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VIRGINIA BEACH, Va., July 30, 2019 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it will develop Southern Post, a new 240,000 square foot mixed-use project in historic downtown Roswell, Georgia.
In collaboration with the city, Southern Post is designed to honor Roswell’s historical charm and serve as a gathering spot for residents. Plans for the project include 125 luxury apartment units, 80,000 square feet of creative loft office space, and 40,000 square feet of pedestrian-friendly retail. The project's architecture will incorporate elements that have been used throughout Roswell's historic district with the addition of modern components such as structured parking and a glass tower feature. Estimated development and construction costs for the project are expected to total approximately $80 million.
The Company will be the majority partner in a joint venture with S.J. Collins Enterprises to develop Southern Post. The joint venture anticipates closing on the purchase of the property from the city of Roswell in the fourth quarter of 2019 and commencing construction in the first quarter of 2020. Armada Hoffler Construction Company, a wholly-owned subsidiary of the Company, will serve as general contractor for the project.
“We are excited to collaborate with the city of Roswell and partner with the S.J. Collins team on this transformational project,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “Southern Post will be a true mixed-use project on an intimate scale that brings together the synergies of the urban lifestyle and a close-knit community. We expect to have significant pre-leasing commitments from office and retail tenants by the time we break ground early next 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.
About S.J. Collins Enterprises
Founded in 2007 by Steve Collins, S.J. Collins Enterprises is a privately-held, commercial real estate and retail development firm that has acquired and developed more than 60 retail, mixed-use, multifamily, and office projects throughout the continental United States. The company is headquartered in Fairburn, Georgia. The S.J. Collins team leads the market in customer service and speed to market. The firm sets a new standard for development in every endeavor.
Certain 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.
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Phone: (757) 366-6684