Armada Hoffler Properties to invest in West Midtown's Interlock development
Virginia-based Armada Hoffler Properties Inc. (NYSE: AHH) said Monday it will invest in the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech on an 8.8-acre tract located at the corner of Howell Mill and 14th Street in West Midtown Atlanta.
The Interlock will offer 200,000 square feet of office space, 90,000 square feet of retail space, 350 apartment units, 70 single-family townhomes, and a 125-room boutique hotel.
Tech will participate as both the ground lessor and anchor office tenant. S.J. Collins Enterprises is serving as master developer with Armada Hoffler. Armada Hoffler's investment will be in the form of a mezzanine loan for the office and retail components of The Interlock, which the company expects to be approximately 60 percent pre-leased before breaking ground including a 50,000 square foot office lease with Georgia Tech. Armada Hoffler will also serve as the general contractor of the project.
“The Interlock represents the latest in our portfolio of investments in high-profile, mixed-use, public-private partnerships in the Southeast," said Louis Haddad, president and CEO of Armada Hoffler Properties, in a statement. "We look forward to expanding our geographic reach into West Midtown Atlanta and starting construction by the end of the year.”
Atlanta Business Chronicle reported last year that an affiliate of Georgia Tech, Georgia Advanced Technology Ventures (GATV), had selected S.J. Collins to lead development of the site, which sits in a rapidly transforming industrial area amid some of intown Atlanta’s new and trendiest stores and restaurants.
In addition to its investment in The Interlock, Armada Hoffler just announced a new development project at Wills Wharf, a site in the Harbor Point area of Baltimore, Md. The company plans to develop a 325,000 square foot mixed-use building with an estimated development cost of $117 million.