NEWS

NRI AND THE ROBERT WEILER COMPANIES PARTNER IN NORTHSTAR COMMUNITIES

February 2nd, 2009
COLUMBUS, Ohio, – February 2, 2009… Columbus-based Nationwide Realty Investors (NRI)and Columbus-based The Robert Weiler Companies announced today that they have closed on a deal whereby they have become equal partners in Northstar Communities. NRI President and COO Brian J. Ellis and Robert Weiler made the announcement.
Located in Delaware County (Columbus) just north of Polaris near I-71 and US 36-37, the 1,727 acre Northstar Communities already includes a 400 acre, 18-hole resort golf course (not included in the deal), and will eventually include up to 832 single family homes, two condominium projects, 1.5 million square feet of commercial (retail and office) space and 810 acres of green space including walking paths, ponds, water features and parks.
“This is a highly complimentary partnership and a well thought out project,” said Ellis. “The location is ideal and we clearly share Weiler’s vision for a project that is driven by lifestyle, focused on ‘community’ and that truly creates a sense of place.”
The partnership between NRI and The Robert Weiler Company is one that reflects outstanding residential and commercial development experience and powerful financial strength. The Robert Weiler Company will continue to manage the day-to-day operations of Northstar Communities. NRI will work side-by-side with The Robert Weiler Companies
with regards to all strategic planning decisions and will serve as the lead in the development of the retail and office components of the project.
The new partnership reflects equal interests for both NRI and Weiler in the two entities that own the project; Northstar Residential Development, LLC and Northstar Commercial Development, LLC.
The deal closed in January.
PDF

To read the complete article, download the pdf.