Designed to an exceptionally high standard to achieve LEED & Wiredscore Platinum Certification, this development will comprise 177,000 sq ft of Grade A office space across eight storeys over double-basement, featuring gym and changing facilities, as well as ample bike and car parking spaces. The ground floor will consist of the developments lobby and reception and offer 5,700 sq ft of retail space.

The adjacent Protected Structure, formerly home of the British and Irish Steam Packet company will be restored, with the ground floor being repurposed as a caf, contributing to the growing sense of public realm between the Campshire buildings on the Quays, while the upper floors and rear atrium will be converted into office space.

Construction of the development is underway, with piling for the building foundations already completed and works commencing this month on the double basement structure. The erection of the tower cranes as well as the basement floor slab of the central core, will be completed by Christmas.

The Shipping Office and neighbouring development One Lime Street another Marlet scheme which will deliver 216 high-end apartments are both due to be completed by Q3 2022.

The Shipping Office, like every other Marlet development, has been carefully designed to guarantee the health and safety of its occupants and will incorporate features such as a large entrance court and reception to avoid congestion at peak times, larger lifts to allow for social distancing as well as microbicidal paint applied on washroom and shared area walls, antibacterial door hardware, touch-free building access, and a top-of-the-range ventilation throughout the building.

Occupants will have access to multiple landscaped areas and green roofs populated by native vegetation and sustainably designed to be a natural habitat for flora and fauna within the city.

Pat Crean, Marlet CEO said: We are delighted to begin the delivery of this state-of the art office development with BAM. The Shipping Office was designed with high-expectations occupiers in mind and its exceptional location will undoubtedly make it a new Dublin landmark.

Since the acquisition of its first site in 2014, Marlet has grown to become one of Irelands largest independently owned property development companies. Over the last 6 years Marlet has sourced and acquired over 1bn of assets and built up an impressive and extremely diverse portfolio in Ireland for its investors. The portfolio includes major mixed-use developments, Build to Rent apartment schemes, student accommodation, hotels and aparthotels. With over 1.6 million sq. ft already built, the companys goal is to be at the forefront of the industry and reshape Dublins urban landscape.

Theo Cullinane, BAM Ireland CEO said: We are delighted to be entrusted by Marlet yet again to deliver a high-profile project on what is the last remaining undeveloped riverside site in the South Docklands. The Shipping Office will utilise a lot of the same off-site prefabrication techniques being used to deliver Lime Street. Utilizing off-site construction will shorten the construction period and reduce the numbers on site to aid social distancing. The health and safety of our staff is our number one priority at BAM.

Established in 1958, BAM Ireland is one of the countrys largest construction businesses. We employ 2,000 people directly and indirectly with a forecast turnover for 2019 of 603m. We are a wholly owned subsidiary of Royal BAM Group of the Netherlands, which has a turnover of 7.2 Billion and employs 19,500 people worldwide. BAM Ireland is the holding company for all BAMs operating companies in Ireland. These include: BAM Building; BAM Civil; BAM Fit-out; BAM Property; BAM Housing; BAM PPP; BAM Facilities Management and BAM Rail. Together, these operating companies rank in the top 2 of major Irish construction companies. BAM Building has carried out projects of the largest scale for the most prestigious of clients. BAM Civil is the largest civil engineering contractor in Ireland. Projects include PPP motorway schemes, transportation, water & wastewater, marine, energy and rail projects.

See the article here:
Marlet appoints BAM Ireland as main contractor for commercial development the Shipping Office on Sir John Rogerson's Quay - Irish Building Magazine

Located on the rail trail at 2151 Hawkins, The Line will have:

The project doesnt have any other office or retail tenants have been lined up yet. The Line will open sometime in the fall of 2021, the team said in a statement. Eventually, a new light rail station will be added next to The Line.

Here are some new renderings of the project. All are by Bogza.

What theyre saying: We are beyond excited to be a part of this amazingly cool space. With an expansive beer garden, second-story patio, house-roasted coffee offering, and a dynamic chef-driven food and beverage program, this experience is going to be second to none in the Queen City, said Sycamore co-owner Sarah Brigham.

The brand: The team behind the project includes: Developer Portman Holdings, owner National Real Estate Advisors, and Foundry Commercial, which is handling the leasing. The architect is Gensler, and DPR is handling construction.

