More Verandas underway for $29M project trifecta

Just off completing the $15 million Verandas apartments in far south Springfield, the Coryell family is developing two other residential properties across the street.

Combined, the Verandas projects represent nearly $29 million in multifamily development across an adjoining 11 acres near South Campbell Avenue and Plainview Road. The latest additions are 11 town houses dubbed Villas at Verandas and a 55-plus community known as Verandas Vistas Apartments.

Dan Coryell, vice president of operations for TLC Properties, said the family identified two factors before starting the new developments.

“Our apartment neighbor to the north, Weaver Creek, has always had very good occupancy,” he said. “Springfield and Nixa are becoming more intertwined every year. We felt that was a good area in the southwest part of town to accommodate those needs.”

Coryell Enterprises Inc. crews this morning are putting finishing touches on the 17,500-square-foot town house project, while across the way cranes are assisting contractors on the second story of one of the Vistas buildings.

Coryell said the $2 million town house development will be ready for occupancy April 15. Though they’re preleasing the two- and three-bedroom units – which range from $1,895 to $2,195 per month – he said there are no signed occupants.

“For that level of townhome housing, people are going to want to see the units, and we haven’t been able to show since they’re still under construction,” he said.

At the 162-unit Verandas apartments, occupancy is on track with projections, Coryell said.

“As of today, we’re 81.5 percent occupied. We just completed the project in December,” he said. “We’re on pace to fill up by May or June this year. It takes about a year to get to a healthy, stable occupancy.”

Coryell Enterprises’ newly formed Team C Construction LLC is general contractor for the $11.4 million Vistas senior community, Coryell said. With 120 units, it’s slated to be complete in April 2019.

Once finished, TLC Properties would have 3,740 units under management across 25 properties in its portfolio.