BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments.
In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments.
Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020.
“Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “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.”
In Atlanta, Armada Hoffler is providing mezzanine debt to help fund the office and retail portions of The Interlock. The project is a public-private partnership between master developer S.J. Collins Enterprises and Georgia Tech, which will serve as the ground lessor and anchor office tenant. The development will be located at the corner of Howell Mill Road and 14th Street in Atlanta’s West Midtown district, about one mile northwest of Georgia Tech’s campus.
The Interlock is a public-private partnership between S.J. Collins Enterprises and Georgia Tech. The mixed-use development will be located in Atlanta’s West Midtown district about a mile from Georgia Tech’s campus.
The Interlock will include 200,000 square feet of office space, with Georgia Tech committed to occupy 50,000 square feet. The project will also include 90,000 square feet of retail space, 350 apartment units, 70 single-family townhomes and a 125-room boutique hotel. No construction timeline or price was disclosed, but Armada Hoffler expects to break ground by the end of the year.
“We are excited to forge a new relationship with Georgia Tech and to expand our strategic partnership with S.J. Collins,” says Haddad. “The Interlock represents the latest in our portfolio of investments in high-profile, mixed-use, public-private partnerships in the Southeast. We look forward to expanding our geographic reach into West Midtown Atlanta.”
Founded in 1979, Armada Hoffler Properties currently has seven other projects in its development pipeline across the Carolinas and Mid-Atlantic. The REIT’s stock price closed on Monday, July 30 at $15.08 per share, up from $13.26 a year ago.
— John Nelson