Lennar expands its footprint in the apartment market as it plans its first community in South Carolin. Lennar Multifamily Communities, the apartment division of the homebuilding giant, recently bought 2.82 acres at 1304, 1312 and 1330 Meeting St. from the owners of Charleston’s Marine and Rigging for nearly $10.5 million, according to Charleston County land records.
The developer plans to build 303 units in an eight-story structure, said Jeff Harris, president of the Carolinas Division of LMC. The building will include two ground floors of retail and commercial space with public courtyards. Higher tiers of the structure will offer private courtyards for residents, Harris said. The parking deck is three levels. The building’s design provides some apartment units from the ground up while others are above parking and commercial space. The project does not have a name yet. “We still have some branding exercises to do,” Harris said. The tract, just north of Santi’s Restaurante Mexicano, sits where Morrison Drive meets Meeting Street Road. The hardware business, owned by brother and sister Skip Sawin and Jessica Sage, moved to Truxtun Avenue on the former Charleston naval base in North Charleston earlier this year. Sawin sold a 1.64-acre tract for $6.1 million while his sister sold two smaller adjoining parcels totalling 1.18 acres for $4.394 million. Combined, that comes out to about $3.7 million an acre. Reported by The Post and Courier (Oct. 15, 2018) For complete information on Lennar, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database. https://probizpublications.com/products.html?djoPage=subscribe
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High Street Residential, a wholly owned subsidiary of Dallas-based Trammell Crow Co., is in escrow to buy a vacant parcel of land in downtown Phoenix with plans to build a $140 million mixed-use project.
To be built in two phases, the first phase will include a seven-story, 342-unit apartment complex and 7,000 square feet of ground-floor retail and restaurant space on about 3 acres at the southwest corner of Fourth Avenue and Fillmore Street, said Paul Tuchin, senior vice president for Trammell Crow. Groundbreaking for the first phase is expected during early first quarter of 2019, with total development costs estimated at about $70 million. It would open during the fourth quarter of 2020. General contractor is UEB, while project architect is ESG. The Fillmore will include a pool, fitness center, club room, work-from-home spaces and a sky lounge on the seventh floor facing downtown, Tuchin said. The second phase on the remainder of that 7.5-acre parcel would include upward of 350 apartment units and another 7,000-square-foot restaurant and retail space. An urban paseo spanning from Fourth to Sixth avenues will be designed to accommodate walking, biking and vehicle traffic, Tuchin said. It will include shade structures and be heavily landscaped. Total development cost for both phases is estimated between $140 million and $145 million, he said. Tuchin said he's excited to play a part in the changing landscape of downtown Phoenix. "With the addition of light rail, ASU’s downtown campus, the Phoenix Biomedical Campus, and the continued employment growth, downtown Phoenix has undergone a complete resurgence over the past decade," he said. "As one of the largest metros in the country, it’s exciting to see our downtown become a true urban core with the addition of great new restaurants, bars, public markets, music venues and a variety of new housing options." This downtown project comes on the heels of another High Street Residential project on the southwest corner of Seventh Avenue and Osborn Road in midtown Phoenix. Called the Osborn Marketplace, that $55 million redevelopment effort includes the transformation of an old Bashas' grocery store into a Sprouts Farmers Market, a Starbucks and a five-story, 190-unit apartment complex. Retail tenants there include Jamba Juice, Jersey Mike’s, Orange Theory Fitness, Keep It Cut and Midtown Nail Lounge. While the project's retail portion is operational, the $40 million apartments are expected to open during early second quarter of 2019. Reported by Phoenix Business Journal (Oct. 12, 2018) For complete information on Mill Creek Residential, including all corporate, region and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. https://probizpublications.com/products.html?djoPage=subscribe K. Hovnanian Homes hopes to expand its Four Seasons active-adult brand to Illinois with plans to build a 600-ranch home community in New Lenox. Hovnanian is under contract to buy 220 acres of the 223-acre Teerling Nursery property located on Cedar Road, north of Route 6. It would be northeast of the Silver Cross Hospital campus, across from Interstate 355.
The proposed community – Four Seasons at New Lenox – would be maintenance-free and include amenities such as a clubhouse, classes, a pool and walking trails, said Mark Mastrorocco, director of land acquisition for Hovnanian. “This is a master-planned, resort-style community where the emphasis is on lifestyle,” Mastrorocco said. Hovnanian has completed 30 Four Seasons communities nationwide and is currently building 15 more, he said. This will be the first one in Illinois. The developer presented a concept plan to the village board committee Monday. The property is unincorporated and would need to be annexed to the village. Once Hovnanian gets annexation and other necessary approvals from the village, it will close on the property with Teerling and plans to start building next summer, Mastrorocco said. New Lenox Mayor Tim Baldermann said the development is what the village has been waiting for in that part of town, “which is prime real estate in Will County,” and it will lead to other needed amenities in the area. The development will be appealing to older residents who live in town but want to downsize and remain close to their children and grandchildren, as well as others who want to move closer to family already in the area, Baldermann said. “Adding 600 rooftops … will make that area more appealing to retailers and restaurant owners,” Baldermann said. “I don’t believe that this type of growth will be far behind.” Teerling Nursery, which was planted in 1980, is expected to close by the end of 2020, owner John Teerling said. The nursery’s eight employees will get a share of the sale as part of their retirement package, and Teerling will retire and remain in his home on the remaining 3 acres of the property, he said. Reported by The Herald News (Oct. 14, 2018) For complete information on K. Hovnanian, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database. https://probizpublications.com/products.html?djoPage=subscribe Mill Creek Residential joins two other developers with plans for mixed-use projects in the Miami market. Mill Creek, developer Robert Wennett, and Estate Investments Group are all taking their projects to the city of Miami’s Urban Development Review Board on Wednesday.
