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Case Study

Fountains at Mooresville Town Square

Challenge
The Fountains Owner WTD Limited, LLC was a seasoned multi-familydeveloper but they were looking to supplement their own project management expertise with that of a proven 3rd party. The had a very desirable site they thought could take advantage of the existing mixed-uses in the development but they were not sure if they could pull it off on their own.

Solution
Ken Walsh of JLL had developed a relationship with the principal of WTD and was brought in to be part of their team and to help evaluate the business case for the project, as well as, oversee aspects including; Project visioning, Site due diligence, A&E solicitation and award, Architectural & Engineering design oversight, Project specifications, Interior design solicitation and award, General Contractor solicitation and award, Daily project management and coordination with GC, Budget management and change oversight, Unit close-out process with design & GC, Walk-thru process and pre-completion checklist, Post closing warranty support. Our prior residential experience assisted the  development team greatly in ultimately settling on a 6 building, 227 unit luxury apartment complex in an existing mixed-use development in Mooresville, NC.

Results
Fountains began construction in April of 2011 and is currently scheduled to move in its first residents in April of 212. It is quickly becoming known as one of the best new apartment projects to rise in the north Charlotte area in recent memory and lease-up has been stronger than projections. In a down real estate market, Fountains has been able to command higher prices per square foot for its units than the competition because of the many unique aspects built into the design and the high level of quality the team was able to achieve. The mixed-use nature of the development is also key to the projected success of the project.

Value-add
• The owners initial budget was $1.5M higher than financing would allow. After we worked thru a very detailed value engineering process, we were able to provide the owner essentially the same building at the reduced cost that their budget required to secure financing.
• By working with the local code officials and the design team we were able to work within zoning height restrictions to squeeze an additional 20 units into the development resulting in significant additional return to the Owner and their investors.
• Through detailed oversight and collaboration with the general contractor and design teams, JLL was able to keep the budget in-line and generate over $700,000 in initial buy-out savings. This allowed the Owner to add many additional betterments to the project by use of these savings.
• JLL’s involvement in the project took significant load off of the project’s Owner, allowing them to focus on future new apartment projects while fountains was being constructed.
• Thru proper planning and continuous oversight the team was able to realize construction cost
savings of $1M.
 

"The Jones Lang LaSalle team has been invaluable to our development and construction efforts. From initial project conceptualization through to construction administration, the team has acted as a fiduciary and a partner—always working in the Ownership’s best interest. Fountains at Mooresville Town Square has been a great success due in large part to the value brought by Ken Walsh who led the JLL team. Proffitt Dixon Partners places a high value on our relationship with JLL."
- Wyatt Dixon, Managing Partner, Proffitt Dixon Partnersm

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