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Phillips Development & Realty Closes On Yet Another HUD Financed Multi-Family Project

Phillips Development & Realty (PDR) is excited to announce the ground breaking and start of construction of Phillips Mallard Creek Apartments, Building 5. On May 31, 2018, PDR closed a $3.6M loan for this energy demonstrator multi-family project. Financing for the loan was secured through Berkley Point Capital, LLC using US Housing and Urban Development’s 241(A) Program.

This 24-unit project will be an expansion of the existing 300-units located at 655 W. Mallard Creek Church Rd, Charlotte, NC. Building 5 is scheduled to be completed in the first quarter of 2019.

PDR is excited to have this energy demonstrator building added to the existing Phillips Mallard Creek (PMC) Class A community. The goal for this building is to construct 24 energy efficient luxury apartment homes that will go beyond an EPA energy star rating. During Energy Star’s Design Intent engineering assessments, the project scored 97 out of 100 possible points for efficiencies—a nearly perfect score. Our development team worked closely with mechanical, electrical, and plumbing engineers to carefully select systems, building features, and appliances. These systems will not only reduce energy costs but will also serve as a demonstration for an energy efficient development.

This unique building will feature energy efficient Fujitsu ductless HVAC, gas appliances to include tankless water heaters, LED lighting, icynene insulation, and more. PDR is expecting to see lower utility bills at this building, which will offset rental costs to our residents, thus improving their quality of life. The company is excited to compare efficiencies of the new building to the existing 300-unit energy star compliant PMC development.

The architect for this project is The Preston Partnership, based in Atlanta, GA. Electrical Engineering was accomplished by St. Petersburg-based Power Designs. Urban Design Partners is serving as the civil engineer for Building 5, and the general contractor is Capstone Building Corp. of Birmingham, Alabama.

Upon completion of Building 5 and Phillips Mallard Creek Phase II, there will be a total of 503 residential units available at this location.

ground breaking with gold shovels
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Phillips Development & Realty Completes Construction on CubeSmart Self-Storage in Raleigh

June 29, 2018- Phillips Development & Realty (PDR) is excited to announce the completion of a new self-storage facility in Raleigh, NC. The ribbon cutting and grand opening ceremony took place on Wednesday, June 13, 2018.  The 756-unit facility is located at 7710 Alexander Town Boulevard in the Brier Creek area of Raleigh.

Guests in attendance included investors, property vendors, contractors, facility teammates, and Phillips employees.  Ceremonies included a ribbon cutting, tours of the facility, and social hour. Guests enjoyed refreshments and light snacks.

This new 4-story building offers 65,110 square feet of rentable space. Featuring 756 storage units, 2 elevators, full climate control, and a spacious office area. This facility is easily accessible from Highway 70 and the Brier Creek area of Raleigh-Durham.

The property is being professionally managed by CubeSmart, one of the top three operators of self-storage facilities in the United States.

PDR chose the Brier Creek area as a viable self-storage market based on Raleigh’s long-term development plan and growth pattern. The new store will benefit businesses, students, young professionals, and families in Raleigh-Durham (RDU) metropolitan area, including the areas of Research Triangle Park.

Capital for development of the project was provided by Jernigan Capital, Inc. (NYSE:  JCAP).  PDR and JCAP are co-invested in five self-storage projects around the United States, including the Brier Creek project.

About Phillips Development & Realty

Phillips Development and Realty (PDR) is headquartered in Tampa, Florida. Since 2001, PDR has demonstrated itself as a leader and innovator in the multi-family and storage industry, building progressive projects throughout the United States. PDR is currently facilitating eighteen projects in four different states.

CubeSmart building exterior
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Phillips Development & Realty Breaks Ground on Phillips Mallard Creek Apartments, Phase II

Phillips Development & Realty (PDR) is excited to announce the official groundbreaking for Phillips Mallard Creek Apartments, Phase II. The groundbreaking ceremony took place on Tuesday, June 12, 2018 at Phillips Mallard Creek, in Charlotte’s University area.  The 179-unit project will expand upon the existing 300 units at Phillips Mallard Creek Apartments. Phase II is scheduled to be completed in the second quarter of 2019.

Guests in attendance included investors, property vendors, and Phillips employees.  Ceremonies included breaking ground with golden shovels, a ribbon cutting, and a short speech. Guests enjoyed refreshments and light snacks.

