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Terwilliger Pappas In Talks To Develop Solace Interlock

The site for The Interlock mixed-use project in West Midtown

A Southeast multifamily developer is expected to join a major West Midtown mixed-use project with new upscale apartments.

Terwilliger Pappas is in talks to develop a 350-unit luxury apartment complex called Solace Interlock that will be part of the $450M mixed-use project at Howell Mill Road and 14th Street.

Armada Hoffler Properties CEO Louis Haddad identified Terwilliger Pappas during an earnings call with investment analysts earlier this week. Interlock, which reportedly captured WeWork for 100K SF in its office portion, is a project being co-developed by Armada Hoffler, Georgia Tech and S.J. Collins totaling 300K SF. Georgia Tech Ventures will lease some 50K SF of office space as well.

Haddad said the apartments would deliver by the end of 2020.

"We expect the finalized negotiations with Terwilliger Pappas over the next few weeks and expect groundbreaking on the entire Interlock complex in the current quarter," he said.

The company also is expected to extend a $20M mezzanine loan to Terwilliger Pappas as part of the deal, Haddad told analysts.

"In terms of development opportunity, short of something like the Great Recession, the opportunities in the good markets are there, and like I said before, we feel really strongly about Charlotte and Charleston and Nashville, Atlanta and the like," he said.