Ohio General Contractor, The Douglas Company, Completes First Phase of Affordable Housing Development Thatcher Flats

Posted on | by Savannah Sokol

Cincinnati, OH, August 29, 2024 – The Douglas Company, industry-leading Ohio General Contractor, proudly announces the completion of the first phase of construction on affordable housing development Thatcher Flats.

Designed by Cincinnati-based architectural firm New Republic Architecture, Thatcher Flats has a modern look with excellent amenities including a workout room, laundry room, on-site management, a community room, a homework nook, and parking. Beautiful murals from ArtWorks Cincinnati adorn the exterior of one building, with references to the culture of the neighborhood. The development spans 51,847-square-feet and features 50 affordable housing units for individuals and families, with one, two, and three-bedroom units. The three-bedroom units also feature in-unit laundry. It is The Douglas Company’s third project with owner Pennrose Properties, LLC.

This $11.7 million project is located in the Walnut Hills neighborhood of Cincinnati. The name, Thatcher Flats, comes from Thatcher’s Fish and Poultry, which was a prominent...

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5 Commercial Lending Challenges Facing New Multifamily Projects in 2023

Posted on | by Savannah Sokol

The year 2023 has introduced a unique set of challenges within the commercial lending environment, particularly when it comes to financing multifamily projects. Multifamily housing plays a vital role in addressing housing needs and urban development, yet it continues to face obstacles when seeking bank financing. Specifically, developers are seeing an increase in challenges when it comes to these five things: evolving risk perception, market volatility, regulatory complexity, increased credit scrutiny, and intense competition for financing.

Evolving Risk Perception

In 2023, multifamily projects still contend with a cautious risk perception by lenders. Unlike single-family homes, multifamily properties come with a range of operational complexities. Lenders remain concerned about tenant turnover, rent collection, speculation around rent rate increases and decreases, property maintenance, and overall management quality. These factors contribute to a perceived higher level of risk, which makes securing bank financing for multifamily projects more challenging.

Market Volatility in 2023

Real...

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Making Sense of the Latest Cost Data

Posted on | by Savannah Sokol

 

A common sentiment we seem to keep hearing is, "We're holding on any new development until construction costs come down." And while we know it will be fantastic when that day comes, the question of when that will be hangs heavy. Recent data tells us… something, right?

Unfortunately, we’re not seeing much relief anywhere right now. Things don’t seem to be getting worse, but they’re not getting better either. It seems that we are all still waiting for that “bottom falls out” moment, which hasn’t happened yet and some construction economists are backing off on predicting when it will. Predictions have shifted a possibility of the “Soft Landing”, which doesn’t really help prices. Recently The Douglas Company attended National Construction Financial Management Association (CFMA) Conference where their spoke, with the sentiment "It's going to get worse before it gets better," and "Recessionary conditions will prevail at some point over the next...

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Verena at Hilliard Cottages

Posted on | by Savannah Sokol
Exterior shot of a cottage at Verena at Hilliard Cottages

Verena at Hilliard Cottages is an active adult housing project located in Hilliard, Ohio. The Douglas Company served as general contractor for the $15.1 million development. It was the first collaboration between TDC and owner Green Courte Partners. Construction started in 2023 and wrapped up in September of 2024, with the first five buildings becoming available in March of 2024. Many new Hilliard residents moved into their new cottages before the project completed. 

Construction included the creation of 11 single-story cottages designed by Architect Bob Webb Homes – each containing four to six units per building for a grand total of 53 units – and a community pickleball court. In total, the active adult development spans 95,167 square feet of living space. The cottages are located in Green Courte Partners Verena at Hilliard Luxury Independent Living Retirement Community, a pre-existing senior living community. Similar to the Independent Living...

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The Douglas Company Expands Affordable Housing with Lincoln & Gilbert Family Development

Posted on | by Savannah Sokol

Holland, Ohio, April 20, 2023 – The Douglas Company, a general contractor leader, is excited to announce our third multifamily project with owner, Pennrose, LLC. The Douglas Company will oversee the Lincoln & Gilbert Family Housing development, a $9.9 million affordable housing community in Cincinnati, Ohio. Completion is expected in April 2024.

Located in Walnut Hills, the project site was cleared of vacant and dilapidated structures to make room for the 51,847-square-foot development. Lincoln & Gilbert Family Housing will create 50 affordable housing units for individuals and families, with one, two, and three bedrooms. Designed by Cincinnati-based architectural firm New Republic Architecture, the buildings will offer a modern look with excellent amenities including a community room, laundry room, on-site management, community spaces, and parking.

“The Douglas Company is proud to continue our work with Pennrose to bring quality living spaces that enrich the communities of Cincinnati,” said Tyler Stout,...

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Conventional Hold-down Hardware vs. New Tie-down Systems

Posted on | by Savannah Sokol

When it comes to anchoring building components in wood-framed structures, there are two primary options to consider: conventional hold-down hardware and new tie-down offerings from either QuickTie or CLP. While both methods have their advantages and disadvantages, the trend in the framing world seems to be pushing more toward the new tie-down systems.

Conventional hold-down hardware typically involves using screws, bolts, straps, and lots of nails to secure the hardware to the framing components.  This can be an effective method, but it can also be labor-intensive and time-consuming, especially when dealing with larger or more complex wood-framed structures.  In addition, the use of traditional hardware can sometimes lead to damage or deformation of the material being held down, especially if excessive force or nails are applied or installation is sloppy.  Also, traditional hardware has little flexibility on tolerances and does nothing to address wood shrinkage and building settlement.

Quick tie...

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Demand for Active Adult Housing Continues to Outpace Supply

Posted on | by Savannah Sokol

Active adult or age-restricted housing continues to experience strong growth, while multifamily housing development is showing signs of slowing. The active adult market hasn’t yet been flooded by national developers, leaving opportunities for real estate investors and developers who want to enter this exciting market. Active adult housing has experienced year-over-year growth every year since 2012 without any signs of slowing down, and with Baby Boomers beginning to retire and downsize, now is the perfect time to consider active adult.

Nearly all of the approximately 75 million Baby Boomers are already over age 55. As Baby Boomers begin to retire, many are looking to downsize and start a new lifestyle. However; most are not ready for assisted living or traditional senior living communities. Today’s seniors are looking for simpler lifestyles featuring single-story floor plans with little to no maintenance.  Community amenities like walking trails, clubhouses, and activities are located close to...

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Construction is underway on The Sagefield multi-family residential development in Jacksonville, Florida

Posted on | by Bob Ritter

The Douglas Company, an industry-leading general contractor, announces that construction is underway on The Sagefield, a new multi-family residential development in Jacksonville, Florida.

The Developer, Chance Partners, LLC, selected architectural firm Dynamik Design Partners, an Atlanta, Georgia-based company, to design the 274,590 square-foot multi-family community. The Sagefield will include 234 one-bedroom, two-bedroom, and three-bedroom units in two 4-story apartment buildings and two 2-story carriage homes with tuck-under garages.  The architecture will feature a contemporary farmhouse design, with gabled rooflines, vertical siding, and a dark red, charcoal, and white color scheme. Apartments will feature stainless steel appliances, granite countertops, smart home technology, sleek wood-like flooring, 10-foot ceilings, and upscale finishes.                         

Generous community amenities will include a clubhouse, co-working space, a 24-hour fitness center, e-scooter and bike share, a resort-style pool, an outdoor kitchen and fire pit, a pet spa, and a Starbucks® coffee bar. The landscaping surrounding the community will complete the...

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The Sagefield

Posted on | by Bob Ritter

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