The Franklin Johnston Group in Virginia Beach said Tuesday that it will begin construction in summer 2018 on a 248-luxury apartment project.
The site of Coastal 61 at Oxford Village is in a fast-growing area next to Virginia Wesleyan University and the Norfolk Premium Outlets shopping center, which opened in June. Coming soon to that same Northampton Boulevard/ Interstate 64 corridor is an Ikea store.
“The Coastal 61 project is important for us, and important for the entire region,” Franklin Johnston Group President and Chief Operating Officer Taylor Franklin said in a statement.
The new apartments will offer one-, two- and three-bedroom apartments across eight residential buildings. They would range in size from 833 square feet to 1,395 square feet. Rents would range from $1,200 to $1,800.
Amenities will include a rooftop sky park, two-story clubhouse, fitness center, outdoor recreation area and a swimming pool.
On the interior, apartments will have open floor plans, stainless-steel appliances, oversized walk-in closets, full-size washers and dryers and custom crown moldings.
For parking, the company plans 14 parking garages and 481 parking spaces, with bicycle racks at each lot. Elevators will serve four-story buildings, while the three-story buildings will be walk-up apartments.
The Franklin Johnston Group also owns and manages the nearby Spring Water Apartments at the intersection of Northampton Boulevard and Diamond Springs Road. Last fall, the company opened the new Southern Pine luxury apartment community next to the Virginia Beach National Golf Club.
With 1,000 new apartment units in the development pipeline, the company said it has more than doubled the size of its $1.2 billion management portfolio since its founding four years ago, operating 12,000 units and 70 properties from Virginia to Georgia.
Courtesy of Virginia Business, September 12, 2017
