similarly situated executives of Company.

          (d)  Expenses.  During the Employment Period, Executive shall be
               --------
entitled to receive prompt reimbursement for all reasonable expenses incurred by
Executive in accordance with the policies, practices and procedures of Company.
In addition, the Executive shall be entitled to receive reimbursement for up to
$10,000 in legal expenses incurred in connection with the negotiation and
execution of this Agreement.

          (e)  Vacation.  During the Employment Period, Executive will be
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entitled to three weeks' paid vacation each twelve months.

          (f)  Offices.  During the Employment Period, Executive shall have a
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private office, secretarial assistance and such other facilities and services as
are suitable to his position and appropriate for the performance of his duties.

          (g)  Automobile.  The Company shall provide the Executive with an
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automobile suitable to his position and appropriate for the performance of his
duties.  The Company shall pay the operating expenses of such automobile for the
sole use of the Executive.

          (h)  Air Travel.  The Company's business requires the Executive to
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commute between Nashville, Tennessee, and Atlanta, Georgia.  The Company shall
reimburse the Executive for all air travel during the Employment Period between
Nashville and Atlanta, at applicable coach fares so long as Executive maintains
his primary residence in Nashville, Tennessee.  The Executive shall use his
reasonable best

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efforts to arrange for advance booking for all such air travel and to take
advantage of any reduced fares available for additional nights' stay-overs to
the extent his duties on behalf of the Company permit; provided, however, that
the Company shall reimburse the Executive for business fares to the extent no
coach fare seat is available at a time when the Executive is required to travel
between Atlanta and Nashville on behalf of the Company.

         (i)  Apartment.  The Company shall provide the Executive with a
              ---------
furnished apartment in Atlanta, Georgia, for his use during the term of his
employment hereunder.  The Company shall pay rent (in an amount not to exceed
$2,500.00 per month), renter's insurance, utilities, and any security deposit
for such apartment, which shall be selected by the Executive.  At the
Executive's request, the Company shall lease the apartment and make it available
to the Executive, or the Company shall guarantee the lease without recourse (by
contribution, subrogation, or otherwise) to the Executive.

     6.  Change in Control.  For the purposes of this Agreement, a "Change
         -----------------
in Control" shall mean the earlier of (i) the date on which individuals who
constitute the Board as of the Execution Date (the "Incumbent Directors") cease
for any reason to constitute at least a majority of the Board, (ii) the
effective date of a sale of all or substantially all the Company's assets, other
than to a wholly-owned subsidiary of the Company, (iii) the effective date of a
merger or consolidation of the Company into or with any other entity other than
a wholly-owned subsidiary, in which the Company is not the surviving entity; or
(iv) the effective date of a statutory share exchange of the outstanding shares
of the Company's stock.  Any person becoming a director after the Effective Date
and whose election or nomination for election was approved by a vote of at least
a majority of the Incumbent Directors then on the Board (either by a specific
vote or by approval of the proxy statement of the Company in which such person
is named as a nominee for director, without written objection to such
nomination) shall be an Incumbent Director, and no individual initially elected
or nominated as a director of the Company as a result of an actual or threatened
election contest (as described in Rule 14a-11 under the 1934 Act) ("Election
Contest") or other actual or threatened solicitation of proxies or consents by
or on behalf of any "person" (as such term is defined in Section 3(a)(9) of the
1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other
than the Board ("Proxy Contest"), including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest, shall be deemed an
Incumbent Director.

     7.  Termination of Employment.
         -------------------------

         (a) Termination for Cause.  "Termination For Cause," as hereinafter
             ---------------------
defined, may be effected by the Company at any time during the Employment Period
by written notification to the Executive.  Upon Termination For Cause, the
Executive shall immediately be paid all accrued salary, bonus compensation for
the prior year to the extent earned and remaining unpaid, 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 Executive is a

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participant to the full extent of the Executive's rights under such plans,
accrued vacation pay and any appropriate business expenses incurred by the
Executive in connection with his duties hereunder, all to the date of
termination. Executive shall not be paid any other compensation or reimbursement
of any kind, including without limitation, severance compensation. "Termination
for Cause" shall mean termination by the Company of the Executive's employment
by the Company by reason of the Executive's willful dishonesty towards, fraud
upon, or deliberate injury or attempted injury to the Company or by reason of
the Executive's willful material breach of this Agreement which has resulted in
material injury to the Company.

