Article courtesy virginiabusiness.com http://www.virginiabusiness.com/news/article/326340?utm_source=email&utm_medium=email&utm_campaign=daily
The Virginia Beach City Council has approved rezoning of a large tract of land in the Princess Anne Commons area, which will allow the development of a 240-unit luxury apartment community.
The Franklin Johnston Group, a Virginia Beach-based apartment development and management company, sought the rezoning on behalf of its newest venture, Southern Pines Apartments. The community will consist of 10, three-story buildings done in the style of low-country architecture.
The residential buildings, together with a clubhouse and garage, will be built around two lakes that are adjacent to a golf course.
Other amenities will include an infinity pool, clubhouse with 2,000-square-foot fitness club, two-lane bowling alley and lounge with 80-inch flat screen televisions.
The apartments will offer 9-foot ceilings, center islands, stainless-steel appliances, granite countertops and ceramic floors.
Franklin Johnston said rents would begin at just over $1,100 per month.
A groundbreaking is scheduled for spring of 2015 with first tenant move-ins expected the end of next year.
Tom Johnston, chief development officer of Franklin Johnston Group, cited the Princess Anne and Courthouse areas’ rapid growth and residential housing demands as reasons for the rezoning and construction of Southern Pines. “The Courthouse and Princess Anne corridor area is without a doubt the most dynamic spot in our region right now,” he said in a statement. “Quality rental housing has not kept pace with the new employment created at the health care complex, educational institutions, and retail and office space in the area.“
Southern Pines is the third new community announced by FJG in Hampton Roads this year. In May, the company announced two affordable living communities in Norfolk: The Crossings at Berkley Station, a 156-unit gated apartment community and The Pointe at Pickett Farm, a 300-unit apartment community. The estimated investment of the three communities is more than $100 million.
