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Armada Hoffler Properties Announces New $117 Million Mixed-Use Development Along Baltimore’s Inner Harbor

1276 Days ago

VIRGINIA BEACH, Va., July 30, 2018 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it will develop and construct the new 12-story Wills Wharf mixed-use building adjacent to Point Street Apartments (also known as 1405 Point) as part of the Harbor Point development. Harbor Point is a 27-acre mixed-use, multi-asset development located between the historic Fell’s Point neighborhood and the dynamic Inner Harbor East area.

Wills Wharf will comprise over 325,000 square feet of class A office, retail, and hotel space that will offer stunning waterfront views of Baltimore’s Inner Harbor. The top four floors of the building are leased to the owner and operator of a 156-room Canopy by Hilton hotel. In addition, the Company expects to have over 100,000 square feet of office space leased prior to construction commencement. The Company expects to deliver the building in the first quarter of 2020.

Harbor Point is anchored by the 500,000 square foot mixed-use Exelon tower, the 260,000 square foot Thames Street Wharf office building, and 1405 Point, all of which were developed by Beatty Development Group and built by Armada Hoffler Construction Company, a wholly owned subsidiary of the Company. Armada Hoffler Properties also has a major investment in 1405 Point and holds the option to purchase a majority interest in the asset.

“Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” said Louis Haddad, President and Chief Executive Officer of Armada Hoffler Properties. “We believe Harbor Point is the premier development tract in the city and one of the best sites in the Mid-Atlantic. We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s urban renaissance and creating the city’s newest contemporary mixed-use neighborhood.”

About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with nearly 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. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in its stabilized portfolio. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes.

About Beatty Development Group
Founded in January 2013 by Michael S. Beatty, Beatty Development Group (“BDG”) is a Baltimore City-based mixed-use development firm. Currently, Michael and his team are developing Harbor Point, a 27-acre mixed-use project with three million square feet of office, retail, residential, and hotel uses, as well as 9.5 acres of open space. BDG is dedicated to smart development and specializes in creating contemporary, design-forward buildings in urban settings.

Forward-Looking Statements
Certain matters within this press release, including with respect to the development and estimated delivery of Wills Wharf, 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, 2017, and the other documents filed by the Company with the Securities and Exchange Commission from time to time.

Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer and Treasurer
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684

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