        (b) 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 Executive of such termination.  Upon any Termination Other than for Cause,
the Executive shall immediately be paid (i) all accrued salary, bonus
compensation for the prior year to the extent earned and remaining unpaid,
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 Executive is a participant
to the full extent of the Executive's rights under such plans, accrued vacation
pay and any appropriate business expenses incurred by the Executive in
connection with his duties hereunder, all to the date of termination; (ii) any
earned bonus for the year of termination, to be determined and computed in
accordance with the performance criteria established by the Compensation
Committee pursuant to paragraph 5(b)(i), prorated for Executive's days of
service during the year of termination; and (iii) all severance compensation
provided in Section 8(a).  "Termination Other than for Cause" shall mean
termination by the Company of the Executive's employment by the Company other
than a termination pursuant to Section 7(a), (c), (d), (e), or (f) herein.

        (c) Termination by Reason of Disability.  If, during the Employment
            -----------------------------------
Period, the Executive, in the reasonable judgment of the Board of Directors, has
failed to perform the essential functions of his regular 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 twelve (12)
consecutive months, the Company shall have the right to terminate the
Executive's employment hereunder by written notification to the Executive and
payment to the Executive of (i) all accrued salary, bonus compensation for the
prior year to the extent earned and remaining unpaid, 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 Executive is a participant to the full extent of the
Executive's rights under such plans, accrued vacation pay and any appropriate
business expenses incurred by the Executive in connection with his duties
hereunder, all to the date of termination, with the exception of medical and
dental benefits which shall continue through the expiration of the Employment
Period; and (ii) any earned bonus for the year of such termination, to be
determined and computed in accordance with the performance criteria established
by the Compensation Committee pursuant to paragraph 5(b)(i), prorated for the
Executive's days of service during the year of the termination.  The Executive
shall not be paid any other

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compensation or reimbursement of any kind, including without limitation,
severance compensation.

        (d) Death. In the event of the Executive's death during the term of this
            -----
Agreement, the Executive's employment shall be deemed to have terminated as of
the last day of the month during which his death occurs and the Company shall
pay to his estate or such beneficiaries as the Executive may from time to time
designate (i) all accrued salary, bonus compensation for the prior year to the
extent earned and remaining unpaid, 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 Executive is a participant to the full extent of Executive's rights under
such plans, accrued vacation pay and any appropriate business expenses incurred
by the Executive in connection with his duties hereunder, all to the date of
termination; and (ii) any earned bonus for the year of the termination, to be
determined and computed in accordance with the performance criteria established
by the Compensation Committee pursuant to (S)5(b)(i), prorated for days of
service during the year of the termination.  The Executive's estate shall not be
paid any other compensation or reimbursement of any kind, including without
limitation, severance compensation.

        (e) Voluntary Termination. In the event of a "Voluntary Termination,"
            ---------------------
as hereinafter defined, the Company shall immediately pay (i) all accrued
salary, bonus compensation for the prior year to the extent earned and remaining
unpaid, 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 Executive is a participant
to the full extent of the Executive's rights under such plans, accrued vacation
pay and any appropriate business expenses incurred by the Executive in
connection with his duties hereunder, all to the date of termination; and (ii)
any earned bonus for the year of termination, to be determined and computed in
accordance with the performance criteria established by the Compensation
Committee pursuant to paragraph 5(b)(i), prorated for the days of the
Executive's service during the year of termination.  Executive shall not be paid
any  other compensation or reimbursement of any kind, including without,
limitation, severance compensation.  "Voluntary Termination" shall mean
termination of Executive's employment by Executive's voluntary resignation from
the Company, excluding any Termination Upon Change in Control.