Why it matters: This kind of project further positions South End as one of the hottest office submarkets in the country. To name a few other major projects either underway or recently opened in the neighborhood:

South End is one of the top markets in the country that mixes local culture and creative commerce, Charles Pinkham, SVP of development for Portman Holdings, said in a statement.

Join us:This coverage is made possible and free to all (no paywall) with the help ofAgenda Members. If youd like to support more reporting like this,become an Agenda Member.

Read the original here:
The 16-story South End tower that'll house Sycamore Brewing has a new name: The Line - Charlotte Agenda

This information was provided by the city of Athens:

Buc-ee's will reap the benefits of tax breaks when it comes to Limestone County.

Buc-ee's Athens will be located at the intersection at Huntsville-Browns Ferry Road and Interstate 65.

That interchange is getting a $27 million renovation right now because of the nearby Mazda Toyota plant.

The store will bring about 170 new jobs. The $35 million investment on 25 acres will bring about 53,000 square feet of retail space as well as more than 100 gas pumps.

Buc-ee's is doing geotechnical testing and various environmental studies. The company would like to start construction in the middle part of 2021. Construction could take about a year.

The Athens City Council also voted to annex into the city about 30 acres of property owned by Red Stick Partners, located east of the planned Buc-ee's site, which is already in the city limits. The city expects more retail development there.

"Buc-ee's is a huge retail economic development project for us that opens up more retail development in that area," Athens Mayor Ronnie Marks said. "Forty percent of our city budget is comprised of sales tax, so this is a major win for Athens."

In an agreement with the city of Athens, Buc-ee's will pay $3.5 million to help cover the costs of designing, developing and constructing sewer and infrastructure, plus give $35,000 per year to the city for community groups, activities and programs for 20 years after Buc-ee's Athens opens.

The city would then reimburse the $3.5 million by first giving back 100 percent of the city's 3-cent sales tax generated by Buc-ee's Athens and 100 percent of the 1-cent motor fuel tax received from the center until two-thirds of the full amount is paid back.

After that, the amount drops to one-third of the 3-cent sales tax and 100 percent of the 1-cent motor fuel tax received from Buc-ee's Athens, and the city has 20 years to reach the full amount.

Limestone County Commission approved an incentive to give one-third of the gas tax revenue generated each contract year by Buc-ee's Athens, up to $180,000 per year, for up to 10 years, as long as Buc-ee's Athens met certain benchmarks in fuel sales.

More here:
Buc-ee's Athens gets tax breaks as part of multimillion dollar investment in Limestone - WAAY

Noblesville is the historic seat of Hamilton County. But the once-sleepy community is now undergoing major change to attract new businesses and residents. Wochit

A four-story apartment building, retail shops and a parking garage are being proposed along the White River in Noblesville at the site of a Hamilton County employeeparking lot.

Officials with thecity, J.C. Hart Company and Republic Development said the $47.9 million project at 5th Street and Maple Avenue will have 219 apartments, 5,000-square feet of retail space and parking for 295 cars.

The spot is just east of the river on the 3.4-acre area that also houses McMillan's Auto Care.

One of our citys great assets is the White River and this project will bring people to the heart of our city and increase the vibrancy along the river, Mayor Chris Jensen said a written statement. Investing in our downtown livability and quality of life attracts more talent to our community, which ultimately drives our economic development.

In Hamilton County: Here's why most schools still have an in-person learning option

The project is the second piece in an arrangement between the county, city and developers.

The county is planninga 430-space employee parking garage at 8th and Clinton streets to replace the two lots at 5th Street and Maple Avenue, which the county sold to thedevelopers for $4.5 million.

Commissioner Mark Heirbandt said the county had long sought a garage because it is safer for the employees who now must cross Ind. 32 to get to the Hamilton County Government Center.

Preliminary plans are for the$9.5 million employee garage to have four floors one underground with 430 parking spaces and the capacity to add another floor later with 150 more spaces, Heirbrandt said. The parking lots being replaced hold 332 cars. It would be open to the public on weekends and after work hours. RQAW Architects is working on the final design and construction could begin in 2021.

The mixed-use project includes an outdoor sports and activity area, greenspace along the river, a pool and a clubhouse. The apartments will rent for between $850 to $2,000 per month.

The project continues a string of rental unitsplanned in or neardowntown. Among them are:

John Hart, president of J.C. Hart, saidhis project will help the city achieve its goal of increasing densityand vibrancydowntown.

