Armada Hoffler Properties Announces New $52M Ground-Up Multifamily Development
September 09 2020 - 6:00AM
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.
Forward-Looking Statements
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.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.comPhone: (757) 366-6684
Armada Hoffler Properties (NYSE:AHH)
Historical Stock Chart
From Sep 2024 to Oct 2024
Armada Hoffler Properties (NYSE:AHH)
Historical Stock Chart
From Oct 2023 to Oct 2024