        (f) Termination Upon a Change in Control. In the event of a "Termination
            ------------------------------------
Upon a Change in Control," as hereinafter defined, the Executive shall
immediately be paid (i) all accrued salary, bonus compensation for the prior
year to the extent earned and remaining unpaid, 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 Executive is a participant to the full extent of the
Executive's rights under such plans, accrued vacation pay and any appropriate
business expenses incurred by the Executive in connection with his duties
hereunder, all to the date of termination, (ii) any earned bonus for the year of
termination, to be determined and computed in accordance with the performance
criteria established by the Compensation Committee pursuant to paragraph
5(b)(i), prorated for the days of

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Executive's service during the year of termination; and (iii) all severance
compensation provided in Section 8(a). "Termination Upon a Change in Control"
shall mean (i) a termination by the Executive or the Company (excluding a
Termination For Cause) of the Executive's employment with the Company following
a "Change in Control," as herein defined, or (ii) a Termination Other Than For
Cause by the Company which occurs (a) at any time during which the Company is in
active negotiations with respect to a transaction which constitutes a Change in
Control and which closes during the Employment Period, or (b) within 120 days
prior to a Change in Control.

         (g) Notice of Termination. The Company or the Executive may effect a
             ---------------------
termination of the Executive's employment pursuant to the provisions of this
section 7 upon giving thirty (30) days' written notice to the other party of
such termination.

     8.  Obligations of the Company Upon Termination.
         -------------------------------------------

         (a) Termination Upon Change in Control or Termination Other than for
             ----------------------------------------------------------------
Cause.  In the event the Executive's employment is terminated in a Termination
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Upon Change in Control or a Termination Other than for Cause, the Executive
shall be paid the following as severance compensation:

             (i)    If there is a Termination upon Change in Control on or
prior to December 31, 2000, the Company shall pay the Executive an amount equal
to one and one-half times the amount of one year's salary, computed at the rate
of the Base Salary applicable under (S)5(a) as of the effective date of the
termination. Such amount shall be payable within thirty days after the effective
date of the Termination upon Change in Control.

             (ii)   If there is a Termination upon Change in Control after
December 31, 2000, the Company shall pay to Executive an amount equal to the sum
of (i) one year's salary computed at the rate of the Base Salary applicable
under (S)5(a) as of the effective date of the termination, plus (ii) the amount
equal to the bonus earned by the Executive in the year immediately preceding the
date of such termination, which bonus shall be annualized for 2000 if such
termination occurs in 2001, and the actual bonus earned for 2001, if such
termination occurs in 2002. Such amount shall be payable within thirty days
after the effective date of the Termination upon Change in Control.

             (iii)  If there is a Termination Other Than for Cause prior to
the expiration of the Employment Period, the Company shall pay the Executive an
amount equal to his Base Salary for the period beginning at the time of such
termination and ending on the second anniversary of the Effective Date. This
amount shall be paid within thirty (30) days after termination.

        (b)  Termination Upon Any Other Event. In the event of a Voluntary
             --------------------------------
Termination, Termination For Cause, termination by reason of the Executive's
disability pursuant to Section 7(c) or termination by reason of the Executive's
death pursuant to Section 7(d), the Executive or his estate shall not be paid
any severance compensation.

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     9.   Certain Additional Payments by the Company.
          ------------------------------------------

          (a) Anything in this Agreement to the contrary notwithstanding and
except as set forth below, in the event it is determined that any payment or
distribution by the Company to or for the benefit of Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, but determined without regard to any additional payments required
under this Section 9) (a "Payment") would be subject to the excise tax imposed
by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or
any interest or penalties are incurred by Executive with respect to such excise
tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the "Excise Tax"), then Executive shall
be entitled to receive an additional payment (a "Gross-Up Payment") in an amount
such that after payment by Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation,
any income taxes (and any interest and penalties imposed with respect thereto)
and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of
the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

          (b) Subject to the provisions of Section 9(c), all determinations
required to be made under this Section 9, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by the Company's
regular independent accounting firm or such other certified public accounting
firm reasonably acceptable to Executive as may be designated by the Company (the
"Accounting Firm") which shall provide detailed supporting calculations both to
the Company and Executive promptly after the receipt of notice that a Payment is
due to be made.  All fees and expenses of the Accounting Firm shall be borne
solely by the Company.  Any Gross-Up Payment, as determined pursuant to this
Section 9, shall be paid by the Company to Executive promptly following the
receipt of the Accounting Firm's determination.  Any determination by the
Accounting Firm shall be binding upon the Company and Executive.  As a result of
the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Company should have been
made ("Underpayment"), consistent with the calculations required to be made
hereunder.  In the event that the Company exhausts its remedies pursuant to
Section 9(c) and Executive thereafter is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the
Company to or for the benefit of Executive.

