FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on a 70-unit multifamily project in Forked River, located along the Jersey Shore. The nine-building project represents the third and final phase of Cornerstone at Lacey, the first two phases of which delivered 118 units in one-, two- and three-bedroom formats across 15 buildings. Phase III, which also includes the construction of a new clubhouse, is slated for a late 2025 completion.
CHICAGO — Chicago-based multifamily developer and property manager Habitat has broken ground on OC Living Phase A2, the second multifamily building at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Scheduled to open in late 2025, the building will feature 75 units, 82 percent of which will be affordable. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 units will have market-rate rents. The City of Chicago invested $9 million for Phase A2, and 23 percent of the project’s total development costs are being covered by Chicago tax-increment financing funds. The three-story building will feature a mix of studios, one- and two-bedroom units. A planned third phase will consist of townhomes and multi-flat units with larger floor plans designed for families. Simultaneous with the groundbreaking, Habitat hosted the grand opening of the first residential building, OC Living. The four-story property features 23 studios, 60 one-bedroom units and nine two-bedroom apartments. A 45,000-square-foot commercial building completed in 2021 marked Phase I of the 10-acre development. The three-story building is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. Developed …
MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper. The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture. PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance. Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan. CRW Architecture & Design Group and BKV Group were …
JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income multifamily project in Jersey City. The property is located in the McGinley Square area and offers studio, one-, two- and three-bedroom units, more than half of which (50) are subject to income restrictions. Amenities include a children’s playroom, community lounge with a kitchenette and screening area, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed the project, and Sisca Northeast Associates served as the general contractor.
Standard Communities, River Caddis to Build $56M Affordable Housing Community in Kalamazoo, Michigan
KALAMAZOO, MICH. — Standard Communities, in a joint venture with River Caddis Development, will build River’s Edge, a $56 million affordable housing community in Kalamazoo. A public-private partnership for the project includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner. River’s Edge will feature 228 units, with 184 designated as affordable for those earning 60 percent or less of the area median income (AMI). The remaining 44 units are for residents with incomes under 120 percent of AMI. Affordability is made possible by Low-Income Housing Tax Credits. Located at 508 Harrison St. and 66 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The project will include two four-story multifamily buildings, a four-unit live/work building and a commercial building with a leasing office and resident amenities such as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail. The project marks Standard’s entry into the Michigan market.
Affordable HousingBuild-to-RentDevelopmentMixed-UseMultifamilyNorth CarolinaSingle-Family RentalSoutheast
Beechwood Carolinas Breaks Ground on 120-Acre Mixed-Use Development in Chapel Hill
CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use development in Chapel Hill. Located at 119 US Highway 15 501 S, the campus will comprise 92 apartments, 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. An estimated 15 percent of South Creek’s for-sale homes will be designated as affordable. Additionally, the property will feature amenities including a fitness center, multiple club and lounge areas, a dog park and firepits, as well as multiple electric vehicle charging stations and bike parking spaces. Beechwood Carolinas plans to begin vertical construction in early 2025.
MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.
ATLANTA — Lalani Ventures, owner of the historic Underground Atlanta development in downtown Atlanta, has formed a joint venture with New York-based Exact Capital to develop a $160 million multifamily high-rise project. The 30-story tower will feature a mix of 163 affordable housing units, with incomes restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments and community amenities. Lalani Ventures and Exact Capital are currently in the planning and design phases for the tower and have tapped architectural firm Niles Bolton to handle the unnamed tower’s design, engineering and permitting. The site for the tower is at Underground Atlanta’s fountain plaza, which is bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east and Upper Alabama Street to the south. The board at Invest Atlanta, the City of Atlanta’s economic development arm, voted yesterday to approve an inducement for a $40 million tax-exempt bond issuance to help finance the tower’s affordable housing units. The Invest Atlanta board will have an opportunity to review the project again before providing its final resolution in advance of the Lalani-Exact joint venture closing on its construction …
BALTIMORE — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The properties include College Parkway Place in Annapolis and The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore. Built in 1978, College Parkway Place features 170 apartments and will undergo extensive renovations to unit interiors. The property will serve households earning 50 percent or less of the area median income (AMI) and all apartments will receive federally funded rental assistance. The rehabilitation financing for College Parkway Place totals $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of federal Low Income Housing Tax Credits (LIHTC) and gap financing from the State of Maryland. The Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent seniors, including 47 apartments for residents earning up to 50 percent of AMI and 12 apartments for those earning up to 30 percent AMI. The property, set to come on line in October 2025, represents Phase II of the existing Irvington Mews development. The total development cost for the Greens at Irvington Mews II is approximately …
BLOOMINGTON, IND. — The Annex Group has opened The Annex of Bloomington, a $23 million workforce housing community located on South Grant Street in Bloomington. The property features 102 studio, one- and two-bedroom units across two buildings. The community is within walking distance of the Indiana University campus. Retail space on the first level is home to a new Bru Burger location from Cunningham Restaurant Group and Coffee Beanery. The project team included Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. STAR Financial Bank provided $18.1 million in funding.