Our vision for this development is to provide diverse housing options across a wide demographic to both attract millennials, working professionals, and folks who are looking to downsize, Hart said in a news release.

Theplanwill be presented to the CityCouncil at an upcomingmeetingand the developer expects to break ground on the project in late spring or early summer 2021, if approved.

Carmel-based J.C.Hart has also developed the Flats at Switch in Fishers, Midtown Flats in Carmel, Pebble Brook Village in Noblesville and Penrose onMass in Indianapolis.

Call IndyStar reporter John Tuohy at 317-444-6418. Email at john.tuohy@indystar.com and follow on Twitter and Facebook.

Read or Share this story: https://www.indystar.com/story/news/local/hamilton-county/2020/12/03/noblesville-apartments-another-complex-planned-near-downtown-white-river/3796256001/

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$47.9M mixed-use project planned along White River in downtown Noblesville - IndyStar

Mill Creek Residential, a national multifamily developer with a substantial Texas presence, has contracted to buy The Lot and Local Traveler sites for conversion to a mixed-use development branded as The Trailhead.

The Lot and Local Traveler restaurants, located at the Gaston, Garland, Grand intersection, closed permanently during the pandemic. Sharing a property line, the two sites total 3.88 acres.

The Lot site is zoned mixed use, and the Local Traveler site carries a community retail zoning. Mill Creek has filed a re-zoning case with the City of Dallas proposing to combine the sites under a planned development classification that would allow construction of about 320 apartment units and between 10,000 and 20,000 square feet of commercial space a combination of retail and office space depending on forecasted demand.

The land is at the confluence of three City Council districts Paula Blackmons District 9, Dave Blewetts District 14 and Adam Medranos District 2, where the property is located. Mayor Eric Johnson likely drives by the property to and from City Hall from his home in Forest Hills. The property is down the street from the Dallas Arboretum and adjacent to the Santa Fe Trail.

Navigating these different constituencies during the rezoning process will be challenging.

We have assembled a team of designers and consultants from the neighborhood, says Michael Blackwell, senior managing director of Mill Creek. We, together with the sellers, are East Dallas people who were also fond of The Lot and Local Traveler and who use the lake and the trails daily. We want to do something special, unique, upscale and mixed use that would only work right there.

Multifamily builders have focused on transit-oriented developments in Dallas and other markets. Blackwell substitutes trail for transit in a nod to the sites location next to the Santa Fe Trail.

The Trailhead will be a trail-oriented development about the Santa Fe Trail and the connections to the broader system including White Rock and Trinity Forest to celebrate, engage, support, encourage and treat it like a great street, he says.

Mill Creek Residential has significant experience in developing mid- and high-rise multifamily in Dallas locations. Under its Modera brand, Mill Creek has developed Modera Hall, Modera Howell, Modera Uptown and the under-construction Modera Katy Trail. View Mill Creeks past projects in Dallas and other markets here.

City staff and plan commission meetings are anticipated to begin in late January or early February. Adjacent landowners will be notified of public meetings, and Mill Creek is sure to hold neighborhood gatherings as they seek support for the rezone. Now that the case is filed, the City will soon post the developers submittals here.

So many dynamics are woven into this land-use question density, height, affordability, architecture, scale, traffic, trails, topography, unique neighborhoods, multiple councilpersons, multiple plan commissioners, adjacent uses and what is allowed by right today. Buckle up.

Read the original:
Rezoning proposed for The Lot and Local Traveler sites - Advocate Media

EAST BRUNSWICKThe Township Council introduced an ordinance authorizing the municipality to enter into a financial agreement with the redeveloper of the 110 Tices Ln. Redevelopment Project.

The property is currently owned by the redeveloper, Tices Developers, LLC.

The redeveloper proposes to redevelop the project area with the construction of 520 residential dwelling units consisting of apartments, townhomes, a clubhouse, maintenance facilities, 18,000 square feet of retail space, and adequate parking to accommodate the residential and retail components, according to the plans.

The redeveloper and the Redevelopment Agency have agreed to enter into a redevelopment agreement with the agency dated November 2020 to set in detail each parties undertakings, rights and obligations in connection with the development and construction of the project, according to the council.

On Nov. 9, before the council introduced and approved the ordinance, Mayor Brad Cohen said this ordinance is an attempt to use the redevelopment law to replace functionally obsolete industrial space in town and replace it with a modern mixed-use transit-oriented development for the needs of those who are living here now.

