Met with the City of Rock Hill this morning to sort out stormwater, sanitary sewer, domestic water, electric, and landscape requirements for Johnston Farms Apartment Homes, our proposed 120-unit workforce housing development.
The city was very accommodating and identified several design changes that will save us hundreds of thousands of dollars in development costs and expedite our approvals.
Many thanks to the city engineers who met with us this morning!
A brief overview of Tartan Residential’s Workforce Housing Development Initiative:
A brief overview of Tartan Residential’s Energy-Efficient Construction Initiative:
Johnston Farms Apartment Homes is a proposed 120-unit apartment community serving families in Rock Hill, South Carolina. The estimated cost of this project is $35 million. This workforce housing development project, which targets families earning 80% of area median income, is proposed to be financed with essential function bonds. Construction is planned for May 2023.
The following video gives an overview of this energy-efficient workforce housing development. Feel free to contact Jeff Carroll at tartanresidential@gmail.com with any questions you may have regarding this or any of Tartan Residential’s other energy-efficient workforce housing development opportunities.
In 2014 Tartan Residential began work on Buchanan’s Crossing Subdivision – A 40-unit duplex development serving families in Kansas City, Kansas. Phase 1 consisted of 16 units and was constructed with traditional wood-framed exterior walls and R-13 batt insulation. Phase 2 consisted of 8 units and was constructed with R-26 polyurethane-filled structural insulated panels. In all other respects, the first two phases were identical.
This side-by-side demonstration underscored the benefits of building with structural insulated panels. Although building with panels cost more than traditional stick-frame construction, we identified a long list of construction, operating and financial benefits associated with panelized construction.
Our design team took what we learned and engineered a 3-story garden apartment building using structural insulated wall panels. Davidson’s Landing, a 115-unit workforce housing development financed with tax-exempt bonds and located in Kansas City, Kansas is currently under construction utilizing this building system. We are currently about 70% complete, ahead of schedule and below budget. Our first units will be ready for occupancy in the next month or two.
A few weeks ago our team obtained a building permit to begin construction on Buchanan’s Crossing Phase 3, a 16-unit workforce housing development to be financed with tax-exempt bonds. Phase 3 will be constructed with R-18 graphite-infused polystyrene exterior wall panels. We plan to use high-efficiency water heaters and HVAC systems for this phase. And we plan to build one building with panels on one side of the duplex and lumber and fiberglass on the other side.
Our design team – which includes the Virginia Center for Housing Research and Mathis Consulting Company (principal Chris Mathis is an MIT-educated building performance specialist and an ASHRAE Fellow) – plans to create simulated living environments in these side-by-side units to observe and collect data on for one year. This one-of-a-kind comparison should highlight additional benefits of energy-efficient construction systems.
The following video gives and overview of this small, but exciting project. Feel free to contact Jeff Carroll at tartanresidential@gmail.com with any questions you may have regarding Tartan’s energy-efficient workforce housing development opportunities.
So today was a really big day for my workforce housing design team.
About 8 years ago we began experimenting with structural insulated wall panels in workforce housing.
We began with an easy design – a one-story duplex building – and tallied up the costs/benefits of building with panels over traditional stick-built framing. What we learned was this: By spending a little more on the panels (about $4,000/unit) we were able to attract $11,000/unit of capital waiting on the sidelines to invest in ENERGY EFFICIENT workforce housing.
So we began tinkering with a more complex design – a three-story walk-up garden apartment building. Our team came up with a design that ended up attracting over $19,000/unit of capital for the first of these projects: Davidson’s Landing in Kansas City.
Today we set our first panels at Davidson’s Landing. Our construction guys make it look easy, but trust me – A LOT of coordination and hard work went into planning this.
Cheers to my workforce housing design team. You rock!!!
Link to photo album found here.
Received unanimous City Council approval for $18 million of tax exempt bonds for Johnston Farms Apartment Homes, our 120-unit workforce housing development located in Rock Hill, SC.
Our plan is to provide apartment units priced at a discount to market along with job placement services and workforce training incentives to our residents.
I’m really proud of my team for helping me put this deal together.
Here’s a short (4 min) video featuring kudos from City Council members.
Tartan Residential closed on a $25.8 million workforce housing development deal on July 22, 2021 – the first of a new class of apartment investments. We started working on this transaction five years ago. We survived COVID. We survived the loss of a key investor last summer. And we survived a $900,000 lumber price spike earlier this year. Yet we still got the deal done.
From the investment banker who worked with us over the past three years to close this transaction:
“Congratulations Jeff… you are the true definition of tenacity and persistence in my book Sir! What a journey… now go have fun building it!”
I am thrilled to get this deal closed. And I am humbled to have a loyal team of seasoned professionals to work with every day.
Introducing Davidson’s Landing Apartment Homes, the first of a new generation of Zero Energy Ready workforce housing developments built with structural insulated panels. The development, which is located in Kansas City, KS and includes 2- and 3-bedroom units ranging from 30% to 80% of Area Median Income, is sponsored by Tartan Residential, Hughes Development Corporation, and BCCM Construction Management. Construction for this 115-unit tax-exempt bond development is scheduled for Q1 2021.
http://davidsonslanding.com/
By Collin Huguley – Staff Writer, Charlotte Business Journal
“A Charlotte developer is moving forward with a pair of workforce housing projects in Rock Hill after receiving key approvals.
Tartan Residential, a Charlotte-based developer of workforce and affordable housing, is planning two projects in Rock Hill: Johnston Farms Apartment Homes and Dunbar Place Apartment Homes. Rezoning requests for both projects were approved by Rock Hill City Council on Monday evening.
The larger of the two projects is Johnston Farms, which will be developed on a 24-acre site at the corner of South Anderson and Princeton roads. It will include five three-story buildings with 120 two- and three-bedroom units, according to city documents.
Dunbar Place will be developed on a 6.7-acre site on the corner of South Cherry Road and Constitution Boulevard. It will have commercial uses as well. On the housing side, the project will include one four-story building with 100 two-bedroom apartments, documents say.
The Dunbar Place site also includes an existing 16,000-square-foot building that was formerly used by American Legion. That building will be redeveloped, with about half of it being occupied by J.M. Cope Construction for its headquarters. The remainder of the building will be taken by a restaurant or retail use.
Tartan’s Jeff Carroll told the Charlotte Business Journal that he hopes to close on acquisition of the properties and begin construction on the projects in early 2021.
There are two possibilities for financing the projects, documents say. The projects will be funded by either tax-exempt bonds or opportunity zone financing.
If tax-exempt bonds are used, Tartan proposes rent and income restrictions between 30% and 80% of area median income, with a property-wide average of 60%. If opportunity zone financing is used, there will be rent and income restrictions between 50% and 100% of AMI, with an average of 80%.
Both housing projects will also include a workforce-training incentive program to help residents earn down payment assistance on future homes. Residents who complete fields of study at a local community college, technical school or university will qualify for assistance on a newly constructed home.
Documents say the program will provide a maximum of $10,000 per unit in assistance for up to 18 residents per year at Johnston Farms and a maximum of $10,000 per unit in assistance for up to 15 residents per year at Dunbar Place.”
– Charlotte Business Journal
https://www.bizjournals.com/charlotte/news/2020/08/25/rock-hill-affordable-housing-tartan-residential.html?iana=hpmvp_clt_news_headline