Michaels Organization Set to Break Ground in Davis
The Michaels Organization, a national leader in residential real estate, and its partners, Kyuden Urban Development America and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), are poised to break ground on a new multifamily housing community featuring ground-floor commercial space in Davis.
The $88-million development, branded “The Lumberyard,” will rise on the former site of Hibbert’s Lumberyard and Hardware Store at the intersection of G and 5th Streets in downtown Davis. The five-story mid-rise will offer 239 apartments, 5% of which will be set aside for households earning 50% or less of the Area Median Income.
This is Michaels’ first partnership with Kyuden Urban Development America and JOIN USA.
“We are excited and thankful for the opportunity to partner with Kyuden and JOIN on this transformative development,” said Michael Flannagan, Michaels’ CIO. “Working alongside their teams to reach this financial closing has been a wonderful experience, and we are thrilled to officially break ground and begin the journey of bringing The Lumberyard to life alongside such dedicated partners.”
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