Armada Hoffler Invests $42M in Development of Residences at Annapolis Junction Town Center
ANNAPOLIS, MD. — Armada Hoffler Properties Inc., a Virginia Beach, Va.-based REIT, has invested $42 million for the development of the $102 million residential component of Annapolis Junction Town Center, a planned 18-acre mixed-use development in Annapolis. Upon completion, Annapolis Junction Town Center will feature 17,000 square feet of retail space, a 150-room hotel, 416 upscale apartment residences and 100,000 square feet of Class A office space. Scheduled to break ground in the second quarter of 2016 with estimated completion in the first quarter of 2018, the Residences will pursue LEED Silver certification and feature structured parking adjacent to the Savage MARC Commuter Rail Station. The investment agreement includes a purchase option for Armada Hoffler to acquire an 88 percent interest in the project at the developer’s cost basis, upon completion of construction. The agreement also includes a $68 million maximum price construction contract for Armada Hoffler to build the asset.