Kalikow Group enters $3.038m development JV

The Kalikow Group on behalf of KEP Le Grange, LLC has invested $3.038 million into the Woodland Trail Associates joint venture. The purpose of the JV is to develop and construct a 236-unit, garden-style apartment complex on 20 acres. Construction financing of $17 million will be provided by M & I Bank. "In these challenging economic times when so many jobs are disappearing, it's refreshing to be involved with a project that provides housing associated with job creation," said Edward Kalikow, president and CEO of The Kalikow Group. "Kia will be building moderately-priced vehicles, which will work in today's economy. The Kalikow Group will be supplying affordable quality rental housing to its employees that will live in proximity to the plant." The project will provide homes for some of the thousands of workers to be hired by Kia Motors Corp. and its suppliers. The auto maker is building a new $1.2 billion auto manufacturing facility to be open by the end of this year. The plant will be seven miles from the Woodland Trails property. The two-million s/f facility on 3,300 acres will manufacture 300,000 cars a year and the plant and suppliers are expected to create approximately 6,000 jobs in the west Georgia and Alabama region.