Salt Lake City—Lotus Development is expanding its national multifamily development platform and project pipeline into Florida through a merger with 3rd Wave Development, to form Lotus Southeast.
“Our team has a vision to bring best-in-class multifamily properties, for a myriad of income levels, to communities throughout the State, and ultimately the Southeast” said Lotus Company CEO, Bryan Wrigley
Lotus Southeast will be headquartered in Orlando, Florida initially. Chuck Hollis, with a career spanning two decades in real estate development and robust political and brokerage relationships in the Florida market, will serve as Managing Director of the new division. Leveraging the vertically integrated support of the experienced Lotus Development team, Lotus Southeast is well positioned to craft socially engaging and meaningful spaces, maintaining the community-driven focus that is at the core of their renowned deliverables.
Groundbreaking for Lotus Lake Monroe is scheduled for late summer 2024 in Sanford, Florida. Boasting a 277-unit, Class A community situated with frontage directly on Lake Monroe, along the riverwalk of the beautiful St Johns River. Through this first collaboration, Hollis said “There was an immediate synergy between the team, which quickly scaled to include 3 more signature sites”.
“The alignment between our two organizations couldn’t be more natural. We’ve been mindful to structure our pursuits such that our combined team is positioned to deliver much needed housing in key markets, at a point in the cycle where current supply levels have been largely absorbed. However, we take a long-term investment approach,” added Hollis.