RD Management Slated to Develop Seven Multifamily Projects Throughout 2020
May 6, 2020
Company to unveil over 2,000 multifamily units across seven states
RD Management LLC, one of the nation’s largest privately held real-estate development and management organizations, announced today that seven luxury, multifamily projects consisting of over 2,000 units are currently in various stages of planning and development throughout the United States. The projects are located in New York, New Jersey, Massachusetts, Florida, Michigan, and Utah and include the following properties:
- Residences at Renaissance Square (Evesham, NJ) – 333 units; Slated to begin leasing in the spring of 2020.
- The Strand (Queens, NY) – 133-unit apartment building; Slated to begin leasing in the summer of 2020.
- Redevelopment of Orlando Live Events (Orlando, FL) – Master redevelopment plan consisting of 780 units and 72,000 sq. ft. of retail; Phase 1 of the project will consist of 246 residential units and is slated to break ground in the fall of 2020.
- Merchants Crossing Shopping Center (Fort Myers, FL) – 278 units; Project to break ground by the end of 2020.
- Norton Shores Apartments (Muskegon, MI) – 126 units at 3530 Henry St; Project to break ground by the end of 2020.
- Shops at Billerica (Billerica, MA) – 230 units at the Shops at Billerica; Project to break ground by the end of 2020.
- The 9th East Apartments (Salt Lake City, UT) – 264 units and 16,600 sq. ft. of retail; Project to break ground by the end of 2020.
Additionally, RD Management is advancing forward with the redevelopment of the 100-acre University Mall property, which is adjacent to the 46,000-student, University of South Florida (USF) campus and one of the largest medical and research districts in the state. The mixed-use development in the Uptown District of Tampa is a 10-year, “live, work, play” development project with capacity for several thousand luxury residential units. RD Management is also aiding in the joint venture redevelopment of a former Sears Grand Parcel in Austin, TX with Seritage Growth Properties.
“Mixed-use centers have become increasingly popular over the last few years, and residential units are now considered complementary to retail offerings,” said Richard Birdoff, principal and president of RD Management. “We believe that implementing state-of-the-art multifamily communities will not only help to rejuvenate and stabilize traffic across our many shopping centers, but also offer more convenience to our valued customers who are searching for potential housing options in prime locations.”
“Given today’s ever-changing retail climate, shopping center owners must expand their offerings to remain competitive and maximize success,” said Eric Moran, Executive Vice President of Residential Development. “Diversifying RD Management’s traditional retail portfolio with multifamily assets is a strategic move given the multifamily sector’s continued stability even during times of economic downturn. We are proud to be partnering with some of the best operators in the industry and look forward to strengthening our assets for years to come.”
Each multifamily development will consist of luxury, market-rate apartments with modern, top-of-the-line amenities and are geared towards competing with the upper-tier communities in each submarket. Following completion, RD Management plans to maintain ownership of each project as part of an overall plan to add diversity to its existing real estate portfolio.
For more details, please contact Eric Moran at EMoran@rdmanagement.com.