An investment group recently announced plans to build Waterstone at Navarre, a $30-million, four-story, potential 250-unit apartment complex, at the intersection of Joybrook Road and U.S. Highway 98.
“Our goal is to win an NAAD award with this,” said Greg Fountain of Navarre-based Fountain Design Build. He called the project an “upscale” community with 300- to 600-feet of buffering on three sides to set it apart from surrounding neighborhoods. Amenities will include elevators, extensive landscaping, an exercise room, pool and walking paths.
For the last 18 months, Fountain has been working with Tapestry Group Inc., a nonprofit foundation that, according to its Web site, “recognizes the need to lessen the burdens of government by enhancing positive social welfare through financing of acquisition or construction of facilities.” The housing advocates can use tax-exempt bonds to finance projects, keeping costs lower for tenants.
For more on this story and to see a rendering of the project, see the Aug. 13 issue of the Navarre Press or subscribe online.