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Armada Hoffler Properties Announces New $52M Ground-Up Multifamily Development

VIRGINIA BEACH, Va., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has entered into a joint venture with Terwilliger Pappas to develop Solis Gainesville in Gainesville, Georgia.
Solis Gainesville will be a new 223-unit multifamily development strategically located in downtown Gainesville, Georgia, approximately one hour northeast of Atlanta. In addition to boutique hotel-inspired amenities, the $52 million project will feature public park and civic space connecting to an existing pedestrian bridge that provides direct walkable access to upscale retail, dining, greenway, performing arts, and cultural offerings as well as Gainesville City Hall and the historic Gainesville Square.The City of Gainesville is located in Northeast Georgia, approximately 50 miles northeast of Atlanta and 100 miles southwest of Greenville, South Carolina. Located at the foothills of the Blue Ridge Mountains, the 19th largest city in the state is surrounded on three sides by Lake Lanier. Gainesville is the largest of six cities in Hall County with a population of more than 42,000. As the business hub for Northeast Georgia, Gainesville's daytime population is estimated to exceed 100,000. Gainesville is also home to the Northeast Georgia Medical Center (located less than one mile from Solis Gainesville) with approximately 9,000 employees throughout Hall County.a??I am pleased to announce our partnership in another high-quality multifamily development,a?? said Louis Haddad, President & CEO of Armada Hoffler Properties. a??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.a??About Armada Hoffler Properties, Inc.
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