          (c) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of a Gross-Up Payment (or an additional Gross-Up Payment).  Such
notification shall be given as soon as practicable but no later than ten
business days after Executive is informed in writing of such claim and shall
apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid.  The Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which it

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gives such notice to the Company (or such shorter period ending on the date that
any payment of taxes with respect to such claim is due). If the Company notifies
Executive in writing prior to the expiration of such period that it desires to
contest such claim, Executive shall:

               (i)       give the Company any information reasonably requested
by the Company relating to such claim,

               (ii)      take such action in connection with contesting such
claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by the Company,

               (iii)     cooperate with the Company in good faith in order
effectively to contest such claim, and

               (iv)      permit the Company to participate in any proceedings
relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold Executive harmless, on an after-
tax basis, for any Excise Tax or income tax (including interest and penalties
with respect thereto) imposed as a result of such representation and payment of
costs and expenses.  Without limitation of the foregoing provisions of this
Section 9(c), the Company shall control all proceedings taken in connection with
such contest (to the extent applicable to the Excise Tax and the Gross-Up
Payment) and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct Executive to
pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or
more appellate courts, as the Company shall determine; provided, however, that
                                                       --------  -------
if the Company directs Executive to pay such claim and sue for a refund, the
Company shall advance the amount of such payment to Executive, on an interest-
free basis and shall indemnify and hold Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties with
respect thereto) imposed with respect to such advance or with respect to any
imputed income with respect to such advance; and further provided that any
extension of the statute of limitations relating to payment of taxes for the
taxable year of Executive with respect to which such contested amount is claimed
to be due is limited solely to such contested amount.  Furthermore, the
Company's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

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          (d) If, after the receipt by Executive of an amount advanced by the
Company pursuant to Section 9(c), Executive becomes entitled to receive any
refund with respect to such claim, Executive shall (subject to the Company's
complying with the requirements of Section 9(c)) promptly pay to the Company the
amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto).  If, after the receipt by Executive of an amount
advanced by the Company pursuant to Section 9(c), a determination is made that
Executive shall not be entitled to any refund with respect to such claim and the
Company does not notify Executive in writing of its intent to contest such
denial of refund prior to the expiration of 30 days after such determination,
then such advance shall be forgiven and shall not be required to be repaid and
the amount of such advance shall offset, to the extent thereof, the amount of
Gross-Up Payment required to be paid.

     10.  Representations and Warranties.  Executive hereby represents and
          ------------------------------
warrants to the Company that Executive is not a party to, or otherwise subject
to, any covenant not to compete with any person or entity, and Executive's
execution of this Agreement and performance of his obligations hereunder will
not violate the terms or conditions of any contract or obligation, written or
oral, between Executive and any other person or entity.

     11.  Restrictions on Conduct of Executive.
          ------------------------------------

          (a) General.  Executive and the Company understand and agree that the
              -------
purpose of the provisions of this Section is to protect legitimate business
interests of the Company, as more fully described below, and is not intended to
eliminate Executive's post-employment competition with the Company per se, nor
is it intended to impair or infringe upon Executive's right to work, earn a
living, or acquire and possess property from the fruits of his labor.  Executive
hereby acknowledges that the post-employment restrictions set forth in this
Section are reasonable and that they do not, and will not, unduly impair his
ability to earn a living after the termination of this Agreement. Therefore,
subject to the limitations of reasonableness imposed by law, Executive shall be
subject to the restrictions set forth in this Section.

          (b) Definitions.  The following capitalized terms used in this Section
              -----------
shall have the meanings assigned to them below, which definitions shall apply to
both the singular and the plural forms of such terms:

              "Competitive Services" means the business of owning, developing,
leasing, or managing shopping center properties.

              "Confidential Information" means all information regarding the
Company, its activities, business or clients that is the subject of reasonable
efforts by the Company to maintain its confidentiality and that is not generally
disclosed by practice or authority to persons not employed by the Company, but
that does not rise to the level of a Trade Secret.  "Confidential Information"
shall include, but is not limited to, the following information concerning the
Company, its activities, business, or clients:  financial plans and data;
management planning information; business plans; operational

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methods; market studies; marketing plans or strategies; product development
techniques or plans; customer lists; details of customer contracts; current and
anticipated customer requirements; past, current and planned research and
development; business acquisition plans; and new personnel acquisition plans.
"Confidential Information" shall not include information that has become
generally available to the public by the act of one who has the right to
disclose such information without violating any right or privilege of the
Company, or which is obtained from any person who has the right to disclose such
information without violating any right or privilege of the Company. This
definition shall not limit any definition of "confidential information" or any
equivalent term under state or federal law.

