Jonathan Taft discusses why Greenville is a great city for business.
Taft Development Group (TDG) acquired Melrose Place apartments, at 1351 E. Woodlawn Road, which is near the intersection with Park Road and is in walking distance to Park Road Shopping Center. TDG paid $8 million for the 2.9-acre site, which includes Melrose Place and four single-family residential lots on Drexel Place, according to Mecklenburg County real estate records.
The site was the subject of a rezoning that was filed in 2015 but wasn't approved by Charlotte City Council until late 2017. The new zoning allows for up to 265 apartments and eight townhouse-style units, but TDG is expecting to rezone the site again to accommodate its plans, said Mike McCarty, President of Taft Development Group.
The Park Road corridor has become an attractive submarket for investors in Charlotte, led at least in part by the redevelopment of Park Road Shopping Center by Edens, which has spent significant capital in renovations and new tenancy at the 1950s-era retail center.
The 54 apartments at Melrose Place were built in 1967. Units are in a series of low-rise, garden-style buildings and rent at rates markedly below new construction apartments in the immediate area. The property would likely qualify as naturally occurring affordable housing, as the rents are below market average but the property isn't subsidized.
McCarty said new construction is likely at least a year or, potentially, two years out and that TDG does not plan to demolish any buildings or make tenant changes until the project moves close to groundbreaking.
Elsewhere in the region, TDG is under construction on a $35 million, 250-unit multifamily development in Matthews near Family Dollar's headquarters.
Read more at Charlotte Business Journal
Taft-Mills Group has been ranked as one of the Top 50 Affordable Housing Developers of 2018 by Affordable Housing Finance. TMG nearly nearly doubled the number of new units it received funding for in 2018 compared with the prior year and hopes to again double production in 2019. This marks the first time the burgeoning company has appeared on the list.
Dustin Mills, President and Co-Founder of Taft-Mills Group, said “We’ve worked hard to grow our company and it’s an absolute honor to be included in a list with so many other firms whom we both admire and aspire to be more like.”
Since its founding in 2015, Taft-Mills Group has secured funding to develop some 700 affordable housing units representing more than $87 million in total development cost.
Taft-Mills expects to nearly double their development production in the coming year through expansion efforts already underway in Maryland and Virginia.
Taft Family Ventures has expanded its Raleigh footprint with the purchase of the Owens Roofing Co. property across from the Red Hat Amphitheater in the downtown Warehouse District for $5.1 million.
TFV’s Taft Development Group recently bought the nearly one-acre site at 301 West Cabarrus Street and plans to bring a new residential and retail building in that space.
“We are excited to launch another project in Raleigh, and especially so in the Warehouse District,” said Thomas Taft Jr., principal with Taft Family Ventures. “We believe this is a high-profile site in one of the region’s most vibrant urban neighborhoods.”
Read the full article at Triangle Business Journal
Taft Family Ventures is pursuing a third housing development that is geared towards home buyers in downtown Greenville, a company spokesman announced at Wednesday’s annual Uptown Greenville State of the District event.
Unlike its previous two student housing projects in the district, Avenue Townes will be 12 for-sale townhomes. The development will be located on a lot that is bordered by Reade Circle, Dickinson Avenue and Evans Street.
“Greenville needs diversified housing in our downtown area. A for-sale product is very important to us,” said Mike McCarty, president of Taft Development Group.
McCarty described the site as a premiere location since it puts future homeowners within walking distance of restaurants, retail shops, the State Theatre, Sheppard Memorial Library and other amenities.
“Hopefully we want to inspire other developers to do more for-sale products downtown,” McCarty said.
The firm is finalizing the project’s cost, but McCarty described the structures as “brownstone-inspired, luxury” townhomes.
The units will range from 2,160 to 2,400 square feet and are expected to have three bedrooms. Some units will have rooftop decks, elevator access from the ground floor, cantilevered patios off the main living area and parking. Pre-sales will begin this spring.
McCarty also announced the company also plans to move its headquarters to a building it is renovating near the intersection of Eighth Street and Dickinson Avenue this fall.
Read the article at The Daily Reflector
Further coverage at WITN.com
A family-owned real estate company based in Greenville is expanding its Raleigh footprint with plans for a 180-unit affordable apartment complex southeast of downtown Raleigh.
Taft Family Ventures is planning to build the development on a 14-acre parcel at the intersection of I-40 and Rock Quarry Road, behind a Food Lion-anchored shopping center.
The project is being built using tax-exempt bond financing and a $2.3 million contribution from the city of Raleigh, says Dustin Mills, President of Taft-Mills Group. The group is an arm of Taft Family Ventures that focuses on affordable housing. Residents who earn 60 percent of the area’s median income will qualify to live there.