For those that are only concerned about the monetary effect, the tax effect on this is significant. The present tax revenues that we have for this property is about $500,000 a year, which only 20% comes to the township under the current tax code, Cohen said. With the new PILOT [payment in lieu of taxes] agreement it will bring upwards of [more than] $2.5 million over a 30-year period of time yearly. At 95%, which is how a PILOT works, it would net out to the town to $2.375 million or more per year going forward.

While its a five times increase in the amount of taxes coming to the township, Cohen said its a 23.75% increase in terms of what comes to the municipal government.

I think that people need to keep in mind that significant increase can be used to fund recreational programs, school programs that may be needed and in many other infrastructure programs in town that would otherwise fall to the current taxpayers and residents, Cohen said.

Redevelopment Agency Chairman and Councilman James Wendell said on Nov. 9 that this financial agreement will be a tremendous tax windfall for the town.

Its a great development coming to town. I think its going to add a lot of revenue. There were many months of negotiation between the developer, myself, Redevelopment Agency Director Michael Hughes, and the mayor and everybody else got involved and it took a long time to get to the point where were at, Wendell said. I think that were sitting on the high side from what the other towns get and I think developers understand what the township brings to them and the long-term investment that theyre going to make.

Wendell said the developer understands what the township brings to them and the long term investment that theyre going to make. The good part of this developer is now the agency will have a partner that is going to be a long-term investor in town.

These are not merchant builders that are going to look to build something and sell it, and I think to have a 30-year long term partner in town is a great thing to have , they know what it takes to keep these buildings going and keep these buildings successful, Wendell said.

The council approved and adopted the ordinance authorizing the financial agreement between the agency and the redeveloper for the 110 Tices Ln project on Nov. 23 during the council via video conference.

In order to enhance the economic viability of and opportunity for a successful project, financial assistance is necessary in order for the project to be undertaken in its intended scope, according to the council.

Councilman Kevin McEvoy asked Township Attorney Michael Baker if that means there is going to be a need for someone ask the township for money.

No, what that means is that this project couldnt happen without there being some different structure for the taxes that they would pay because it said. Its very common, particularly when youre developing an older industrial site that had some environmental issues, you have a large facility to take down and concrete to take out, Baker said. When youre also having to meet some of the significant portions of the townships requirements under the Fair Housing Plan, it makes for a much more expensive than usual project, as in anticipation of those things. The state legislature passed statutes that allow a town to structure differently.

The way that these properties would be taxed, its the long term tax exemption statute that allows for a special financial arrangement between the property owner and the developer to be made, and its in an effort to make sure that the project is viable, that the old industrial facility can be properly developed and that its fair to both parties, Baker said.

For this agreement, Baker said the developer and township professionals held weekly in-person meetings through March. Now, using the Zoom platform, the professionals have continued to meet and got to the point where everyone is comfortable that this is a very good deal for the township.

An application went before Cohen and the council for the approval of a long-term tax exemption in accordance with Long Term Tax Exemption Law (LTTE) for the improvements to be constructed as part of the project, according to the council.

Baker said the long-term tax exemption is the statute that allows the structure of taxes for a project in a redevelopment area to be raised differently instead of having an ad valorem tax which is the tax on the value of the property. There are two options, it can be a percent of the construction or a percent of the revenue, he said.

In this case, Baker said its a 12% of revenue for the first 10 years, 12.5 for the next 10 years and 13% for the following 10 years that will produce a revenue stream of taxation, to the town of about $2.3 million a year.

Right now the town is getting about $125,000 of the revenue from the property before development. Now the town will get a beginning 95% of the revenue from the project. The folks who get less money will be principally the county, but thats the way the statute is structured, Baker said. As a result of that, the town will be able to collect far more in revenue from this project, then the town will have to expand in cost of servicing the people and the project.

Any exemption from taxation as set forth in the financial agreement is granted to the redeveloper with respect to the project for the term set forth in the financial agreement; provided that in no event will the term of the agreement exceed the earlier 35 years from the date of execution of the agreement or to the extent permitted by the LTTE law, 30 years from the redevelopers receipt of a Certificate of Occupancy for the project, and only so long as the redeveloper remains subject to and in compliance with the agreement and LTTW law, according to the council.

This ordinance will take effect in accordance with all applicable laws, according to the council.

For more information, visit http://www.eastbrunswick.org/129/Agendas-Minutes.

Contact Vashti Harris at vharris@newspapermediagroup.com.

