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February 18, 2016

Vulcan buys Promenade 23 for $31M and plans to build 570 apartments

Vulcan Real Estate paid $30.9 million for six acres at South Jackson Street and 23rd Avenue South, and plans to build about 570 apartments on part of the site, where Promenade 23 shopping center is located.

The apartments would be on a 3.6-acre parcel on the southeast corner of 23rd and Jackson.

Vulcan said in a press release it doesn't have plans for the property on the northeast corner of 23rd and Jackson, where Walgreens and Starbucks are located today.

The seller was Weingarten Realty Investors.

Runberg Architecture Group will design the apartment complex. Planning is just starting but the project will include a pair of mid-rise buildings with underground parking, a public plaza and ground floor retail.

Vulcan said the goal is to begin construction by mid to late 2017. The apartments should take two years to build.

Vulcan plans to use in the city's Multifamily Property Tax Exemption program, which means 20 percent of the units will be income-restricted in exchange for a property tax break.