Armada Hoffler Properties Announces New Adaptive Reuse Multifamily Project in Charlotte MSA
January 28 2020 - 6:00AM
Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it
will be the majority partner in a joint venture to redevelop the
historic Chronicle Mill as part of a new multifamily project in
Belmont, North Carolina, minutes from Charlotte Douglas
International Airport.
Originally built in 1901, Chronicle Mill was
Belmont’s first textile mill. Located steps from the shops and
restaurants of historic downtown Belmont, the project is expected
to include the redevelopment and adaptive reuse of the existing
structure into apartments, retail, and amenity space and the
construction of a new five-story apartment building. In the
aggregate, plans for the project include nearly 240 apartment
units. Total redevelopment and construction costs for the Chronicle
Mill project are expected to approximate $45 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 fall of 2021.
“We are excited to announce another significant
investment in the greater Charlotte market,” said Louis Haddad,
President & CEO of Armada Hoffler Properties. “With its close
proximity to both downtown Charlotte and the airport, Chronicle
Mill is ideally positioned to capture the growing housing demand in
the market. Furthermore, the adaptive reuse nature of this project
will showcase our creative development and construction
capabilities. We look forward to finalizing details with the County
and breaking ground on the project later this year.”
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.comPhone: (757) 366-6684
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