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The Allen Morris Company, one of the largest diversified real estate firms in the Southeast, today announced that it has secured $66M in financing provided by SunTrust Bank and Santander Bank, via a syndicate led by SunTrust Robinson Humphrey, for the Creative Village Parcel M Apartments in Downtown Orlando, its $108M co-development with Ustler Development, Inc.

 

The new development will consist of a Class A, 14-story, 409-unit market rate apartment project located across the street from the new University of Central Florida (UCF) Downtown and Valencia Downtown Campus in Orlando, Florida. The new campus is slated to open in August 2019 with more than 8,000 students, faculty, and staff. 

 

Equity was provided by affiliates of The Allen Morris Company and Ustler Development, Inc. and an equity partner was arranged by Walker & Dunlop.

 

“We’re delighted to secure financing for this inspiring project that will truly become the future of Downtown Orlando,” said W. Allen Morris, chairman and CEO of The Allen Morris Company. “We seek to develop projects that add value to the community and its residents, and with Orlando’s dynamic economic boom and the new UCF/Valencia Downtown Campus, the timing was perfect for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando.”

 

“We have put together a great team for this project and it is the first market-rate apartment building at Creative Village.  The financing arranged by SunTrust represents a significant commitment to the economic development of Downtown Orlando,” said Craig Ustler, president of Ustler Development, Inc.

 

Designed by architect Baker Barrios and with Brasfield & Gorrie as general contractor, residents of the cutting-edge development will enjoy an array of features and amenities including indoor and outdoor socialization areas, rooftop swimming pool, amenity deck, integrated parking garage, 2.5 acre Central Park across the street, clubhouse and fitness center as well as dog wash. With the unique needs of UCF and Valencia student residents in mind, Creative Village Parcel M will additionally feature approximately 1,000-square-feet of collaboration space on each residential floor in addition to co-working/conference room space.

 

“This cutting-edge development is located in the heart of Orlando, making it an ideal community for students and UCF employees. Orlando is a thriving city, and Creative Village represents an investment for continued growth for our diverse economy,” said Sandy Hostetter, Orlando Market president for SunTrust. 

 

Celebrating Orlando’s booming digital media industry and situated on the former site of the Amway Arena in Downtown Orlando, Creative Village Parcel M Apartments is part of the overall Creative Village that will be a 68-acre mixed-use and transit-oriented community and the home to the area’s diverse mix of leading high-tech and digital corporations and to UCF Downtown and Valencia Downtown Campus’ students, employees and residents, once complete.

 

Development of the overall project will span across several phases, with Phase I currently underway and representing a total investment value of over $625M.  Upon development and build out of the entire project, total vertical development value is estimated in excess of $1 billion.

 

The Creative Village Parcel M Apartments has a total estimated project value of $108 million and will be completed in mid-2020. The 1.6 acre site was acquired by the development entity from the City of Orlando on November 27, 2018. 

ATLANTA– On Thursday, Aug. 9, the customary ceremonial shovels were replaced with a 3,000-pound wrecking ball as The Allen Morris Company and Juneau Construction Company took part in a unique “ground-breaking” in West Midtown for the $130 Million residential project that promises to be anything but traditional.  

 

“As a company that has its roots in Atlanta, we are proud to reach this milestone and celebrate the official kickoff of Star Metals Atlanta with our team, partners and community,” said W. Allen Morris, Chairman and CEO of The Allen Morris Company. “We are passionate about creating a unique, inspiring, eco-friendly and creative development that enhances the beauty and will cherish the history of West Midtown Atlanta for people to enjoy a true ‘live-work-learn-play lifestyle’ and we are grateful to the residents and City officials who have been so encouraging throughout this process.” 

 

Guests joined to celebrate the start of construction of Star Metals Atlanta including Patrick Crandall, Managing Director of Capital Source Bank and senior lender on Star Metals Residences; Jeffrey Fastov, Senior Managing Director of Square Mile; Eric Cohen, Vice President of Square Mile; Allen Morris, Chairman and CEO of The Allen Morris Company; Kevin Heidorn, Principal, Oppenheim Architecture; and Lex Rickenbaker, Executive Director of USAA.

 

During the unconventional event, walls came down, literally, on an existing building that was demolished by a wrecking ball, marking the symbolic beginning of construction for Star Metals Residences, the residential component of the comprehensive and highly-anticipated mixed-use community, Star Metals Atlanta, in West Midtown Atlanta. Star Metals Residences is a 409-unit luxury rental apartment building that will also include 16,300SF of retail.

