Development Associates, Inc (DAI), GA

 

Development Associates, Inc. (DAI) – Invest with Us

 

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ABOUT DAI

For over 30 years, Development Associates, Inc. (DAI) has invested in, developed, and built a wide range of well positioned real estate assets throughout the Southeast. Based in Savannah, Georgia, DAI is one of the area’s  most prominent commercial real estate development firms and has successfully developed a wide variety of product including commercial business parks, Class A office buildings, retail centers, apartment complexes, residential neighborhoods, distribution warehouses, and miscellaneous projects such as a golf course and an airplane hangar.

Operating as a small firm has allowed us to adapt to the changes in our market as we continue to focus on our core competencies to create value for our investors and partners. Future real estate trends are often difficult  to predict, but as savvy investors and developers we are constantly searching for opportunities to create value.

KEY PERSONNEL

Michael J. Kistler
Founder & President
Principal

Michael J. Kistler grew up in Lyons, Michigan and graduated from Central Michigan University in Mt. Pleasant, Michigan in 1973, followed by Thomas M. Cooley Law School in East Lansing, Michigan, graduating in 1976 with a J.D. degree. He was admitted to the State Bar of Michigan in 1976.

Kistler practiced law in Lansing, Michigan for approximately five years. While practicing law, Kistler became involved in investing and developing commercial real estate. In 1980, he joined First Centrum Corporation, a regional real estate development company specializing in low income housing development. While at First Centrum, Kistler first served as corporate counsel and then moved to Atlanta, GA to become President of the Southeast division. During his time at First Centrum, Kistler was involved in the development of 35 low income apartment complexes.

In 1983, Kistler formed his own development company, Development Associates, Inc., and developed apartment projects through the FmHA 515 program in both Georgia and South Carolina. In 1986, he partnered with a  general contractor based in Savannah, GA and formed the NorSouth Corporation. During this time, NorSouth developed approximately 40 apartment complexes throughout the Southeast while also becoming involved in  several large conventional tax credit projects. In 1990, Kistler sold his 50% interest in NorSouth to his partner who still operates the mixed-income multifamily development firm – one of the most successful such firms in the Southeast.

Since the mid 1990’s, Kistler has been heavily involved with the growth and development of Western Chatham County, developing the Savannah Park of Commerce, Southern Oaks Business Center, Woodlands Financial Center, Pooler Park of Commerce, Highlands Park of Commerce, and Towne Lake Park of Commerce as well as several office and retail properties and Crosswinds Golf Club, located at the Savannah International Airport.

 

Guy P. Davidson
Vice President
Principal

Guy P. Davidson grew up in Savannah, Georgia and graduated from the University of Georgia in 2003, earning a B.B.A. in Finance from the Terry College of Business. Upon graduation, he formed a real estate investment company focused on buying and renovating distressed single family properties. Shortly after forming this investment company he met Kistler, who offered to become a mentor and gave Guy an opportunity to join DAI in 2004 to help grow the company’s real estate portfolio. Since joining DAI, Guy has acquired a deep understanding of the commercial real estate development business from the ground up under Kistler’s guidance and now  runs the day to day operations at DAI. His primary responsibilities include deal analysis, project development from conception through stabilization, construction management, government relations, and sourcing new opportunities for the company.

 

Katherine K. Chancy
Property Manager & Real Estate Agent

Katherine K. Chancy grew up in Savannah, GA and graduated from Mercer University in 2003 with a B.A. in Marketing. She began her professional career with Flag Bank in Atlanta working in their marketing department.

When the opportunity to return home to Savannah presented itself in the form of an offer from First Chatham Bank, she accepted a position in their marketing department and moved back to Savannah in 2005. When DAI  decided to form an in-house Property Management division in 2007 to handle their growing real estate portfolio, Katherine was offered the opportunity to join the company to head up DAI’s new Property Management division. She is currently more than halfway through the licensing requirements needed to become a Certified Property Manager (CPM). When finished, Katherine will hold the only CPM license in the Lowcountry specializing in office and commercial properties.