Mills expects construction to begin in a year and says the project's location is what led the firm to make the investment.
“The site is excellent,” Mills says. “It’s immediately adjacent to a grocery store-anchored shopping center. There’s a library in the area and there’s easy access to public transportation.”
Taft Family Ventures has primarily focused on multifamily development across North Carolina, but has more recently diversified into other types of real estate investment.
In the Triangle, the firm has been active with new construction on apartment projects from Clayton to Durham, including affordable and high-end projects. In Raleigh, the company built and sold the 401 Oberlin apartment and retail building across from Cameron Village, closing a deal in 2015 for $65 million.
“We’re proud to have been involved with projects like 401 Oberlin, but developing and delivering affordable housing is just as important to us as any other asset class,” Mills says.
Read the full article via Triangle Business Journal
An in-state, family-owned real estate company making efforts to diversify its holdings has purchased a Triad industrial building used by a regional health care delivery system.
Taft Family Ventures of Greenville paid $6.44 million for a 112,000-square-foot building on 8.1 acres at 2100 Summit Ave. in northeast Greensboro that Cone Health leases and uses for distribution, storage and office space. The facility was built in 1974.
Seller South Atlantic Warehouse bought the facility in March 2016 and installed new HVAC systems, lighting, racking, fencing and security systems.
Tom Taft, principal at TFV, told Triad Business Journal that the building is in good shape, and that no major changes or renovations are planned in the near future.
Cone Health is "just a great tenant," Taft said. "They have a 10-year lease."
Taft said multifamily residential communities have dominated TFV's holdings, especially in the Greenville area, and that the company is trying to diversify into different sectors and other geographical markets.
"We're in the process of investing between $22 million and $25 million to try to increase the diversity of our holdings," Taft told TBJ.
TFV also owns a 60,000-square-foot building at Kimel Park and South Park Shopping Center in Winston-Salem.
TFV has an assortment of medical buildings as well as student apartments, single- and multifamily residential communities, and industrial and office developments throughout the Carolinas and several other states.
The company, through subsidiary Taft-Mills Group, has started construction on Amberly Trace, an 80-unit affordable housing apartment community at 1029 Chapel Hill Road in Burlington. It plans to start construction on Oliver's Trace, an 88-unit affordable complex at 1134 Oliver's Crossing Circle in south Winston-Salem, in summer 2019.
Read more at Triangle Business Journal
Taft-Mills Group is building a nearly $11 million affordable housing apartment complex off Chapel Hill Road, Burlington.
Company President Dustin Mills said he expects to start construction on Amberly Trace Apartments in late September or early October. Construction will take about a year, and Mills said the company will start taking lease applications in the spring.
Mills said the complex will have 80 units of affordable housing in four residential buildings. It also will have an exercise room, a computer center and a multi-purpose room.
The company will serve as its own general contractor.
Taft-Mills is a subsidiary of Taft Family Ventures, which develops, builds and manages affordable housing in the southeast.
Read more at Triad Business Journal
On Friday, September, 21, the Taft Family Ventures team celebrated our Community Day event. We helped out at the Greenville VA Hospital by giving out ribbons to all the veterans and their respective families, and most importantly - thanking them for their service. We also talked to people throughout the day and cooked lunch for everyone. Furthermore, it was National POW/MIA Recognition Day, making it an extra special day for everyone involved.
Taft-Mills Group received funding through the North Carolina Housing Finance Agency to develop 268 units of affordable housing in two separate North Carolina cities. The proposed developments will be located in Raleigh and Winston Salem and represent a combined $38 million-dollar investment in those communities.
Dustin Mills, President of Taft-Mills, commented “We’re extremely excited to have secured the necessary funding to allow these communities to become a reality.”
Taft-Mills is an award-winning developer and owner of affordable housing communities throughout North Carolina. In addition to their recently funded Raleigh and Winston Salem communities, they are also presently building other communities in Raleigh, Burlington and Benson.
Read the full story at The Daily Reflector
Taft Family Ventures (TFV) accepted $14.8 million in the sale of Signature Place Apartments, a 171-unit community in Greenville, N.C.
Located at 410 Beasley Drive, Signature Place Apartments, spans across more than 15 acres and includes 48 one-, 84 two- and 39 three-bedroom units.
Waterstone Multifamily worked on behalf of TFV and Drucker & Falk, its joint venture partner, in the transaction.
Read more at multihousingnews.com
Taft Family Venture's Principal Thomas F. Taft, Jr. was honored as the recipient of Uptown Greenville's "Visionary Award" during its annual State of the District Program.
The Visionary Award recognizes new and old businesses and the partners that helped make them possible. Thomas received the award for his efforts in revitalizing several properties and areas in downtown Greenville.
Read more about the annual program at The Daily Reflector