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Kansas City Current Plans $800M Riverfront Mixed-Use Development

by Jeff Shaw

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. The development follows completion of CPKC Stadium, a women’s soccer stadium that seats 11,500 people, in March. According to the project team, the $120 million venue is the first soccer stadium to be designed and built exclusively for women. Partners for the mixed-use project include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The stadium will anchor the mixed-use district, along with Berkley Riverfront Park and the Missouri riverfront. The development will feature hundreds of multifamily units, food and beverage offerings, and new public recreational spaces such as a new town square and a riverfront promenade. The public areas will be programmed with family-friendly events like movie nights, food festivals, fitness classes and live music. Additionally, 10 percent of all residential units across all phases of the project will be set aside for tenants earning up to 50 percent of the area median income. “Kansas City was founded at the confluence of the Missouri and Kansas Rivers,” says Angie Long, co-founder and co-owner of the KC Current. “With the …

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Constellation-Eldridge-Houston
DevelopmentIndustrialMarket ReportsTexasTexas Market Reports

Combination of New, Old Factors Reinforce Appreciation of Industrial Growth Drivers in Texas

by Taylor Williams

The more things change, the more they stay the same. More than 150 years after the old French proverb was coined, industrial real estate professionals in Texas who have a penchant for philosophy may well be seeing its application play out in real time.  While the industrial market has cooled from 2021 and early 2022, when insatiable demand drove record rent growth, there are still enough positive fundamentals within the space to counteract the likes of inflation, interest rate hikes and geopolitical uncertainty during an election year. Against that backdrop, owners and brokers are frequently reminded of how fortunate they are to be doing business in the Lone Star State. Muchos Gracias Job and population growth are the Letterman guests who need no introduction, as they have always driven expansion and value creation in Texas across all sects of commercial real estate.  But as powerful as those drivers are, they’ve been there all along. In recent years, as disruption in debt markets has slowed industrial supply growth and inflation has put pressure on tenants’ costs of occupancy, other macro-level forces have also emerged to buoy the market. Specifically, the impacts of a growing concentration of manufacturing operations in Mexico have …

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DevelopmentFloridaMixed-UseSoutheast

City of Orlando Approves 8.5-Acre Downtown Sports and Entertainment District

by John Nelson

ORLANDO, FLA. — The City of Orlando has given final approval for the development of the sports and entertainment district situated on 8.5 acres adjacent to the Kia Center (formerly Amway Center), home arena of the NBA’s Orlando Magic. The co-developers, SED Development LLC, JMA Ventures LLC and Machete Group, recently named the project Westcourt. The developers plan to break ground on the 900,000-square-foot mixed-use development later this year. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The development will include a 260-room hotel, 270 residential units, 3,500-seat live entertainment venue, Class A offices, restaurants, shops, 1,140-space parking garage and a 1.5-acre outdoor green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

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Affordable HousingDevelopmentGeorgiaLoansMultifamilySeniors HousingSoutheast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

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DevelopmentDistrict of ColumbiaLeasing ActivityOfficeRetailSoutheast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

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DevelopmentIndustrialTexas

March Capital Management to Develop 900,000 SF Industrial Project in Creedmoor, Texas

by Taylor Williams

CREEDMOOR, TEXAS — San Francisco-based development and investment firm March Capital Management will develop 45 Logistics South, a five-building, 900,000-square-foot industrial project in Creedmoor, about 20 miles south of Austin. The site is located adjacent to I-45 and just east of I-35. Construction of the first phase of the project, which will consist of two buildings totaling approximately 400,000 square feet, is set to commence in the coming days. Deutsche Bank is financing the development.

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DevelopmentIndustrialOfficeTexas

Alterman Debuts 190,000 SF Headquarters Campus in Live Oak, Texas

by Taylor Williams

LIVE OAK, TEXAS — Texas-based electrical contractor Alterman has debuted its new 190,000 square-foot first headquarters campus in the northeastern San Antonio suburb of Live Oak. The 20-acre site is located at intersection of Loop 1604 and I-35, and the campus consists of a 100,000-square-foot logistics and manufacturing building and a 90,000-square-foot office building. Studio8 Architects designed the campus, and Whiting-Turner Construction served as the general contractor. Construction began in fall 2022.

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DevelopmentIllinoisMidwestOffice

Principle Construction Completes Renovations for Veolia Water Technologies Facility in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Principle Construction has completed several facility renovations for Veolia Water Technologies HPD Plainfield Offices. Veolia, which is a water and wastewater treatment company, maintains its 42,000-square-foot office at 23561 W. Main St. Principle originally designed and built the property in 2001 for Avgeris and Associates, which leased the building to Veolia. Principle completed interior and exterior renovations to both the headquarters office building and the research and development building. Archideas Inc. was the architect.

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DevelopmentOfficeTexas

Bradford Completes $6.5M Renovation of Meadow Park Tower in North Dallas

by Taylor Williams

DALLAS — An affiliate of locally based firm Bradford Commercial Real Estate Services has completed the $6.5 million renovation of Meadow Park Tower, a 262,799-square-foot office building in North Dallas. The project delivered new HVAC systems and electrical infrastructure, as well as upgrades to amenity spaces, which include an outdoor tenant lounge with a putting green, conference center and a fitness center. Common areas like elevators and restrooms were also enhanced.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Breaks Ground on 56-Unit Affordable Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between OCI Development, an affiliate of Atlantic Pacific Cos. and Opportunity Home San Antonio has broken ground on Vista at Reed, a 56-unit affordable housing project on the city’s west side. Vista at Reed will feature two- and three-bedroom units. Rental prices will range from $398 to $1,380, and 55 units will be set aside for residents earning up to 60 percent of the area median income. Residents will have access to various social services including financial literacy and health awareness classes. PNC Bank provided construction financing for the project, completion of which is slated for early 2025.

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