          "Determination Date" means the date of termination of Executive's
employment with the Company for any reason whatsoever or any earlier date
(during the Employment Period) of an alleged breach of the Restrictive Covenants
by Executive.

          "Person" means any individual or any corporation, partnership, joint
venture, limited liability company, association or other entity or enterprise.

          "Principal or Representative" means a principal, owner, partner,
shareholder, joint venturer, investor, member, trustee, director, officer,
manager, Executive, agent, representative or consultant.

          "Protected Customer" means each customer listed on Exhibit A hereto.
                                                             ---------

          "Protected Employees" means all employees (other than administrative
personnel) of the Company or its subsidiaries or affiliates who were employed by
the Company or its subsidiaries or affiliates at any time within six (6) months
prior to the Determination Date.

          "Restricted Period" means the Employment Period and a period extending
one (1) year from the termination of Executive's employment with the Company.

          "Restrictive Covenants" means the restrictive covenants contained in
Section 11(c) hereof.

          "Trade Secret" means all information, without regard to form,
including, but not limited to, technical or nontechnical data, a formula, a
pattern, a compilation, a program, a device, a method, a technique, a drawing, a
process, financial data, financial plans, product plans, distribution lists or a
list of actual or potential customers, advertisers or suppliers which is not
commonly known by or available to the public and which information:  (A) derives
economic value, actual or potential, from not being generally known to, and not
being readily ascertainable by proper means by, other persons who can obtain
economic value from its disclosure or use; and (B) is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy.  Without
limiting the foregoing, Trade Secret means any item of confidential information
that

                                       11
<PAGE>

constitutes a "trade secret(s)" under the common law or statutory law of the
State of Georgia.

     (c)  Restrictive Covenants.
          ---------------------

          (i)   Restriction on Disclosure and Use of Confidential Information
                -------------------------------------------------------------
and Trade Secrets.  Executive understands and agrees that the Confidential
-----------------
Information and Trade Secrets constitute valuable assets of the Company and its
affiliated entities, and may not be converted to Executive's own use.
Accordingly, Executive hereby agrees that Executive shall not, directly or
indirectly, at any time during the Restricted Period reveal, divulge, or
disclose to any Person not expressly authorized by the Company any Confidential
Information, and Executive shall not, directly or indirectly, at any time during
the Restricted Period use or make use of any Confidential Information in
connection with any business activity other than that of the Company.
Throughout the term of this Agreement and at all times after the date that this
Agreement terminates for any reason, Executive shall not directly or indirectly
transmit or disclose any Trade Secret of the Company to any Person, and shall
not make use of any such Trade Secret, directly or indirectly, for himself or
for others, without the prior written consent of the Company.  The parties
acknowledge and agree that this Agreement is not intended to, and does not,
alter either the Company's rights or Executive's obligations under any state or
federal statutory or common law regarding trade secrets and unfair trade
practices.

          Anything herein to the contrary notwithstanding, Executive shall not
be restricted from disclosing or using Confidential Information that is required
to be disclosed by law, court order or other legal process; provided, however,
                                                            --------  -------
that in the event disclosure is required by law, Executive shall provide the
Company with prompt notice of such requirement so that the Company may seek an
appropriate protective order prior to any such required disclosure by Executive.

          (ii)  Nonsolicitation of Protected Executives.  Executive understands
                ---------------------------------------
and agrees that the relationship between the Company and each of its Protected
Employees constitutes a valuable asset of the Company and may not be converted
to Executive's own use.  Accordingly, Executive hereby agrees that during the
Restricted Period Executive shall not directly or indirectly on Executive's own
behalf or as a Principal or Representative of any Person or otherwise solicit or
induce any Protected Employee to terminate his or his employment relationship
with the Company or to enter into employment with any other Person.