The rest is here:
East Brunswick introduces ordinances entering into finance agreement with developer of Tices Lane property - centraljersey.com

A rendering of Wheaton Gateway, an 800-unit project planned by The Duffie Cos., Willco and the Housing Opportunities Commission of Montgomery County.

A major new residential project is slated for the Wheaton area in eastern Montgomery County.

A joint venture of The Duffie Cos., Willco and the Housing Opportunities Commission of Montgomery County is scheduled topresent Wheaton Gateway, an 800-unit project, to the community Thursday evening, Bethesda Magazine reports.

The team postedthe plans on the project website ahead of the presentation, which is being held virtually at 7 p.m. The teamis currently goingthrough the sketch plan process, and it aims to begin construction by 2023.

The project sits at the intersection ofUniversity Boulevard and Veirs Mill Road, across the street from the Westfield Wheaton shopping mall. It is about a half-mile from the Wheaton Metro station, the penultimate stop on the eastern branchof the Red Line.

The developmentsite, composed of five adjacent properties, currently houses a Lindsay Ford dealership with a large surface parking lot. The properties along University Boulevard previouslyhouseda Mattress Firm and an Ambassador hotel, which have both been demolished.

The Housing Opportunities Commission acquired the properties in multiple transactions from January 2019 to July 2020 totaling more than $12M, property records show.

The proposal calls for up to 800 units, roughly 30% of which would be set aside as affordable housing, withunits ranging from one to three bedrooms. It also calls for about 50K SF of commercial space and underground parking.

The project would be built over three phases, with the first phase consisting of about 325 units and 25K SF of retail.

The Duffie Cos., founded in 1953, is also the developer behind the two-buildingHillandale Gatewayproject in Silver Spring. Willco, which hired a new CEOin September, also has 4M SF of developmentplanned in Montgomery County's White Flint area.

See the rest here:
Duffie, Willco Propose 800-Unit Project In Wheaton - Bisnow

Exterior work is now fully complete at 25 Park Row, a 702-foot-tall mixed-use skyscraper in theFinancial District, and what had been an active project on YIMBYs annual December countdown list the past few years. Designed by COOKFOX Architects and developed by J&R Music Worlds Friedman family and L+M Development Partners, the 50-story reinforced concrete structure contains a total of 110 residences. YIMBY recently spoke with L+Ms Tell Metzger about the rise of the new tower, the evolution of the surrounding neighborhood, and the changing styles of contemporary residential high-rise design.

YIMBY in bold.

The neighborhood around City Hall has seen a dramatic transformation over the past decade. What do you think are the main factors that led to this rapid evolution and transition to a more residential nature?

The push to transform City Hall and the surrounding downtown neighborhoods began over twenty years ago with the conversion of commercial towers into residential properties to meet an overwhelming demand for housing in the area. Within the past decade, the area has established itself further as a premier residential neighborhood with the arrival of notable schools, luxury retail outposts, lauded restaurants and food halls, and cultural institutionsall of which have made the neighborhood a destination amongst New Yorkers.

25 Park Rowsblock is home to what was once the tallest building in New York City. How did that historical context play out in relation to designing its new neighbor?

You are referring to 25 Park Rows neighbor,15 Park Row, which held the distinction as the tallest building in the city until 1908.CookFoxthoughtfully designed 25 Park Row to complement and complete the urban room comprising the architecturally and historically significant buildings on the perimeter of City Hall Park. Its height and design is a complement to its esteemed neighbors.

Did the architects and developers behind One Beekman and The Beekman consult with your team on their projects, and vice versa? The buildings appear coherent with the blocks overall vernacular.

The Beekman proceeded 25 Park Row so was part of the context to consider. 25 Park Row is designed with the core to the south and a single-loaded corridor allowing every residence unobstructed views over City Hall Park and beyond. This means that quite literally, its back is to The Beekman. The facade of 25 Park Row was carefully calibrated to complement the buildings that rim the park as its primary objective. Any similarities with One Beekman are a happy accident.

What were the challenges of developing the site?

Its critical to New York City life to get the streetscape right, but its difficult because theres not a lot of political momentum to support retailers at the moment. The city does have tools in the form of tax abatements that were deployed successfully in Manhattan after 9/11 and could be used to new effect today. In terms of our future tenants, we have an office space and a retail space so we anticipate our office user will value our park views and the private lobby and elevator buildout.

What are some advantages prospective tenants will have in this location?

