WHAT WE DO
OUR PROJECTS
BIRCH HILL
ASHEVILLE, NC
Element Construction employs what it calls the “Developer-Builder” model which relies on continual hands-on collaboration between the development and construction teams driving significant value. This synergy not only streamlines communication but enables us to identify value-add opportunities throughout the lifecycle of a project. By integrating design and construction, we can apply just-in-time design considerations, crating tailored apartment communities that respond effectively to market needs. This intentional approach ensures project outcomes align with market demands, improving resident experiences and maximizing investment potential.
Additionally, we achieve significant cost savings compared to typical apartment projects. Our model eliminates risk premiums that inflate costs when developers rely on third-party general contractors. Traditional general contracting involves multiple subcontractors focused on mitigating risks while adding contractor profit margins to offset perceived risks.
THE DUKE
DOWNTOWN ASHEVILLE
Project Description: The project includes the construction of a new L-shaped apartment building over a podium, on-site parking and the adaptive reuse of the existing building for mixed-use purposes including brewery, coffeehouse, additional residential units, rooftop plaza, ancillary storage, leasing office and fitness center.
Investment Rationale: Asheville has seen considerable growth in recent years capitalizing on post- pandemic trends with in-migration fueled by flight from higher-cost cities to “lifestyle” locations in the Southeast. The Asheville apartment market has experienced nearly 50% rent growth since 2021. The market’s overall housing supply is constrained and there is very limited existing urban Class-A inventory in the downtown submarket. We believe Asheville will continue to see rapid growth and a shift to increased urbanization considering Asheville’s reputation as a premier “mountain town” in the Southeast; combining a vibrant downtown and limitless outdoor recreation opportunities.
Location: Premium urban location walkable to both downtown Asheville and the South Slope.
OZ Designation: Property is located in an Opportunity Zone and is eligible for tax advantages which could include deferral of recognition of capital gains invested into the project until December 31, 2026 and step-up in basis on new development.
Best-in-Class Amenities: Project will be the best amenitized apartment community in downtown Asheville featuring rooftop plaza with views of downtown and the surrounding mountains, courtyard garden and adjacent commercial space with brewery and coffeehouse.
ANNONDALE
ON SANTA FE | FAYETTEVILLE, NC
Kicked-off in 2023, this 400-unit apartment community is in Fayetteville, NC near the intersection of Bragg Blvd. and Santa Fe Drive. Despite nagging inflation and project-specific challenges, Annondale was completed ahead of schedule and under budget. Our dedicated, hands-on approach resulted in a vibrant community that exceeded initial design objectives while delivering exceptional value for our partners.
In this project, our joint venture partner provided the land, while Element managed every aspect of planning, development, and construction. From site layout design to final construction, our hands-on approach ensured a seamless transition through each phase, allowing us to create a tailored community that meets Fayetteville's specific market needs.
We led the rezoning, entitlement, and plan approval processes, utilizing our local expertise and relationships to successfully rezone the property for 400 apartment and townhome units. This proactive involvement streamlined the timeline, ensured regulatory compliance, and minimized potential obstacles, forging a clear path successful project execution.
