Armada Hoffler Properties Announces New $52M Ground-Up Multifamily Development
Source: Nasdaq GlobeNewswire / 09 Sep 2020 06:00:10 America/New_York
VIRGINIA BEACH, Va., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has entered into a joint venture with Terwilliger Pappas to develop Solis Gainesville in Gainesville, Georgia.
Solis Gainesville will be a new 223-unit multifamily development strategically located in downtown Gainesville, Georgia, approximately one hour northeast of Atlanta. In addition to boutique hotel-inspired amenities, the $52 million project will feature public park and civic space connecting to an existing pedestrian bridge that provides direct walkable access to upscale retail, dining, greenway, performing arts, and cultural offerings as well as Gainesville City Hall and the historic Gainesville Square.
The City of Gainesville is located in Northeast Georgia, approximately 50 miles northeast of Atlanta and 100 miles southwest of Greenville, South Carolina. Located at the foothills of the Blue Ridge Mountains, the 19th largest city in the state is surrounded on three sides by Lake Lanier. Gainesville is the largest of six cities in Hall County with a population of more than 42,000. As the business hub for Northeast Georgia, Gainesville's daytime population is estimated to exceed 100,000. Gainesville is also home to the Northeast Georgia Medical Center (located less than one mile from Solis Gainesville) with approximately 9,000 employees throughout Hall County.
“I am pleased to announce our partnership in another high-quality multifamily development,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “Solis Gainesville is the most recent addition to our growing pipeline of apartment projects and our second venture with Terwilliger Pappas. Solis Gainesville, along with our previously announced acquisitions, continues our rapid progress toward achieving portfolio equilibrium across the office, retail, and multifamily segments. We look forward to breaking ground on the project later this month with anticipated completion in 2022.”
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com.
About Terwilliger Pappas
Founded in 2013, Terwilliger Pappas is a privately held real estate developer based in North Carolina. Since its inception, Terwilliger Pappas has developed more than 23 multifamily and mixed-use projects throughout the southeast. For more information, visit www.terwilligerpappas.com.
Certain matters within this press release, including with respect to the details of the Company’s proposed development of Solis Gainesville and the commencement of construction, are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may adversely affect the cause the actual results or performance to differ from those projected in the forward-looking statements. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. These factors include, without limitation: (a) the impact of the coronavirus (COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates, including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Company’s ability to draw amounts under its credit facility or to borrow amounts subject to existing construction loan commitments, (ii) adverse impacts to the Company’s tenants’ and other third parties’ businesses that adversely affect the ability and willingness of the Company’s tenants other third parties to satisfy their obligations to the Company, (iii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Company’s properties on the same or better terms in the event of nonrenewal or early termination of existing leases, and (iv) federal and state government initiatives to mitigate the impact of the coronavirus pandemic, including the timing and amount of economic stimulus or other initiatives; (b) the Company’s ability to consummate previously disclosed acquisitions and, or to commence construction on development projects, in each case on the timeframes and on terms currently anticipated; (c) the Company’s ability to accurately assess and predict the impact of the coronavirus pandemic on its results of operations, financial condition, acquisition and disposition activities and growth opportunities; and (d) the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and in other filings the Company makes from time to time with the Securities and Exchange Commission.
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Phone: (757) 366-6684