Our retail tenant will be able to take advantage of the neighborhoods residential population in addition to local office workers and foot traffic stemming from our location near the Brooklyn Bridge as well as other attractions.

Do you consider 25 Park Row to represent Neo Art Deco architecture, and do you think the rise of other skyscrapers like Rose Hill, 111 West 57th Street, andVandewateraffirm a citywide trend towards the rebirth of design that does not become immediately dated?

The skyscraper building period coincided with the rise of the Art Deco period. Consequently some of New Yorks most iconic buildings, such as The Chrysler Building, Empire State Building, and Rockefeller Center embody this design now synonymous with classic New York. Accordingly, buildings seeking to be classic in design, particularly when near or adjacent to a commercial area, will often reflect the Art Deco heritage of New York and, often, the architectural context. This is much, in the way that Rosario Candela, Emory Roth and other pre-war designers are still referenced in residential exterior and interior design. 25 Park Row seeks to continue that tradition.

On the subject of Art Decos rebirth, do you think that the respective market is to credit for the creativity of these designs, or is technological progress and cost efficiency of construction also contributing to the feasibility of this revival?

Fundamentally 25 Park Row is a new construction building. Renovating an Art Deco skyscraper would likely be more complex than building a rationalized new residential tower. We were able to situate the buildings core to ensure that every residence has a view over City Hall Parkthis approach to building design is rooted in a contemporary approach.

25 Park Row offers crafted interior and amenity design. The development team ensured the integrity of the intricate interior design was meticulously executed. The amenities and interiors at 25 Park Row are even more beautiful that the architectural renderings. The reality is better than the dream.

With Fulton Center and the Oculus recently opening nearby, the neighborhood is more transit accessible than ever before. What additional infrastructure improvements do you think would benefit the vicinity?

The area infrastructure now includes a Whole Foods, the Seaport Entertainment Complex and the new Perelman Performing Arts Center, in addition to the numerous acres of waterfront park and recreation space. With nearby educational institutions from preschools to world-class universities, it is hard to imagine what more one could seek in this fully realized 24 hour neighborhood.

How do you think theCity should encourage the revitalization of neighborhood retail in Lower Manhattan, and what kind of tenants do you anticipate will ultimately occupy 5 and 25 Park Row?

Its critical to New York City life to get the streetscape right, but its difficult because theres not a lot of political momentum to support retailers at the moment. The city does have tool in the form of tax abatements that were deployed successfully in Manhattan after 9/11 and could be used to new effect today. In terms of our future tenants, we have an office space and a retail space so we anticipate our office user will value our park views and the private lobby and elevator buildout.

The accumulation of history on 25 Park Rows block will imminently illustrate the absolute limit of floor-area-ratios. Do you think that its time to repeal the state-mandated cap on residential FAR, and if it were repealed, do you think developers would ultimately be able to build taller housing that is also more affordable at market rates?

This is an issue that is at the citys discretion to determine the public good.

Whats next on the horizon for your firm, after 25 Park Row is fully wrapped?

We will continue our corporate mission of building quality housing throughout New York City and beyond, across price points and product types. We look forward to partnering with teams in the future who will bring a deep respect and knowledge to future developments as the Friedmans did with this site.

25 Park Row. Photo by Michael Young

25 Park Row. Photo by Michael Young

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Read more from the original source:
Ten Questions With 25 Park Row and L+M Development's Tell Metzger, on Neo Art Deco, Neighborhood Retail, and More - New York YIMBY

VIRGINIA BEACH, Va., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has formed a 50/50 joint venture with Beatty Development Group, which will develop and build T. Rowe Prices new 450,000 square foot global headquarters in Baltimores Harbor Point. Beatty is the lead developer of the joint venture and Armada Hoffler is the noncontrolling equity partner and general contractor for the build-to-suit project.

Situated between Harbor East and Fells Point, Harbor Point is Baltimores largest downtown waterfront development site with capacity for up to three million square feet of mixed-use space on 27 acres. T. Rowe Price has signed a letter of intent for a 15-year lease at Harbor Point for two sustainably designed and constructed buildings totaling approximately 450,000 square feet. The T. Rowe Price site is adjacent to Armada Hofflers existing Harbor Point assets: the Wills Wharf office building, the Thames Street Wharf office building, and 1405 Point apartments. In addition to T. Rowe Prices new global headquarters, the joint venture plans to develop complementary ground level retail and limited onsite parking as well as expand and improve the green spaces and public amenities at Harbor Point. The preliminary estimated cost of this entire phase of mixed-use development office, retail, onsite parking, and public space improvements is approximately $250 million.