This new Class A community will have its own leasing office and amenities. Those amenities will include a clubhouse, pool, gym, coffee area, and walking trail. The multi-family residences will be spread across nine acres, surrounded by mature woods.

artist rendering of apartments

The $25M project will provide 167,000 sq. ft. of total rentable space. PDR expects the first unit to be available to rent in the first quarter of 2019. Project completion is scheduled for the second quarter of 2019. Ovation Property Management is targeted to manage this property.

PDR has chosen Charlotte as a viable expansion market based on the city of Charlotte’s long-term development plan. This new residential community will benefit students, young professionals, and families connected with the University of North Carolina at Charlotte (UNC-Charlotte), IBM, University City Business Parks, and more. Phillips Mallard Creek, Phase II is also convenient to the Blue Line, shopping, and medical facilities.

The architect for this project is Andron Architects and Associates, based in Raleigh, NC. Charlotte-based company Urban Design Partners is serving as the civil engineer for Phase II. The general contractor is Capstone Building Corp. of Birmingham, Alabama.

About Phillips Development & Realty

Phillips Development and Realty (PDR) is headquartered in Tampa, Florida. Since 2001, PDR has demonstrated itself as a leader and innovator in the multifamily industry, building progressive projects throughout the Southern United States. PDR is currently facilitating eighteen projects in four different states.

ground breaking group photo
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Phillips Under Contract for New Orleans CubeSmart Development

Tampa, FL, June 18, 2018– Phillips Development & Realty (PDR) currently has an investment deal under contract for a proposed multi-story, climate-controlled, self-storage facility in Jefferson Parrish, New Orleans, LA.

The new CubeSmart self-storage will be fully conditioned and climate controlled, featuring 750 units available to rent. CubeSmart will manage the facility once it is operational.

The proposed 100,000 square-foot facility will be a ground-up, three-story project, located at 2401 Hickory Avenue. PDR has chosen Jefferson Parrish as a viable market to introduce our self-storage platforms.

The architect for the new facility is Open Workshop, based in Tampa, FL.

Construction for this project is being funded by Jernigan Capital (JCAP). This is our sixth deal with JCAP.

Ground breaking and construction is expected to commence during the fourth quarter of 2018. The project is slated for completion during the second quarter of 2019.

About Phillips Development & Realty

We are an award-winning company that has been recognized in all facets of the real estate and development industry. PDR is committed to consistently exceeding industry standards and is dedicated to providing unparalleled quality, service, and satisfaction.

PDR is currently facilitating eighteen projects in four different states.

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Phillips Closes $11M Deal for New CubeSmart Self-Storage in Kansas City

Phillips Development & Realty announces the closing on development property and $11M investment for a new self-storage facility in Kansas City, KS.

Tampa, FL, June 8, 2018– On May 23, 2018, Phillips Development & Realty (PDR) closed an $11 million investment for a proposed multi-story, climate controlled facility in Kansas City, KS. The structure will be positioned between the underserved markets of Mission Hills & Prairie Village and Downtown Kansas City. This is the Company’s first investment in the Kansas City MSA.

The proposed 108,000 square foot GenV (vertical) self-storage development will be a ground-up, five-story project. Located at 510 Southwest Blvd, the facility will be fully climate controlled and will feature 826 units available to rent. CubeSmart will manage the facility once it is operational.

PDR is confident that Kansas City is a viable market for our self-storage and multi-family platforms. The site for this project is less than a mile from the University of Kansas Medical Center and just over two miles from Country Club Plaza. As this part of Kansas City continues to grow, PDR’s facility will support that growth through its ability to serve a variety of the MSA’s nicest neighborhoods and commercial districts.

Scott Bluhm, of Newmark Grubb Zimmer served as the Buyer Broker for this deal. Newmark Grubb Zimmer is a full-service commercial real estate company headquarters in Kansas City.

The architect for the new facility is Rose Design, located in Lenexa, KS.

Financing for this project is being funded by Jernigan Capital (JCAP). This is PDR’s fifth project with JCAP.

Ground breaking and construction is expected to commence later this month, and the project is slated for completion during the second quarter of 2019.

About Phillips Development & Realty 

We are an award winning company that has been recognized in all facets of the real estate and development industry. PDR is committed to consistently exceeding industry standards and is dedicated to providing unparalleled quality, service, and satisfaction.

PDR is currently facilitating eighteen projects in four different states.