Niceville-based land developer Peter Bochinno confirmed to Mid Bay News his company, Marin Development, will break ground on a $75 million apartment complex after almost five years of waiting and hoop-jumping.
The Enclave at Deer Moss Creek, a 304-unit apartment complex of mostly one and two-bedroom apartments, will rest on a piece of land adjacent to Spence Parkway – at the edge of the Deer Moss Creek subdivision.
“It’ll help with housing,” said Realtor Tracy Jennette, “by no means is it affordable housing though. It’s going to stretch our police and fire. We’re going to have to expand those services. It will also have a big impact on the school district, too.”
Barring storms or other delays – Bochinno says the complex will be completed by February of 2025. Plan to see new tenants in the building before that, though. As the builders construct individual parts of the complex, they will open up to renters.
An email was sent out to Deer Moss Creek HOA members in response to the rumors that building would begin soon.
In the email, Carmen Sounders of Panhandle Management, the organization that provides property oversight for Ruckel Properties, told residents the apartments would be built at least 120 feet from the nearest planned home in the development. Souders added several setbacks, and utility easements would ensure separation between the two subunits of the development. “I hope this answers questions and relieves concerns,” Souders added.
Approximate location of The Enclave at Deer Moss Creek.
“Rents will be extremely high,” Bochinno said over the phone. He chalks the pricing up to simple supply and demand. “There is nothing to rent in Niceville,” he added. Bochinno did not want to give away what he would set rents at – though he did say he had projections he wanted to keep close to the vest. He said he wanted to avoid promising one number and becoming victim to a fluctuating market.
While the rents will go for a pretty penny, the amenities will be second-to-none. He said the apartment complex will be gated and have stainless steel appliances and granite countertops in the units. In the common spaces, tenants will have access to fire pits, grills, a pool, a 7,000-square-foot clubhouse, a meeting space, and a gym.
Although you will see construction in the area, the builders will not use Deer Moss Loop through Phase One and Two of the Deer Moss Creek residential construction area. “[builders and supplies] will come to the site from Spence Parkway.
Several years ago, when the project was approved by the planning and zoning commission and then by the Niceville City Council, the main concern was the additional traffic the project would bring into the city. “But it’s something the city has to deal with and adapt to,” Jennette, a Planning and Zoning Commission member, added; “we’re just growing.”
In most cases, one might think that more supply would equal a reduction in demand and lower prices – but this probably won’t be the case, Jennette added. She says that the apartment and single-family housing markets are different and that the demand for apartment housing will be the only category affected. Single-family home prices probably won’t see much of a fluctuation in pricing due to the development.
@midbaynews 🚧 Breaking Ground Alert 🚧 A new 304-unit apartment building is coming to Niceville’s Deer Moss Creek! 🌳🏢 After almost 5 years of waiting, Marin Development is set to begin construction on the $75 million Enclave at Deer Moss Creek. While it's not affordable housing, the new complex will offer luxury amenities such as a gated community, fire pits, grills, pool, clubhouse, meeting space, and gym. But with high demand and limited rental options in the area, rents are expected to be steep. 🤑 Stay tuned for updates as Favergray construction gets to work! #DeerMossCreek #NewApartmentComplex #LuxuryLiving #HighDemand #NicevilleFL ♬ original sound - Mid Bay News
Once Marin Development Inc breaks ground on the building, subcontractors will begin to clear the site for construction. Then, the builders will create roads inside of the parcel of land where the complex will go. The builders will then construct the clubhouse and pool area and begin building the individual apartment towers.
The general contractor on the project is Favergray construction. The Jacksonville-area based construction company has hundreds of projects throughout the Southeastern United States. HEDK Architects, out of Dallas provided the concepts and architecture and Fort Walton Beach firm Jenkins Engineering provided the civil engineering work. Financing is provided by Harbor Capital in Destin.