November 5, 2008
The site has been cleared and our general contractor has been diligently working towards completion. Building pads were formed, pipes were set, and the team has just recently begun to pour the individual concrete slabs for those buildings surrounding the clubhouse and pool.
Aggieland also had their first official, marketing debut today for Wave’s Z Islander with ads coming out in the latest addition of The Battalion as well as the much anticipated unveiling of our billboard along Wellborn Road.
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August 14, 2008
By: Amy Wolff Sorter
BRYAN, TX – FortGroup Development has broken ground on the 852-bed Wave’s Z Islander, one of two in the US now under construction. The St. Augustine, FL-based veteran developer is launching a new student-housing brand after selling a portfolio last year.
FortGroup has started work on a 23.35-acre development site at Wellborn and Old College roads, close to Texas A&M University. The Wave’s Z Islander, slated for a summer 2009 completion, will have two-, three- and four-bedroom units. FortGroup Development plans to manage the complex and hold it long term as it builds a Wave’s Z portfolio, according to Lee Weaver, vice president in Tampa for Minneapolis-based NorthMarq Capital Inc.
“They’d developed quite an extensive portfolio before and sold it all to Jones Lang LaSalle last year,” says Weaver, who arranged $55.2 million in debt and equity financing for the project. He says the developer really wanted to work on a different brand.
“Wave’s Z is the concept they’ll use at future sites and they’re mainly in the Southeast,” Weaver tells GlobeSt.com. He says the developer is looking for other sites in Texas. FortGroup is underway on a Wave’s Z Islander in Jacksonville, FL, with 460 beds in phase one and 228 beds in phase two on a 40.88-acre tract.
Weaver says ideal sites for the Wave’s Z concept are within one mile of large or expanding university campuses. “They also prefer that their projects be on a bus route,” he adds. “Not a public bus route, but one run by the school so only students use it.”
According to a press release, a $43.82-million debt piece was provided by Regions Bank of Birmingham, AL. The 42-month loan is interest-only for the construction period, with a 30-year amortization during the mini-perm phase. The loan-to-cost ratio is 80%; the interest rate is about 200 basis points over Libor. An equity partner based in the South kicked in $11.42 million of additional equity, creating a total financing package that covers 97% of the project’s total cost.
July 16, 2008
On July 15th the final papers were signed and sealed, making Bryan Texas the next building site for Wave’s Z-Islander. The student property will be number ten for the Fortgroup’s portfolio. The property will feature a vintage beach theme with a high tech twist. The 380 unit property will start leasing this Fall for move-in Fall of 2009.
April 21, 2008
FortGroup’s choice to be green occurred long before “Being Green” or “Going Green” was popularized. We’re not just calling ourselves “Green” so that our residents will think we’re good guys. And we’re not calling ourselves “Green” so that our development partners can assume we’re following reasonably responsible development practices.
We ARE green because we choose to be green – a decision we made a long time ago. That’s why we have sponsored “Leave No Trace” for as long as we can remember. And that’s why in 1997 our development practices were already being recognized by the Global ReLeaf for New Communities Award honoring environmentally responsible approaches to developing.
We are “Green by Choice.” Always have been. Always will be.
