Franklin Johnston Acquires Rezoned Site in Virginia Beach for Luxury Senior Housing Project
Development Follows 160-Unit Project the Company Has in the Works Near Mount Trashmore
Article courtesy of https://product.costar.com/
The Franklin Johnston Group is gearing up for its latest development in Virginia Beach, Virginia, after acquiring a recently rezoned site for the development of a new senior housing project.
The local multifamily development and property management firm received approval to build a 150-unit complex at 3808 Virginia Beach Blvd. Named The Arbors at Birchwood, the 62-and-over development has been designed to consist of one, 4-story apartment building on 4.82 acres, with the units to consist of one- and two-bedroom apartments. The tract is currently home to offices and an events center, though the site was rezoned to permit the new residential project.
The development is similar to a project Franklin Johnston announced in June, when it acquired a site near a city park known as Mount Trashmore for a new 160-unit luxury apartment complex. That nearly 5-acre site was also rezoned from office and industrial to residential, clearing the way for the new development. Franklin Johnston’s Virginia Beach projects also include 200 West, Coastal 61 and Renaissance Apartments.
“We continue to see opportunities for multifamily developments in the Virginia Beach area, and we do not want to pass them by,” Taylor Franklin, chief operating officer at The Franklin Johnston Group, said in a statement. “Our current projects are leasing up in record time, which showcases the need for apartment homes in our area.”
The Arbors at Birchwood is set to include a media and game room, salon, library and fitness center. The development is expected to break ground in 2021.
