Phase II Will Bring 108 Rental Units, Expanded Amenities and Site Improvements to the Existing Community
PANAMA CITY BEACH, Fla., Nov. 23, 2022 /PRNewswire/ -- International real estate Time Equities, Inc. (TEI) announced that it has closed on a $35,000,000 construction loan for the development of Phase II at Villas at Suncrest. The construction financing was provided by M&T Bank Corporation.
Villas at Suncrest is located at the intersection of Front Beach Road and Laurie Avenue in Panama City Beach, Fl.
Phase II – which is slated for an early 2024 delivery – is an expansion of the existing 116 condominiums and townhomes (Phase I) at Villas at Suncrest. Phase II will add new 108 rental units, resulting in a total of 224 residential units at the site. Phase II will also expand the onsite amenities, which will be accessible to both Phase I and Phase II units.
The new amenities being developed as part of Phase II include a 6,500-square-foot clubhouse equipped with a resort-style pool, a grand club room, a fitness center, a game-room, private dining facilities, lounges, an outdoor kitchen, pergolas and firepits. Other onsite amenities to be added include a dog park, a putting green, a playground, and mail kiosk.
Also, as a part of Phase II, the original existing 2,500-square-foot club house and pool is being converted into a modern work-from-home center, complete with 'zoom pods,' conference room, communal table with kitchen and coffee bar, and lounge, among more.
"Time Equities is thrilled to have started construction on Phase II at Villas, and to be working with such a great project team including FaverGray Construction, Conn Architects and Buchanan Harper Civil Engineering," said Robert Singer, Director of Development at TEI. "This project will be transformative for the entire Villas community…we believe that upon completion of Phase II, Villas will be among the most sought-after residential communities in the Florida Panhandle."
Designed by Conn Architects, Phase II – which consists of five, three-story apartment buildings – will feature residences ranging in size from 600-square-foot one-bedroom homes to 1,350-square-foot three-bedroom apartments. All homes will feature stainless steel appliances, quartz countertops, luxury vinyl plank flooring and upgraded cabinetry and trim.
TEI is working with FaverGray, an award-winning, fully integrated general contractor (GC) in Jacksonville, Florida, that specializes in building multifamily, student housing and senior living communities among many others, as its GC. FaverGray is also spearheading the conversion and renovation of an existing clubhouse on site into a new work-from-home center, featuring "Zoom pods," conference and printing facilities, a coffee bar and a lounge with communal tables.
"Our team is honored to break ground on our first project with Time Equities, to offer a luxury multifamily product to this thriving area," shares Mark Higby, Division Leader at FaverGray."
Ben Hinson, Executive Vice President at FaverGray added, "Villas at Suncrest will showcase the outstanding quality of work that both FaverGray and Time Equities bring to a new development."
In addition to working with both Conn Architects and FaverGray, TEI has tapped Buchanan & Harper, Inc. to handle civil engineering services.
Villas at Suncrest is situated in the heart of Panama City Beach and is only a short drive to the U.S. Naval Base. What's more, premier shopping at the new Pier Park Mall and luxurious dining can be found close by as well as the beach which is approximately two miles from the community's front gates. The community is zoned for Breakfast Pointe Academy, Surfside Middle School and Arnold High School and just across the Hathaway Bridge from Gulf Coast Community College and Florida State University Panama City Campus.
To learn more about Villas at Suncrest, please visit the website at www.villasatsuncrest.com.
To learn more about TEI and its investment and acquisitions strategy, please visit the website at www.timeequities.com.
Founded in 1966, Time Equities, Inc. ("TEI") is a diversified investment, development, asset and property management, and alternative energy company that has been in business for more than 55 years. TEI currently holds in its own portfolio approximately 38.7 million square feet of residential, industrial, office and retail property including about 5,500 multi-family apartment units, approximately 1.5 million square feet in pending acquisitions, and 1 million square feet of various property types in stages of pre-development and development. With 332 properties across 35 states, five Canadian provinces, Anguilla, England, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of asset types including non-performing loans, B-notes, and alternative energy investments. TEI has a variety of market concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.
FaverGray is an award-winning, fully integrated general contractor in Jacksonville, Fla., specializing in building multifamily, student housing, and senior living communities. Since 2005, the company has contracted more than $2 billion in project revenue. As a general contractor with projects delivered in 15 states and 61 cities across the U.S., FaverGray's mission is to deliver success by offering creative solutions, providing a fully-integrated team from concept to completion, and exceeding client expectations. Visit www.favergray.com for more information.
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SOURCE Time Equities Inc.