HUTTON Enters Multifamily Market
- Jan 24, 2020
HUTTON has made its first foray into multifamily development with a new project by Florida’s Space Coast. The Tennessee-based company known for its grocery store and shopping center developments broke ground on a community called Rockledge Flats in Rockledge, Fla. The project will see its first move-ins in early 2021 and will be fully complete by fall 2021.
The 247-unit Rockledge Flats will be built by redeveloping a large portion of a former shopping center, according to HUTTON. The 10-acre development will also include amenities like a 5,000-square-foot clubhouse, a pool, grilling stations, green space, an onsite dog park and washroom, along with bike storage and a repair station. Rockledge Flats is also adjacent to the 110-acre Barton Park and less than three miles away from the Historic Cocoa Village entertainment area.
When completed, the community will be the closest Class A project to Cape Canaveral, Port Canaveral and the majority of employers of the Space Coast area. According to Karen Hutton, president & CEO of HUTTON, Rockledge Flats is a substantial opportunity for the area due to the lack of similar quality developments.
Aaron Breeden, the company’s new vice president, told Multi-Housing News that Rockledge Flats will also set the stage for future developments.
“The attention has been outstanding,” Breeden told MHN. “Knowing that the Space Coast is one of the fastest growing job markets in the country and the surrounding areas have not had a development of this nature, we expect units to go quickly.”
MOVING INTO MULTIFAMILY
While Rockledge Flats is HUTTON’s first step into the multifamily sector, the company has two decades of development experience to draw on and has hired new talent, including Breeden, according to Karen Hutton.
Breeden told Multi-Housing News that the company will be taking its experience in build-to-suit development and shopping center development into its multifamily ventures.
”Multifamily has been on the company’s radar for quite some time,” Breeden told MHN. “With the resources from a recent portfolio sale and key hires, we’re excited to officially launch into this new sector of real estate.”