ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …
MIDLOTHIAN, VA. — The Bainbridge Cos. has broken ground on Bainbridge Midlothian, a 310-unit community in Midlothian, about 16 miles west of Richmond, Virginia. This is the company’s first project in the Richmond market. The community will offer units in one-, two or three-bedroom floor plans. The developers anticipate a summer 2024 completion. The project cost was not disclosed. Bainbridge Midlothian’s amenities will include a resort-style pool and sundeck, a clubhouse featuring work-from-home spaces, a resident lounge and fitness center, a pickleball court, pet spa, fire pit, grilling stations, a …
South Florida’s multifamily investors know a storm is coming. But threats of disaster, natural or economic, seem incapable of toppling confidence in this region’s potential. The optimism is born out of sustained population and job growth paired with residents’ desires — in many cases their needs — to live in apartments instead of buying homes. The U.S. Census Bureau’s 2022 population estimates, released in December 2022, indicate that Florida is now the nation’s fastest-growing state for the first time since 1957. The state’s population increased by 1.9 percent to 22.2 …
MIAMI — Clara Homes has closed on a $26 million construction loan provided by Maxim Capital to fund the first phase of Clara Bay Harbor in Miami. Construction will be completed in three phases. The first phase, which begins in March and is estimated to be complete by summer 2024, will yield one 28-unit building with one- to five-bedroom floor plans. Amenities will include a rooftop pool and fitness center. Construction of the remainder of the project, which consists of 122 units within two additional six-story buildings, will begin later …
MIAMI — Coastal Construction Group, a Miami-based general contractor, has launched an affordable housing division that will focus on workforce, affordable and seniors affordable development projects in South Florida. Hernan Acurio was hired to lead the division. Coastal Construction’s past affordable-housing projects include Poinciana Village in Key West, Florida, and Oasis and Shepherd’s Court in Miami. The firm currently is building Sawyer’s Walk in Miami for The Swerdlow Group. Sawyer’s Walk is an 18-story mixed-use project with 578 rent-restricted studios and one- and two-bedroom apartments reserved for lower-income seniors.
TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …
LADSON, S.C. — Cushman & Wakefield has arranged the $77.5 million sale of Broadstone Ingleside in Ladson, South Carolina, about 27 miles northwest of Charleston. Cushman & Wakefield’s John Phoenix, Louis Smart and Austin Green represented the undisclosed seller in the transaction. The community was acquired by a joint venture made up of Abacus Capital and Westbrook Partners affiliates. The 336-unit community was built in 2021 by Alliance Residential. Cline Design Associates was the architect on the project.
COLLEGE PARK, GA. — Tapestry Development Group, along with construction partner Swinerton, has broken ground on Diamond College Park, about 10 miles south of Atlanta. The 60-unit, 79,000-square-foot property will include 26 one-bedroom and 34 two-bedroom units. Ten apartments will rent at market rates, 22 of the units will be capped at 50 percent of area median income (AMI), and the remaining 28 units will rent to tenants earning 60 percent or less of AMI. Good Places, which is an Atlanta-based development firm that focuses on adaptive-reuse affordable housing, is …
NASHVILLE, TENN. — HHHunt has acquired Abberly Riverwalk in Nashville for $106 million. JLL Capital Markets represented HHHunt and arranged a $62 million floating-rate bridge loan for the new owner. Abberly Riverwalk, formerly known as Alta Riverwalk, is a 304-unit community that is still under construction with completion expected by July. Abberly Riverwalk will offer studios and one- and two-bedroom floor plans as well as amenities such as an outdoor fire pit, fitness center, golf simulator, coworking spaces and an outdoor kitchen. The property sits along the Cumberland River near …
BRADENTON, FLA. — Housing Trust Group (HTG) is developing Riverview6, a $34 million affordable housing property in Bradenton, about 45 miles south of Tampa, Florida. The project, which is estimated to open by the middle of next year, will include 80 units reserved for residents earning at or below 70 percent of area median income (AMI). These rent restrictions equate to a range of $486 to $1,571 per month. Funding sources for Riverview6 include 9 percent Low-Income Housing Tax Credit equity syndicated through Raymond James; a construction loan through Fifth …