 

“Juneau Construction Company is thrilled to be part of this monumental project that will continue the transformation of West Midtown,” Les Juneau, Juneau President, said. “All of us at Juneau are proud to know that the work we are doing at Star Metals Atlanta, along with the work we have done at The Battery and throughout the city, is raising the profile and changing the face of Atlanta. We are making a lasting impact.” 

 

Star Metals Residences—located at 1050 Howell Mill Road and designed by Oppenheim Architecture and Dwell Design Studio, with interior design by Square Feet Studio—will offer its residents modern living spaces and impressive double height, curtainwall glass lobby activated with a high-end F&B concept. Residents will also enjoy an unparalleled array of ground floor amenities including a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door, and resident library with fireplace. Additional amenities on the Level 9 Rooftop include lounge/meeting rooms, indoor/outdoor activated rooftop bar & lounge, game room area with pool table, gaming systems and arcade games, outdoor ping-pong and bocce ball, a glass-box fitness center opening onto the pool terrace, outdoor grilling area, outdoor movie projection area, outdoor fire pits and seating groups.

 

"We looked to the incredible industrial heritage of the site to evoke the spirit of the place. The area is marked by the astonishing convergence of cargo train activities and its traces as a metallurgic production center – incredible past industrial conditions," said Chad Oppenheim, Principal Oppenheim Architecture." The new building seeks to evoke the history and nature of the surrounding areas. The office building is broken down to grant different architectural characters for the tenants. We've designed amenities such as the rooftop garden and panoramic views towards downtown Atlanta to help connect people to the site and the place."

 

The visionary Star Metals Residences is part of the transformative 4.75-acre Star Metals Atlanta development that also includes Star Metals Offices, the 14-story, Class-A office tower totaling 262,000 square feet that includes 35,000 square feet of retail and restaurants, as well as a 5,000 square foot rooftop restaurant with a dining terrace and urban forest.

 

Star Metals Residences is slated for delivery in Spring 2020. 

 

For more information on Star Metals, please visit http://starmetalsatlanta.com/.

The Allen Morris Company Closes on $90 Million Construction Loan for Star Metals Residences in West Midtown

Construction on the residential component of the mixed-use community has begun

 

 

The Allen Morris Company proudly announced today that they have closed on a $90 million construction loan for Star Metals Residences, the residential component of the comprehensive and highly-anticipated mixed-use community, Star Metals Atlanta, in West Midtown Atlanta. Construction has begun on the residential phase of the project and site work is expected to commence on the office phase during the first week of August.

 

Square Mile Capital Management LLC and Pacific Western Bank provided $90 million in financing on the 409-unit luxury rental apartment building that will also include 16,300 square feet of retail.

 

Juneau Construction is the contractor for Star Metals Residences and Brasfield & Gorrie is the contractor for Star Metals Offices.

 

“We are proud to have secured the construction financing with Square Mile Capital and Pacific Western Bank as it is a significant milestone in delivering a project that truly celebrates the history of West Midtown while offering exceptional living spaces,” said W. Allen Morris, Chairman and CEO of The Allen Morris Company. “Today’s closing speaks to the strength and value of the development as we continue our forward momentum in building an impactful project that enhances West Midtown’s unique character.”

 

Located at 1050 Howell Mill Road and designed by Oppenheim Architecture and Dwell Design Studio, with interior design by Square Feet Studio, Star Metals Residences offers its residents modern living spaces and impressive double height, curtainwall glass lobby activated with high-end F&B concept. Residents will also enjoy an unparalleled array of ground floor amenities including a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door, and resident library with fireplace. Additional amenities on the Level 9 Rooftop include lounge/meeting rooms, indoor/outdoor activated rooftop bar & lounge, game room area with pool table, gaming systems and arcade games, outdoor ping-pong and bocce ball, a glass-box fitness center opening onto the pool terrace, outdoor grilling area, outdoor movie projection area, outdoor fire pits and seating groups.

 

The visionary Star Metals Residences is part of the transformative 4.75-acre Star Metals Atlanta development that also includes Star Metals Offices, the 14-story, Class-A office tower totaling 260,000 square feet that includes 35,000 square feet of retail and restaurants.

 

The significant project milestone comes on the heels of the signing of new tenant, Spaces, a pioneer in creative and flexible workspaces. Signing 56,121 square feet of space at Star Metals Offices, Spaces will occupy the building’s 7th and 8th floors and includes a 5,642 square foot ground floor reception area and private Business Club fronting Howell Mill Road, along with more than 8,000 square feet of amenity-rich, outdoor landscaped private terrace collaboration and meeting areas for Spaces clients.  

 

With a 60 year history in the real estate industry, including 19 projects in the Atlanta area, The Allen Morris Company is excited to deliver Star Metals Residences which will become the Company’s 83rd overall development.  Star Metals Residences is slated for delivery in Spring 2020.