In December 2012, HREV joint ventured with the Rosen Development Group and acquired the 2.7-acre development site out of bankruptcy with site plan approval in place. HREV worked through an extensive pre-development period to clean up the former junk yard, and worked with the Army Corps of Engineers to mitigate flood issues on site. Total development costs amounted to $38MM, with HREV securing a $25MM construction loan from Principal Financial Group. Construction at the property commenced in the second quarter of 2017, with an estimated delivery in the fourth quarter of 2018.
Marketed as “The Mason M.V.S”, the property will offer a mix of studios, one and two bedroom units; along with four townhome units for rent. HREV is working with local architecture firm, Papp Architects, with interiors by The Stephan B Jacobs group, and amenity design by The Meshberg Group. The building will offer extensive amenities designed around the transit-oriented, work/live lifestyle.