JV to Develop $52M Ground-Up Multifamily in GA
Armada Hoffler Properties Inc. and Terwilliger Pappas plan to break ground this month on the 223-unit residential project in Gainesville, GA.
GAINESVILLE, GA – Armada Hoffler Properties Inc. and Terwilliger Pappas have entered into a joint-venture partnership to develop a ground-up, 223-unit multifamily development in Gainesville, GA.
The new $52 million project, Solis Gainesville, will feature hotel-inspired amenities, a public park and civic space connected to an existing pedestrian bridge for direct access to retail, dining and cultural offerings.
Located in downtown Gainsville, near Gainesville City Hall and the historic Gainesville Square, the development is situated one hour Northeast of Atlanta.
The joint-venture partners have selected Dynamik Design as the project’s architect.
“I am pleased to announce our partnership in another high-quality multifamily development,” states Louis Haddad, Armada Hoffler Properties president and CEO. “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.”
As a business hub in Northeast GA, Gainesville has a current population of more than 42,000; with an with an estimated daytime population of more than 100,000. Surrounded by Lake Lanier and situated at the foothills of the Buke Ridge Mountains, the city is the 19th largest city within GA.
