Newly formed Laurel Street Residential has purchased the multifamily affordable housing development division from Crosland, LLC, as part of Crosland’s plan to divest several of its operating divisions.
Headquartered in Charlotte, N.C., Laurel Street will develop both family and seniors housing, focusing on new construction apartments financed with low-income housing tax credits. It will also build single-family, rehab, and mixed-use developments.
Laurel Street is starting by taking over three projects in various stages of development in North Carolina and Virginia.
“We are excited to start this venture with such a robust pipeline of projects,” said CEO Dionne Nelson. “Crosland has fostered a sense of entrepreneurialism, so this is a logical approach to continuing our affordable development work.”
Consisting of Crosland’s former affordable housing development team, Laurel Street is majority-owned by Nelson. Darryl Hemminger, senior vice president, and Sue Moody, development coordinator, have joined the company along with a support team of other professionals.
John Crosland Jr. is participating in Laurel Street as a minority owner.
Laurel Street’s three projects are estimated at about $120 million. They include Park Terrace Apartments, a joint venture with the High Point Housing Authority in High Point, N.C. The community will consist of 248 affordable homes. The first two phases of the redevelopment total 172 units, which are in lease-up. Phase three is planned for 2012-13.
The firm is also the on-site residential development partner for the redevelopment of Boulevard Homes in Charlotte. The project received a $20.9 million HOPE VI grant in 2010. The new community will consist of 110 independent living units for seniors and 222 mixed-income family units. Construction will begin on the seniors units in the first quarter of this year.
Laurel Street is the master developer for the Dove Street redevelopment, a comprehensive neighborhood revitalization effort in Richmond, Va., in partnership with the Richmond Redevelopment & Housing Authority. The project will involve multiple phases through 2015, including mixed-income residential units and a new K-8 school. The first phase, which will feature 80 tax credit units, is also scheduled to begin in the first quarter.
