By Amalia Otet, Associate Editor<\/p>\n
Laurel Street Residential has purchased the multi-family affordable housing development division from Crosland, LLC for an undisclosed price, according to MHN online<\/em>.<\/p>\n Charlotte-based Crosland, LLC had decided in 2011 to divest its operating divisions and focus mainly on asset management rather than development as part of a strategic plan to maximize the value of their portfolio. As a consequence, Ravin Partners purchased Crosland\u2019s market-rate multifamily development and construction departments, and Reader and Partners acquired part of Crosland\u2019s land and community development units, encompassing projects developed in the Orlando, Tampa and Raleigh\/Durham areas.<\/p>\n Laurel Street consists of Crosland\u2019s former affordable housing development team and is majority-owned by Dionne Nelson, who is also the new company\u2019s CEO. John Crosland, Jr. will participate in Laurel Street as a minority owner.<\/p>\n Specializing in mixed-income housing development, Laurel Street has three projects underway. Park Terrace Apartments, a joint venture with the High Point Housing Authority, will include 248 affordable homes in High Point, N.C. The complex will consist of a mix of one-, two- and three-bedroom garden apartments and three-bedroom town houses. 172 units have been developed so far as part of the first two phases, with phase three planned for 2012-2013.<\/p>\n Laurel Street will also begin work on a housing project in Charlotte as the on-site residential development partner for the redevelopment of Boulevard Homes, a venture that enjoys the full support of state and local authorities. The project had received a $20.9 million HOPE VI grant in 2010 for its cutting-edge educational village concept, and the city of Charlotte will chip in $7 million in infrastructure funds and another $5 million in housing trust funds. The community will feature 110 independent living units for seniors and 222 mixed-income family units. Construction on the senior units is slated to begin in the first quarter of 2012.<\/p>\n Finally, the company will manage the Dove Street Redevelopment project in Richmond, Va. in partnership with the Richmond Redevelopment & Housing Authority. The project, to be executed in multiple phases through 2015, will include mixed-income residential units, a new K-8 school and an adaptive re-use community space.<\/p>\n