Officials of The Village of Lynbrook are mulling a proposal by Mill Creek Residential to build a luxury apartment complex on a three-acre site in the community.
“Today’s apartment residents are craving a downtown living experience along with convenient access to a mix of urban and suburban lifestyle experiences,” Russell Tepper, a senior managing director at MCR, told the local newspaper. “Lynbrook’s new residential community would serve all types of residents … so that they may take advantage of the luxuries of suburban living, without sacrificing the trappings of an urban, modern lifestyle.”
MCR has built complexes in West Hempstead, Mineola, Yonkers, Westchester County and New Jersey. Tepper said that the company would create a transit-oriented residential community — a walkable neighborhood within a half-mile of public transportation.
Tepper and Nick Halstead, a development associate for MCR, presented their ideas to Mayor Bill Hendrick and the village board at an Aug. 14 meeting. They proposed the construction of 250 studio and one- and two-bedroom apartments, with courtyards and amenities including outdoor kitchens, balconies and rooftop decks.
Company representatives did not offer details about the buildings’ design, or what they might rent for, but Tepper said they would be intended for millennials as well as baby boomers looking to downsize.
The proposed complex would have a parking lot with 1½ spaces per apartment. A shuttle would be available, Tepper said, for residents to take to and from train stations and other forms of mass transportation. They would be zoned for the Malverne School District.
According to Village Attorney Peter Ledwith, the board would have to pass a law to create a new overlay district — an area around the development with different standards and rules to those in the rest of the village — because village code requires 2½ parking spaces per apartment.
The site is currently occupied by Hot Skates, Fun Station USA and Hi Tech Security. According to Tepper, the sale of the businesses has not been finalized, and the deal is also contingent on approval by the board.
Hendrick declined to comment when asked whether he had discussed the proposition with the trustees, or when the board might decide on whether to proceed with a public hearing. Last month, Hendrick said that he and the board were open to proposals for condominiums in the village, but did not mention rental apartments. The comments came after a hotel developer backed out of a project that had been in the works for 13 years to build a Courtyard by Marriott downtown.
Should the apartment project move forward it would take about 24 months to complete construction. Tepper said MCR would make an investment of about $80 million in the complex, and apply to the Nassau County Industrial Development Agency for a payment in lieu of taxes, or PILOT, plan, most likely for 20 years.
Reported by the LIHerald.com (Aug. 24, 2017)
For complete contact information for all offices and key personnel of Mill Creek Residential refer to The Directory of Multifamily Builders & Developers and online database.
Houston real estate firm Rockspring Capital has purchased 304 acres of land on the Northeast Side where it plans to build hundreds of homes for around $200,000 — an increasingly rare price range in San Antonio.
M/I Homes is under contract to build the first 60 lots, and construction will begin in the next two months, Ross said. He expects the entire 304 acres to be filled up over the next seven to nine years. He declined to say how much Rockspring paid for the land.
The firm bought the land in late July from local development company Galo Properties, according to deed records published last week.
Rockspring plans to develop half the land itself with about 450 homes and to sell the rest to other developers who would build another 450 or so, said Michael Ross, the firm’s vice president of asset management and entitlements.
Homes on the property will be priced between $180,000 and $240,000, said George Herrera, vice president of McAlister Real Estate, which represented Rockspring in the transaction. That price range has been getting harder to find for new homes in San Antonio. The median price of a home in the local area — including new and existing homes — was $218,800 in July, up from $187,000 three years earlier, according to data from the San Antonio Board of Realtors.
The Northeast Side’s relative affordability and the quality of its schools will help attract residents, Ross and Berrera said.
Rockspring had been considering buying the land since 2011, Ross said. The firm decided to proceed after noticing the rapid rise in the local market, he said.
“From 2013 on, the velocity in the area started picking up, so we started analyzing this deal more and more,” Ross said. “It made sense in today’s market to buy that big of a chunk of land.”
Rockspring has been investing in the San Antonio area since 2012, working closely with McAlister Real Estate, Ross said. Last year, it sold a 1,590-acre property in Helotes, 24 miles northwest of San Antonio. The company likes the predictable nature of San Antonio’s real estate market, Ross said. “It’s very similar to the Houston market — it doesn’t suffer ups and downs,” he said.
Rockspring tends to buy property with cash rather than taking on debt, which allows it to move quickly and creates less uncertainty in transactions, Ross said. The firm bought the 304 acres with money from investors from the U.S. and Canada, he said.
The previous owner, Galo Properties, is known for building master-planned communities such as Alamo Ranch on the far West Side and Arcadia Meadows on the Northeast Side. Last year, a partnership affiliated with Galo filed for bankruptcy after its lender moved to foreclose on more than 1,150 acres it owned in Georgetown’s Water Oak at San Gabriel development.
Reported by mySanAntonio.com (August 23, 2017)
For complete contact information for all offices and key personnel of M/I Homes refer to The National Builders Directory and online database.