“Our development team is grateful for the opportunity to partner with DHA / DVI, and we understand the historical significance of these sites and how crucial this redevelopment will be in reimagining these communities,” said James (Monte) Montague, president of F7 International Development. .
DURHAM, North Carolina (PRWEB)
January 07, 2022
Durham Community Partners, a joint venture development team comprised of F7 International Development led and owned by local minorities, Greystone Affordable Development and Triangle-based Gilbane Development Company, is pleased to announce that it has entered into negotiations on a deal. -Development framework for two sites with the Housing Authority of the City of Durham (“DHA”) and its development instrument, Development Ventures Incorporated (“DVI”), as part of the development partners of the DHA Downtown and Neighborhood Plan (DDNP). The team’s blend of in-depth local experience, with F7 and Greystone, combined with Gilbane’s national experience and platform has resulted in economically viable and successful communities with a long-term neighborhood focus.
“We look forward to working with each of our selected partners to create new affordable living developments in Durham,” said Anthony Scott, CEO of DHA. “The implementation of DDNP will also generate additional employment opportunities for our DHA residents and we are grateful to have selected partners who understand this vision,” he added.
The team’s proposal includes over 1,000 affordable mixed-income units, a 6-story, 468-space parking garage, a 42,000 square foot office building and a 20,000 retail plot. square feet on two sites. The proposal advances the goals of the DDNP of creating and maintaining long-term housing affordability, incorporating environmental sustainability practices, and ensuring equitable development that is inclusive, accessible and community-oriented. The team expects to move beyond the City of Durham’s DHA Shared Prosperity Plan by ensuring that MWBEs, Underutilized Business Enterprises (UBEs), Section 3 business concerns and individuals share the economic prosperity generated by the projects, with the aim of exceeding the target of 30% of DHA. for the participation of MWBE. The outreach plan, led by Durham-based BL Wall Consulting, will integrate all aspects of community outreach initiatives, use of contractors and hiring of labor. “We’ve got a good start, when the owner team and the design team include local input from MWBE,” said James Montague, president of F7 International Development. “The development team looks forward to incorporating feedback and feedback from members of the Durham community, from the planning phases of the project through to operations. ”
The development plan for the DHA Office and Criminal Justice Resource Center (CJRC) site (“Main Street Site”), located at 330 Main Street East and 326 Main Street East, consists of – alongside Gilbane Building Company – construct a mixed-income, residential building and demolish an existing parking lot to replace it with a 6-story parking garage and 468 spaces for the entire site. In addition, the development plan includes a newly constructed, three-story, 42,000 square foot freestanding office building adjacent to the CJRC site to replace the consolidated DHA offices. The development of the office site will first allow a smooth move into the new office space prior to the construction of the new residential building and replacement parking lot, thereby minimizing disruption to current operations and eliminating the need to relocate DHA offices. to the temporary space.
The Fayette Place site is a 19.8 acre property which is vacant land currently owned by DHA. The development plan includes the creation of 774 affordable mixed-income units spread over four types of buildings: garden-style bungalows, an irregular-shaped building with structured parking, L-shaped buildings east and west, and a north L-shaped building. . The L-shaped north plot can also be designed to provide a less dense residential community offering homeownership units and a smaller pocket park / green space for homeowners. The site also includes a 20,000 square foot self-contained retail parcel that faces Fayetteville Street. The complete construction of Fayette Place is expected to take place in three phases.
Built in North Carolina since 1976, Gilbane has a long history of building teams engaged in local partnerships with the NC Institute of Minority Economic Development, United Minority Contractors of North Carolina and the NC Minority Supplier Diversity Council, and will provide these relationships – and history of exceeding local M / W / DBE project targets – with DHA Office / SJRC and Fayette Place projects. BLWall Consulting LLC will lead the initiatives of the development team in the implementation of Enterprise Programs for Minorities and Women (MWBE) and section 3 of DHA for developments.
“Our development team is grateful for the opportunity to partner with DHA / DVI, and we understand the historical significance of these sites and how crucial this redevelopment will be in reimagining these communities,” said James (Monte) Montague, president of F7 International Development. . “We recognize our role as an economic engine in the local community, through job creation, participation of local and minority businesses and a shared prosperity plan. We look forward to partnering with community organizations to meet, listen and assess community concerns and refine our concept plans to capture the ideas, visions and hopes of the community accordingly.
“Greystone is honored to be part of the development team selected by DHA / DVI to lead this downtown Durham redevelopment effort,” said Will Eckstein, senior vice president at Greystone. “Our team is thrilled with this opportunity to work collaboratively with DHA / DVI and the wider Durham community to develop and build affordable mixed income housing and specially constructed community and commercial spaces that will honor the rich history of the City of Durham. and will serve its citizens. for the coming years. ”
“As a developer who is committed to ‘developing vibrant communities’ by creating inclusive and affordable housing for all, Gilbane Development Company understands the importance of engaging with residents and community stakeholders,” said said Blaise Rastello, Director of Development at Gilbane Development Company. “We look forward to working with our partners to provide DHA / DVI and the community with the best, most timely and cost effective redevelopment.”
About Development Ventures Incorporated
Development Ventures Incorporated (DVI) is a DHA non-profit organization established in 1985 to develop affordable mixed-income housing to complement DHA’s conventional public housing program. Its mission is to develop, in collaboration with the public and private sectors, affordable housing in the city of Durham.
F7 International Development, a black-owned business based in the Triangle, was founded in 2002 with the sole purpose of improving the community and its surroundings by developing and creating infrastructure; construction and construction of commercial properties; and the general construction of new residential housing as well as the rehabilitation of existing houses, all to improve and empower the communities served by F7. James (Monte) Montague, President of F7 International Development and son of Southeast Raleigh, is an urban community real estate developer with over 22 years of expertise in low income communities and focuses on underdeveloped areas, affordable housing and commercial office space.
About the affordable development of Greystone
Based in Raleigh, Affordable development of Greystone is among the largest developers and development partners of affordable rental housing in the United States. Greystone creates strategic partnerships with not-for-profit and for-profit landlords, operators, affordable housing developers and public entities to achieve their respective affordable housing goals, thereby improving impact within their communities. local communities and increasing the value of their real estate portfolios. As an experienced developer and development partner, Greystone Affordable Development has successfully developed and / or repositioned over 380 affordable housing communities with aggregate funding over $ 1.7 billion. These figures represent more than 14,500 families who now have access to affordable, safe, decent and long-term housing.
About Gilbane Development Company
Gilbane Development Corporation is the real estate development, investment and property management arm of Gilbane, Inc. Gilbane Development Company has developed a wide range of real estate projects in multiple markets across the United States using his experience in finance, management of project, alternative transaction structures, marketing, and project implementation structures to develop award-winning projects and communities. Completed projects integrate all aspects of real estate, including collective housing (affordable, market rate, student housing), residential communities, mixed-use developments, garages / parking lots, head offices, residential establishments. health and many types of facilities provided through public-private partnerships. Gilbane Development Company has a strong track record of planning and developing low-income, mixed-income and market-rate housing in urban areas, particularly with large-scale public housing redevelopments through funded programs. mixed. GDC has funded and implemented multi-family, mixed-use and public-private partnerships totaling over $ 5 billion, with over 15,000 housing units developed / underway.