Armada Hoffler Properties Announces New Urban Mixed-Use Development Project in Uptown Charlotte
January 23 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it
will be the majority partner in a joint venture to develop Ten
Tryon, a new 215,000 square foot urban mixed-use project located in
Uptown Charlotte’s Fourth Ward, known as the North Tryon area. The
project will be a part of the larger North Tryon Vision Plan that
is geared towards developing and sustaining growth in the North
Tryon area. The new 15-story building is expected to be designed to
LEED standards and will be located on North Tryon Street, between
9th and 10th Streets.
Plans for the project include 175,000 square
feet of Class A office space anchored by a Fortune 100 company, a
new Publix grocery store on the street level, an indoor/outdoor
rooftop restaurant, and a 340-space parking garage. Total
development and construction costs for Ten Tryon are expected to
approximate $95 million.
Armada Hoffler Construction Company, a
wholly-owned subsidiary of Armada Hoffler Properties, will serve as
the general contractor for the project; the Company anticipates
breaking ground during the second quarter of 2020 with expected
completion in the summer of 2022.
“Ten Tryon has everything we look for in a new
ground-up development project,” said Louis Haddad, President &
CEO of Armada Hoffler Properties. “From its urban infill location
in Charlotte, one of the fastest growing markets in the country, to
its mix of office and retail spaces anchored by high-quality
tenants in close proximity to the neighboring apartment
communities, Ten Tryon will be one of our signature projects. We
are extremely optimistic about Charlotte’s continued growth as
demonstrated by this, our third major investment in the city.”
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.
Forward-Looking
StatementsCertain matters within this press release,
including with respect to the joint venture development project,
preleasing activity and the timing of closing on the acquisition of
the property and commencing 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 cause the
actual results or performance to differ from those projected in the
forward-looking statements. For a description of factors that may
cause the Company’s actual results or performance to differ from
its forward-looking statements, please review the information under
the heading “Risk Factors” included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2018, and the other
documents filed by the Company with the Securities and Exchange
Commission from time to time.
Contact:Michael P. O’HaraArmada
Hoffler Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
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