Tartan Residential is a firm specializing in the development of workforce housing utilizing structural exterior wall panels. Panelization delivers cost savings/benefits that put newly-constructed units within reach for workforce housing renters. Tartan Residential developments are positioned to deliver a triple bottom line (financial, social, environmental) to investors.
A brief overview of our workforce housing development initiative follows:
A brief overview of the workforce housing marketplace follows:
A brief overview of our energy-efficient construction approach follows:
Current Activities
The following discussion summarizes Tartan’s current development activities:
- Buchanan’s Crossing Subdivision – A 40-unit duplex development serving families in Kansas City, Kansas. The total cost of this three-phase project is $11.0 million. This mixed income project, targeting families between 50% and 120% of area median income, is financed with a mixture of conventional debt, conventional equity, and tax credit equity. Construction commenced in 2016. Phase 1 and 2 are complete. Construction of Phase 3 is planned for late 2023.
- Davidson’s Landing – A 115-unit garden apartment community serving families in Kansas City, Kansas. The cost of this project was $26 million. This workforce housing development project, which targets families between 30% and 80% of area median income, was financed with tax-exempt bonds. Construction commenced in 2021 during COVID and the global supply chain crisis. The project was completed ahead of schedule and below budget in early 2023.
- Johnston Farms – 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 between 50% and 100% of area median income, is proposed to be financed with tax-exempt bonds. Construction to begin in 2023.
- Dunbar Place – A proposed 100-unit apartment community serving families in Rock Hill, South Carolina. The estimated cost of this project is $25 million. This workforce housing development project, which targets families between 50% and 80% of area median income, is proposed to be financed with LIHTCs and tax-exempt bonds. Tartan Residential secured the entitlements for this project and initiated the bond inducement process prior to selling it to a large Charlotte-based non-profit in 2021.
- McLelland Village – A proposed 96-unit garden apartment community serving families in Mooresville, North Carolina. The estimated cost of this project is $25 million. This workforce housing development project, which targets families between 50% and 80% of area median income, is proposed to be financed with LIHTCs and tax-exempt bonds. Tartan Residential secured the entitlements for this project and initiated the bond inducement process prior to selling it to a large Charlotte-based non-profit in 2021.
Previous Activities
Tartan Residential began operation in 1997 and until 2001 specialized in the development of manufactured home communities. The following discussion summarizes Tartan’s previous development activities:
- Crystal Lakes – A 338-unit manufactured home community serving seniors in Fort Myers, Florida. Purchased the partially-constructed development in 1998, completed construction, and sold it in 2001 for a $1 million profit.
- Mahler’s Glen – A 348-unit development originally planned as a manufactured home community serving families in Garner, North Carolina. Secured zoning and site plan approval, engineered the property (including a private wastewater treatment facility), and sold it to a national homebuilder in 2000 for a $2 million profit.
- Beacon Wood – A 363-unit development originally planned as a manufactured home community serving families in Crockery Township, Michigan. Secured zoning and site plan approval, engineered the property, and sold it to a regional homebuilder in 2001 for a $1 million profit.
Here’s some additional information on Tartan Residential: