Milhaus to Build First Multifamily Project in Babcock Ranch, America's First Solar-Powered Community

Milhaus closes on $91 million residential apartment community outside Fort Myers with BMO Harris Bank providing the senior construction financing.

INDIANAPOLIS (January 11, 2022) – Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, has closed on a multifamily development within Babcock Ranch, a Kitson & Partners master-planned community. Named “Canopy at Babcock Ranch,” or Canopy, the $91 million Qualified Opportunity Zone (QOZ) development will be located at 17174 Curry Preserve Drive, just northeast of Fort Myers off State Road 31.

Created by Kitson & Partners with respect for the natural environment and the philosophy that smart growth and sustainability work hand-in-hand, half of Babcock Ranch’s 18,000-acre footprint is set aside as greenways, parks and expansive lakes, providing recreation and scenic backdrops for homes and the Founder’s Square downtown district. Milhaus is participating in the execution of this vision through Canopy, the community’s first multifamily offering.

All Babcock Ranch lands, including Canopy, are within a Qualified Opportunity Zone, established by the Tax Cuts and Jobs Act of 2017. QOZs seek to spur economic development and job creation by incentivizing private, long-term investment. Canopy is Milhaus’ ninth project in an Opportunity Zone, adding to the company’s leading portfolio of approximately $500 million in QOZ assets across nine single-asset Qualified Opportunity Zone Funds.

“Babcock Ranch’s community development has been in the works for quite some time, and we are excited to establish the first multifamily community as the greater town comes to fruition,” said Tim Johnson, Vice President of Development at Milhaus. “With the community’s sustainable practices combined with its location and focus on creating a vibrant and interactive neighborhood, we think future residents and the community will be thrilled with the added benefits of Canopy.”

As part of the community’s commitment to sustainability, Babcock Ranch is powered by 150 megawatts of solar energy with 10 megawatts of battery storage on 880 acres at the Babcock Ranch Solar Energy Center run by Florida Power & Light Company (FPL) on land donated by Babcock Ranch.

“We are excited to partner with Milhaus on this project and be a part of Babcock Ranch’s growing master-planned community. We anticipate that this will be a highly sought-after development with its sustainable practices and rich amenities,” said Alex Webster, Vice President, Commercial Real Estate, BMO Harris Bank.

Located on 50-acre Lake Bullhorn, Canopy will offer 373 studio, one-, two- and three-bedroom apartment units. Residents will have easy access to Babcock Ranch’s parks, trails, lakes and green spaces, including Jack Peeples Park, which features tennis, pickleball and bocce ball courts, a full basketball court and a community field. Canopy residents will also enjoy close proximity to Founder’s Square, Babcock Ranch’s walkable downtown with shops, restaurants, outdoor recreation areas and a lakeside boardwalk and band shell.

Canopy residents will also enjoy proximity to Crescent B Commons, the recently opened, Publix-anchored shopping center where several restaurants and service businesses will be joining the grocery store soon.

Being the first multifamily community within the neighborhood, Milhaus envisions Canopy as a place where community, nature and technology come together to make a one-of-a-kind retreat and model for future sustainable living spaces within the community and beyond.

Milhaus is partnering with Dwell Design Studio, DeAngelis Diamond construction, Beasley & Henley Interior Design and Kimley Horn to bring its sixth Florida community to life.

Founded in 2010, Milhaus exclusively targets secondary markets across the Midwest and Sunbelt. The company’s current portfolio includes over 6,500 units in more than two dozen properties across 11 states. For more on Milhaus, visit www.milhaus.com.

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$988 billion as of Oct. 31, 2021.