          (iii) Restriction on Relationships with Protected Customers.
                -----------------------------------------------------
Executive understands and agrees that the relationship between the Company and
each of its Protected Customers constitutes a valuable asset of the Company and
may not be converted to Executive's own use.  Accordingly, Executive hereby
agrees that, during the Restricted Period, Executive shall not, without the
prior written consent of the Company, directly or indirectly, on Executive's own
behalf or as a Principal or Representative of any Person, solicit, divert, take
away or attempt to solicit, divert or take away a Protected Customer for the
purpose of offering or providing Competitive Services; provided,

                                       12
<PAGE>

however, that this section shall not apply to Executive in the event of a
Termination other than for Cause or a Termination Upon Change in Control.

     (d)  Enforcement of Restrictive Covenants.
          ------------------------------------

          (i)   Rights and Remedies Upon Breach.  In the event Executive
                -------------------------------
breaches, or threatens to commit a breach of, any of the provisions of the
Restrictive Covenants, the Company shall have the following rights and remedies,
which shall be independent of any others and severally enforceable, and shall be
in addition to, and not in lieu of, any other rights and remedies available to
the Company at law or in equity:

                (A)  the right and remedy to enjoin, preliminarily and
permanently, Executive from violating or threatening to violate the Restrictive
Covenants and to have the Restrictive Covenants specifically enforced by any
court of competent jurisdiction, it being agreed that any breach or threatened
breach of the Restrictive Covenants would cause irreparable injury to the
Company and that money damages would not provide an adequate remedy to the
Company; and

                (B)  the right and remedy to require Executive to account for
and pay over to the Company all compensation, profits, monies, accruals,
increments or other benefits derived or received by Executive as the result of
any transactions constituting a breach of the Restrictive Covenants.

          (ii)  Severability of Covenants.  Executive acknowledges and agrees
                -------------------------
that the Restrictive Covenants are reasonable and valid in time and scope and in
all other respects.  The covenants set forth in this Agreement shall be
considered and construed as separate and independent covenants.  Should any part
or provision of any covenant be held invalid, void or unenforceable in any court
of competent jurisdiction, such invalidity, voidness or unenforceability shall
not render invalid, void or unenforceable any other part or provision of this
Agreement.  If any portion of the foregoing provisions is found to be invalid or
unenforceable by a court of competent jurisdiction because its duration, the
territory, the definition of activities or the definition of information covered
is considered to be invalid or unreasonable in scope, the invalid or
unreasonable term shall be redefined, or a new enforceable term provided, such
that the intent of the Company and Executive in agreeing to the provisions of
this Agreement will not be impaired and the provision in question shall be
enforceable to the fullest extent of the applicable laws.

          (iii) Reformation.  The parties hereunder agree that it is their
                -----------
intention that the Restrictive Covenants be enforced in accordance with their
terms to the maximum extent possible under applicable law.  The parties further
agree that, in the event any court of competent jurisdiction shall find that any
provision hereof is not enforceable in accordance with its terms, the court
shall reform the Restrictive Covenants such that they shall be enforceable to
the maximum extent permissible at law.

          (iv)  Elective Right of the Company.  In the event that Executive
                -----------------------------
challenges the enforceability of the Restrictive Covenants (or asserts an
affirmative

                                       13
<PAGE>

defense to an action seeking to enforce the Restrictive Covenants) based on an
argument that the Restrictive Covenants are (x) not enforceable as a matter of
law, (y) unreasonable in geographical scope or duration or (z) void as against
public policy, the Company shall have the right to cease making the payments
required under Section 8(a) above and, upon demand, to have Executive repay,
within 10 business days of any such demand, any such payments already made. Any
right afforded to, or exercised by, the Company hereunder shall in no way affect
the enforceability of the Restrictive Covenants or any other right of the
Company hereunder. Nothing in this Section 11 (d)(iv) shall be construed to
preclude a challenge by Executive (or a defense against) the application of the
Restrictive Covenants as to a particular set of facts and circumstances (as
opposed to the arguments enumerated above).

     12. Arbitration.  Any claim or dispute arising under this Agreement shall
         -----------
be subject to binding arbitration before a single arbitrator in Atlanta,
Georgia, and shall be conducted in accordance with the rules of the American
Arbitration Association.  The arbitrator shall be authorized to award both
liquidated and actual damages, in addition to injunctive relief, but no punitive
damages.  Each party shall have the right to have the award made the judgment of
a court of competent jurisdiction.

