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200-unit residential community headed to Wind Gap
Brian Pedersen//November 4, 2019//
Developer DLP Real Estate Management, under its parent company, DLP Real Estate Capital, plans to build a 200-unit residential community in Wind Gap that would include a mix of luxury one- and two-bedroom apartments, carriage homes and townhouses.
Jones Lang LaSalle said it arranged $23 million in financing for the development of the project, DREAM Lehigh Valley. JLL, on behalf of the developer, arranged a floating-rate construction loan through a regional bank, according to a news release.
This is the DLP’s first ground-up construction multi-housing community.
DLP, headquartered in Hanover Township, Northampton County, hired Justin Huratiak, president and CEO of Huratiak Homes of Bangor, to lead development of the new community. MKSD architects of South Whitehall Township designed the project.
Huratiak said his company is the general contractor for the project and will build 120 luxury apartments, 72 carriage homes, and eight townhouses on the nearly 30-acre site on East West Street near the Route 512 interchange off Route 33 in Wind Gap.
“Site work is already under way,” Huratiak said. “It was an old quarry. It has an existing pond feature. The land was graded and restored to meet the needs of the project.”
His company hopes to start the first building in two weeks, and the projected is expected to take 18 to 24 months to complete.
Officials will host a topping off ceremony in early spring 2020, to signify construction has begun, Huratiak said.
The project will include nine garden-style residential buildings and a two-story clubhouse with lounge, game room, fitness center and pool, as well as a nature trail. The property will include one-, two- and three-bedroom units averaging 1,210 square feet. Units will include fully equipped kitchens, ceramic and marble tile flooring, smart home features and in-unit washers and dryers, with select homes offerings balconies, patios and private garages.
Michael Pagniucci, director of JLL Capital Markets, and Jason Bond, managing director, led the JLL team representing the borrower.
