Atlanta, Ga.
VIRGINIA BEACH VA-Locally-based Armada Hoffler Properties has formed a joint venture to develop a new 240,000-square foot mixed-use project in historic downtown Roswell, GA.
Estimated development and construction costs for the project are expected to total $80 million.
The REIT will be the majority partner in a joint venture with S.J. Collins Enterprises to develop Southern Post, the name of the project.
Plans for Southern Post include 125 luxury apartment units, 80,000 square feet of creative loft office space, and 40,000 square feet of pedestrian-friendly retail. The project's architecture will incorporate elements that have been used throughout Roswell's historic district with the addition of modern components such as a glass tower feature.
The joint venture anticipates closing on the purchase of the property from the city of Roswell in the fourth quarter of 2019 and commencing construction in the first quarter of 2020. Armada Hoffler Construction Co., a wholly-owned subsidiary of the Company, will serve as general contractor for the project.
Armada Hoffler CEO Louis Haddad says the REIT expects to have significant pre-leasing commitments from office and retail tenants by the time it breaks ground early next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