PORTFOLIO

INDUSTRIAL
MORGAN CENTER The Morgan Center is a 150 acre light industrial distribution park located on Pooler Parkway in Pooler, GA. 75 acres have been sold, and 63 acres remain for sale.
TRADEPORT INDUSTRIAL Tradeport Industrial Center is 61 acre distribution park at the corner of Jimmy Deloach Pkwy and Benton Blvd in Chatham County, GA. This project consists of 2 buildings totaling 870,000 sf of warehousing space. Building 100 is a fully leased 250,000 sf cross dock warehousing facility that was developed in 2007. Building 200 is a 400,000 sf cross dock warehousing facility that was developed in 2008 and is currently available for lease.
LAND
POOLER PARK OF COMMERCEThe Pooler Park of Commerce is a 68 acre office park located on Pooler Parkway in Pooler, GA. This project commenced in 1999 and the last lots were sold in 2007.
WOODLANDS FINANCIAL CENTER Woodlands Financial Center is a 40 acre business park located on Chatham Parkway near Interstate 16. This project was developed simultaneously alongside Southern Oaks Business Centre and the last lots were sold in 2006. Southcoast Medical Group and several other local businesses are located within the  park.
SOUTHERN OAKS BUSINESS CENTRE Southern Oaks Business Centre is a 45 acre business park located on Chatham Parkway near Interstate 16 in Savannah, GA. This project commenced in 1997 and the last lots were sold in 2006. This business park is home to BellSouth, Frito-Lay, US Customs, Labcorp, Pace Lighting, Stagefront Productions, and many other local businesses.
SAVANNAH PARK OF COMMERCEThe Savannah Park of Commerce is a 100-acre business park located at the Chatham Parkway interchange along Interstate 16 in Savannah, GA.  This project was developed in 1994 and divided into 33 commercial lots. DAI has since sold 32 of the lots and is holding the sole remaining lot for another 40,000 sf Class A office building to complement the adjacent 9 & 17 Park of Commerce buildings. This park has become one of the most prestigious addresses in the Savannah business community and counts several automobile dealerships: Chatham Parkway Toyota, Savannah Subaru, KIA Country of Savannah, and Southern Motors Acura along with Thomas and Hutton Engineering, Deemer Dana & Froehle, New York Life, ZIM Integrated Shipping, Comcast, Ferguson Enterprises and IKON Business Solutions as some of its clients.
OFFICE
9 PARK OF COMMERCE 9 Park of Commerce is a 28,000 sf Class A office building located on Chatham Parkway in Savannah, GA. This office building shares a parking lot with its cousin building: 17 Park of Commerce. The central location, concrete tilt-up panel construction, and high quality interior finishes set these two office buildings apart from any competition in the market. This project was completed in June 2009 and is fully leased. The buildings current occupants are New York Life Insurance Company and the General Services Administration (GSA).
AMERIBANK PLAZA Ameribank Plaza is located in Savannah, GA. This 13,000 sf office building was constructed in 1997. We currently have limited space available for lease within this building. Please contact us for more details.
TOWNE LAKE PROFESSIONAL PARK Towne Lake Professional Park is a 10 acre office development with 75,000 sf of planned office and medical space. The first of seven buildings  was a build to suit for the Towne Lake Dental Group in 2008. The remaining six pads are ready for immediate construction and are available for lease, for sale, or build to suit.
STEPHENSON FINANCIAL CENTER Stephenson Financial Center is located in Savannah, GA. These two 10,000 sf office buildings were constructed in 1998 and are currently fully leased.
NEWSOUTH BUILDING The Newsouth Building is a 44,000 sf office building located on Bay Street in Augusta, GA. This property was purchased in a sealed bid sale through the Resolution Trust Corporation (RTC) in 1992 for a small fraction of the building’s outstanding debt. Since acquisition, DAI has improved occupancy rates to a stabilized rate above 85% with the majority of tenants occupying spaces in excess of 5 years.
17 PARK OF COMMERCE 17 Park of Commerce is a 40,000 sf Class A office building located on Chatham Parkway in Savannah, GA. This office building shares a parking lot with its  cousin building: 9 Park of Commerce. The central location, concrete tilt-up panel construction, and high quality interior finishes set these two office buildings apart from any competition in the market. This project was completed in early 2008 and is 82% occupied.
TOWNE LAKE PARK OF COMMERCE Towne Lake Park of Commerce is a 42 acre retail and business park located on Pooler Parkway in Pooler, GA. This commercial business park has great access and visibility from Pooler Parkway and all roads and utilities have been constructed. The remaining 13 acres available for sale are zoned heavy commercial (Pooler  C-2 Zoning).
RESIDENTIAL
ROBBIE ROBINSON HOMES Robbie Robinson Homes was an investment consisting of 27 multi-family buildings with 92 rental units located in downtown Savannah, GA in the Historic  District. In addition to the real estate, DAI acquired low income tax credits, which were attached to the property. This investment was purchased from the mortgage provider after they foreclosed on the previous developer’s mortgage. DAI acquired this asset in 1995 and sold all of the units after holding the buildings for 5 years. During the ownership period,  DAI replaced the property’s management, brought the property to a nearly 100% occupied status, and effectively utilized all available tax credits attached to the property.
NORSOUTH APARTMENTS Development Associates, Inc. was originally formed in 1983 to develop apartment projects through the FmHA 515 program in both Georgia and South Carolina. In 1986, after developing and building several projects, DAI partnered with a general contractor based in Savannah, GA and formed the NorSouth Corporation. During this  time, NorSouth developed over 40 apartment complexes throughout the Southeast while also becoming involved in several large conventional tax credit projects. In 1991, DAI sold its interest in NorSouth which is still to this day one of the most successful mixed-income multifamily development firms in the Southeast.
CROSSWINDS GOLF CLUB Savannah Magazine rated Crosswinds as Savannah’s “Best Golf Course” in 2008. The facility consists of a clubhouse, full service restaurant, conference  rooms, driving range, an 18 hole championship course, and the region’s only 9 hole Par 3 course featuring night golf. Reserve your next tee time right now at  CrosswindsGolfClub.com
RETAIL
PARKWAY PLAZA Parkway Plaza is a 16,000 sf retail center located on Chatham Parkway in Savannah, GA. This project was constructed in 2002 on an outparcel within the Savannah Park of Commerce.
MOON RIVER BREWING COMPANY The Moon River Brewing Company building is located on historic Bay Street in downtown Savannah, GA. Through the years, the building has had many transformations including one of the city’s first hotels, as well as a post office, bank, and bar. Moon River Brewing Company has occupied the building for over 10 years and continues to brew several varieties of delicious craft beer. More information can be found at MoonRiverBrewing.com.

For more information on this developer, visit their website: www.daicommercial.com

For current investment opportunities with Development Associates, Inc. click here.