For Norstar Development USA, LP, it's not about being the biggest developer, says President Richard Higgins.
“If we can do four or five closings and
complete four or five, that's what
we're staffed for and happy
And for 2012, the Buffalo, N.Y.-based developer is on target,
anticipating to start six developments with 438 units and to
complete five developments with 334 units.
The firm recently started construction on a historic rehab
project in Albany, N.Y., turning an old school into artist housing.
The 22-unit Academy Lofts is being financed with state and federal
historic rehab tax credits as well as low-income housing tax
credits and is expected to be completed in 2013.
Also in the pipeline for Norstar in 2012 is a 170-unit phase of
Gardenview Estates in Detroit, which is part of the ongoing
redevelopment of the Detroit Housing
Commission's former Herman Gardens public
When all of the phases have been completed within the next
couple of years, the overall project will have approximately 500
The firm also is looking to participate in the Department of
Housing and Urban Development's Choice
At press time, it had responded to an RFP for a public housing
authority that had been awarded a planning grant for Choice
“We do a lot of HOPE VI work, so
it's consistent with things
we've done before,” says