    13.  Indemnification.  The Company shall indemnify Executive in accordance
         ---------------
with the Company's Articles and Bylaws and an Indemnity Agreement by and between
Executive and the Company substantially in the form of Exhibit A hereto.

    14.  Assignment and Successors.
         -------------------------

         (a) This Agreement is personal to the Executive and without the prior
written consent of the Company shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution.  This Agreement
shall inure to the benefit of and be enforceable by the Executive's legal
representatives.

         (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.

         (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

    15.   Miscellaneous.
          -------------

          (a) Waiver.  Failure of either party to insist, in one or more
              ------
instances, on performance by the other in strict accordance with the terms and
conditions of this

                                       14
<PAGE>

Agreement shall not be deemed a waiver or relinquishment of any right granted in
this Agreement or of the future performance of any such term or condition or of
any other term or condition of this Agreement, unless such waiver is contained
in a writing signed by the party making the waiver.

          (b) Severability.  If any provision or covenant, or any part thereof,
              ------------
of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

          (c) Other Agents.  Nothing in this Agreement is to be interpreted as
              ------------
limiting the Company from employing other personnel on such terms and conditions
as may be satisfactory to it.

          (d) Entire Agreement.  Except as provided herein, this Agreement
              ----------------
contains the entire agreement between the Company and Executive with respect to
the subject matter hereof and, from and after the Effective Date, this Agreement
shall supersede any other agreement between the parties with respect to the
subject matter hereof, including without limitation, the Prior Agreement.

          (e) Governing Law.  Except to the extent preempted by federal law, and
              -------------
without regard to conflict of laws principles, the laws of the State of Georgia
shall govern this Agreement in all respects, whether as to its validity,
construction, capacity, performance or otherwise.

          (f) Notices.  All notices, requests, demands and other communications
              -------
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given if delivered or three days after mailing if mailed, first class,
certified mail, postage prepaid:

           To Company:        JDN REALTY CORPORATION
                              359 East Paces Ferry Road, Suite 400
                              Atlanta, GA  30305
                              ATTN:  Chief Financial Officer

           With copies to:    John L. Latham, Esq.
                              Alston & Bird LLP
                              One Atlantic Center
                              1201 W. Peachtree St.
                              Atlanta, GA  30309-3424
                                     and
                              E. Marlee Mitchell, Esq.
                              Waller Lansden Dortch & Davis, PLLC
                              511 Union Street
                              Nashville, TN  37219-8966

                                       15
<PAGE>

           To Executive:      CRAIG MACNAB
                              428 Westview Avenue
                              Nashville, TN  37205

           With a copy to:    C. Christopher Trower, Esq.
                              electriclaw.com
                              3159 Rilman Road, N.W.
                              Atlanta, GA  30327-1503

Any party may change the address to which notices, requests, demands and other
communications shall be delivered or mailed by giving notice thereof to the
other party in the same manner provided herein.

          (g) Amendments and Modifications.  This Agreement may be amended or
              ----------------------------
modified only by a writing signed by both parties hereto, which makes specific
reference to this Agreement.

          (h) Construction.  Each party and his or its counsel have reviewed
              ------------
this Agreement and have been provided the opportunity to revise this Agreement
and accordingly, the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement.  Instead, the language of all parts of
this Agreement shall be construed as a whole, and according to its fair meaning,
and not strictly for or against either party.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       16
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have duly executed and
delivered this Employment Agreement as of the date first above written.

                            JDN REALTY CORPORATION

                            By: /s/ John D. Harris, Jr.
                                -----------------------------
                                    John D. Harris, Jr.
                            Title:  CFO

                            EXECUTIVE:

                            /s/ Craig Macnab
                            ----------------
                            CRAIG MACNAB

                                       17
<PAGE>

                                  EXHIBIT "A"

Wal-Mart Stores, Inc, and its affiliates, including but not limited to Wal-Mart
Stores, Inc. and Wal-Mart Real Estate Business Trust

Lowe's Companies, Inc., and its affiliates, including but not limited to Lowe's
Companies, Inc. and Lowe's Home Centers, Inc.<PAGE>

                                                                   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
<PAGE>

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

                                       2
<PAGE>

     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

                                       3
<PAGE>

     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

                                       4
<PAGE>

     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);

                                       5
<PAGE>

               (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
<PAGE>

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

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