In conjunction with the build-to-suit project, another joint venture between Beatty and Armada Hoffler will develop and build a new mixed-use facility with structured parking on a neighboring site to accommodate both existing parking requirements and the influx of employees relocating to Harbor Point. T. Rowe Price plans to relocate its downtown Baltimore operations to Harbor Point in the first half of 2024.

T. Rowe Price further validates Harbor Point as a top tier destination for world-class companies, said Lou Haddad, President & CEO of Armada Hoffler Properties. Alongside Exelon, Morgan Stanley, and EY, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.

We look forward to continuing our 25-year partnership with Armada Hoffler in creating an innovative and sustainable global headquarters for T. Rowe Price at Harbor Point, said Michael Beatty, President of Beatty Development Group.

About Armada Hoffler Properties, Inc. Armada Hoffler Properties, Inc. (NYSE: AHH) (the Company) 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. For more information, visit ArmadaHoffler.com.

Forward-Looking Statements Certain matters within this press release 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. These forward-looking statements may include comments relating to the proposed T. Rowe Price headquarters and related projects, including the anticipated lease duration, expected timing of completion and the size of the Companys portfolio after completion of the T. Rowe Price project. For a description of factors that may cause the Companys actual results or performance to differ from its forward-looking statements, please review the information under the heading Risk Factors included in the Companys Annual Report on Form 10-K for the year ended December 31, 2019, and the other documents filed by the Company with the Securities and Exchange Commission (the SEC) from time to time, including the Companys Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. The Companys actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Companys filings with the SEC. These factors include, without limitation: (a) the impact of the coronavirus (COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates, including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Companys ability to borrow amounts subject to existing construction loan commitments; (ii) adverse impacts to the Companys tenants and other third parties businesses and financial condition that adversely affect the ability and willingness of the Companys tenants and other third parties to satisfy their rent and other obligations to the Company, including deferred rent; (iii) the ability and willingness of the Companys tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Companys properties on the same or better terms in the event of nonrenewal or early termination of existing leases; and (iv) federal, state and local government initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities, shelter-in place orders and other restrictions, and the timing and amount of economic stimulus or other initiatives; (b) the Companys ability to continue construction on development and construction projects, in each case on the timeframes and on terms currently anticipated; (c) the Companys ability to accurately assess and predict the impact of the COVID-19 pandemic on its results of operations, financial condition, dividend policy, acquisition and disposition activities and growth opportunities; and (d) the Companys ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Armada Hoffler Properties, Inc. Contacts:

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Armada Hoffler Properties Announces Joint Venture to Develop & Build New Global Headquarters for T. Rowe Price at Harbor Point - GlobeNewswire

The New York City Economic Development Corporation is set to commence construction of the Bronx Point affordable housing project on the edge of the Harlem River. The project will be constructed on a vacant piece of land along the river owned by the city of New York.

The project will include 542 affordable housing units, community and retail spaces, a new public park, and a museum dedicated to the history of hip-hop. The project is being developed by the New York City Economic Development Corporation in partnership with several city agencies whose main agenda is to address the lack of affordable housing and jobs in the low-income and rent-burdened areas of the South Bronx.

As opposed to typical mixed-use projects that are developed at market rates, Bronx Point affordable housing project was designed to specifically address the needs of the neighborhood including the inclusion of additional cultural and community amenities.

Thanks to its ambitious plan, the project recently won the Annual Awards for Excellence in Design from the Public Design Commission which is tasked with reviewing designs of projects in the city.

The project will include a U-shaped cluster of building towers on the edge of the river with community, retail, and museum spaces at the base. The mixed-use project was especially necessary given the fact that the city is trying to meet the high demand for affordable housing. In addition, the project ensures some equity in the distribution of job opportunities.

One thing that sets this project apart is just the scale of it. Were able to achieve so many of these benefits because the project is so large, said Douglas Land, real estate transaction senior associate at the New York City Economic Development Corporation.

The more than half a million square feet project will 50,000 square feet for the first permanent home of the Universal Hip Hop Museum and 10,000 square feet of retail space. The new museum will be dedicated to highlighting the story of the local creation of hip-hop.

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Construction of Bronx Point affordable housing project to start next year - Construction Review