Could some of the most in-demand housing markets be cooling off?
Calif.-based Reno Contracting, Coyle Residential enter apartment joint venture
Reno Contracting has formed a joint venture with Coyle Residential, a full-service general contractor specializing in high density, multi-family apartments, mixed use, condominiums design coordination, budgeting and turnkey construction.
Reno Contracting, Coyle Residential, California, apartments, joint venture
Reno Contracting has formed a joint venture with Coyle Residential, a full-service general contractor specializing in high density, multi-family apartments, mixed use, condominiums design coordination, budgeting and turnkey construction. Under the agreement, Reno and Berkeley, Calif.-based Coyle will work on a project-specific but ongoing basis, combining their respective specialties on large-scale multi-family and mixed-use projects.
The joint venture offers Reno the opportunity to broaden its scope of services by entering the residential building sector, as well as a new geographic market, in Northern California. Since 1993, Reno Contracting has managed more than $1 billion in diverse, ground up construction, while specializing in build-to-suit services for clients in the commercial, industrial, municipal and military sectors. The firm also has significant experience delivering successful solar PV, sustainable construction and tenant improvement projects.
Coyle Residential has 30 years of executive management, project design and construction management experience of more than 10,000 units of complex, large scale for rent and for sale multi-family, mixed use and single-family developments.
The first project of the joint venture is a 271-unit, four-story multi-family apartment building, with a 5.5-story parking structure and related site infrastructure located in San Jose. Demolition is near completion and site improvement and building construction are scheduled to begin in April 2012. The project is expected to take 24 months to complete, with a construction value of approximately $43 million.
"Our alliance with Coyle Residential is a forward-looking step for both of our firms. It will provide yet another stabilizing foundational leg under Reno Contracting, necessary for continuing progress and the success of the next generations of stakeholders. At the same time, it provides Coyle Residential with a strong foundation of Reno's bonding and financial strength along with its proven processes and procedures," said Reno President Walt Fegley.
Additional projects beyond the inaugural collaboration are expected in the future.