Modera Biscayne Bay Mill Creek Residential plans build a 29-story apartment building on properties it is acquiring at 412 Northeast 22nd Street and 436 Northeast 22nd Street in Edgewater. The developer is proposing Modera Biscayne Bay, a 296-unit, 541,000-square-foot project with 11,600 square feet of commercial space. It will have 432 parking spaces, which includes street parking. Unity on the Bay Inc. owns the development site. Miami Produce SAP Wennett filed his special area plan for the Miami Produce Center property in Allapattah earlier this year. The eight-building complex with residential, office, retail, hotel and school components, is being designed by Danish atarchitect Biarke Ingels. The proposal covers a site between Northwest 21st and 22nd streets, and between Northwest 13th and 12th avenues, just west of the Santa Clara Metrorail station. Miami Produce Center LLC paid about $16 million in 2016 for the 8.54-acre block at 2140 Northwest 12th Avenue, and 1243 and 1215 Northwest 21st streets, according to property records. The project includes 1,200 apartments, a 227-room hotel, a 500-student special training vocational school, 74,800 square feet of retail and 231,000 square feet of office space. The properties are currently occupied by about 150,000 square feet of warehouse space. Soleste Grand Central A landowner in Overtown filed plans to build a mixed-use residential tower at 218 Northwest Eighth Street. Estate Investments Group is under contract to buy the site from Sawyers Walk Limited. The developer is proposing a 429,000-square-foot, 18-story building with 6,500 square feet of commercial space. The residential component would include studios, one- and two-bedroom units. Forty of the units would be set aside for affordable housing. The project would include a pool deck, gym, business center and lounge. Reported by The Real Deal (Oct. 15, 2018) For complete information on Mill Creek Residential, including all corporate, region and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. https://probizpublications.com/products.html?djoPage=subscribe KB Home and Taylor Morrison see great opportunity to grow their business in the Jacksonville market with their recent acquisitions of local builders. After acquiring Landon Homes in July, KB Home expects big growth in the market, CEO Jeffrey Mezger said in the Los Angeles-based homebuilder’s quarterly conference call.
Taylor Morrison Home Corp., gained entry to the Jacksonville market last week with its completion of the acquisition of AV Homes. “We are currently the fourth-largest builder in this market based on deliveries, and our position will be enhanced in 2019 and beyond with this acquisition,” said KB's Mezger. “Our local team is moving quickly, having completed the rebranding to KB Home and the introduction of our product in all but one active community that we acquired,” he said. Mezger said the assets of Jacksonville-based Landon gave KB “2,100 lots that we now own or control across 17 communities, eight of which are open today and nine communities which will open over the next 18 to 21 months.” When the deal was announced in July, KB said it acquired 700 lots from Landon. A KB spokeswoman said last week the 2,100 lots Mezger cited include future opportunities resulting from the Landon deal. In response to analysts’ questions, Mezger explained why KB targeted Landon. “If you look at Jacksonville, it’s a great story in that their product was aligned with ours. We like our floor plans better, but the footages and the price points were similar, and the geographic complement of where they were open versus where we were open was also very good,” he said. Mezger said KB already had “a great business in Jacksonville” and it was quickly able to “plug and play” its business into the Landon communities. “Right now, we’re fourth in Jacksonville. We don’t want to be fourth. We’d rather be first, second, third and this will help us to get there. So, it’s really a pretty quick hit deal at a very reasonable price.” AV Homes, headquartered in Scottsdale, Arizona, as is Taylor Morrison, operated in five communities but four of them overlapped with existing Taylor Morrison operations. The $963 million acquisition gives Taylor Morrison entry into the Jacksonville market. In a memo to employees in late September, AV Homes CEO Roger Cregg said Jacksonville employees will be able to continue working in their current offices because Taylor Morrison doesn’t have operations in the area. He also tried to assure employees that the deal will be positive for them. “As we near close, Taylor Morrison is planning ‘Day One’ celebrations for our arrival — something I believe is a true testament to the type of organization we will be joining. Taylor Morrison is known for their people-first focus, and I know they are delighted to be welcoming us into the special culture they have created,” Cregg said. Lennar plans to develop its second residential community at the master-planned Babcock Ranch development in southwest Florida. The master-planned development has a 440-acre photovoltaic solar power generation field, which Palm Beach Gardens-based developer Kitson + Partners built in partnership with Florida Power & Light.
Lennar plans to launch sales in next year’s second quarter for Babcock National, a golf and country club community with house prices starting in the $200,000s. The company previously introduced its first community at Babcock Ranch, called Trail’s Edge, a cluster of villas, executive homes and major homes with one- and two-story designs garages big enough for two or three cars. Lennar’s Babcock National community will feature a swimming pool with waterfall, gym, sauna and tennis center, plus a community clubhouse and an 18-hole golf course designed by Gordon Lewis. Babcock National will include a mix of homes including terrace condominiums, veranda condominiums, and luxury-coach, estate-style and executive houses. The residences’ interiors will feature designer-style cabinetry, stainless steel appliances and quartz counter tops. In January, the first residents started moving into their homes at Babcock Ranch, a solar-powered town under construction northeast of Fort Myers. Reported by The Real Deal (Oct. 7, 2018) For complete information on Lennar, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database. https://probizpublications.com/products.html?djoPage=subscribe |
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