MARBLE FALLS, TEXAS — Rockspring, a Houston-based development and investment firm, is underway on The Highlands, a 254-acre mixed-use development in Marble Falls, about 50 miles northwest of Austin. Plans for the master-planned community currently call for an array of residential uses, including single-family homes, apartments and townhomes, as well as commercial space and parks/open green spaces. Rockspring has closed on a $28.2 million construction loan and is in the process of finalizing a public infrastructure development bond with the City of Marble Falls to finance predevelopment and sitework, costs of which are projected to exceed $70 million.
ATHENS, GA. — Core Spaces has broken ground on Hub Athens Dougherty, a 1,656-bed student housing development located near the University of Georgia campus in Athens. The community will offer 536 units in studio through five-bedroom configurations. Shared amenities will include study lounges, group study rooms, fitness and wellness areas and a resort-style rooftop pool. Core Spaces is partnering with Athens-Clarke County on several public benefit initiatives as part of the development, including a 400-space public parking deck; 16,000 square feet of retail space; the addition of water/sewer infrastructure that will facilitate new affordable housing development; enhanced streetscapes; the preservation and revitalization of the existing historic Foundry building; the relocation and reconstruction of the historic Hoyt House; and the addition of a new public plaza. The development team for the project — which is scheduled for completion in 2028 — includes Mallory & Evans, JNS Realty, Northworks Architects, Studio BNA and Harken Interiors. Construction is being led by a joint venture between Core Spaces and Juneau Construction Co. TSB Capital Partners arranged an undisclosed amount of construction financing for Core Spaces through Affinius Capital.
NORMAN, OKLA. — Gilbane Development has broken ground on a 756-bed student housing project in Norman, home of the University of Oklahoma. The 33-acre site is located less than a mile from the university’s campus, and the community will feature 298 units in addition to a landscaped open-space amenity area and onsite parking. Gilbane is developing the project in partnership with California-based Coleraine Capital Group. Santander Bank and Fifth Third Bank are financing construction, which is expected to be complete in time for the fall 2028 semester.
LOS ANGELES — Sony Pictures Entertainment (SPE) and Alamo Drafthouse Cinema have announced plans to reopen and restore Cinerama Dome, a historic move theater located on Sunset Boulevard in Hollywood. Opened in 1963, it is the world’s first all-concrete, geodesic dome that features an 86-foot curved screen. Following a six-year shutdown that began during the COVID pandemic, the Dome will undergo restorative renovations starting next month through early 2028. Alamo Drafthouse Cinema will operate the movie theater. As part of the deal, SPE will also reopen the adjacent 14-screen theater complex, formerly ArcLight Cinemas, as an Alamo Drafthouse Cinema. The theater will offer Alamo Drafthouse presentations and dine-in services, curated programming, revival screenings, events, designated karaoke rooms and fan celebrations. In addition, the complex will retain 35mm capabilities to showcase archival film prints and house multiple screens with immersive audio and 4K laser projection, including 70mm capabilities. In 2015, Alamo Drafthouse restored San Francisco’s historic New Mission Theater — now called the Christopher Nolan Cinema — transforming a 20-year vacant landmark into one of the city’s premier destinations for film. Alamo Drafthouse’s restoration of the theater preserved the famous Art Deco façade and historic architectural details, including that of the original …
DES MOINES, IOWA — Foss & Co., a tax credit syndicator, has secured financing for the Financial Center, a 25-story office tower in downtown Des Moines. Developed by Lawmark Capital, the project will convert the building into 209 market-rate apartment units and 152,000 square feet of commercial space, generating approximately $14.6 million in 2026 federal Historic Tax Credits. Constructed between 1973 and 1974, the Financial Center was the tallest building in Iowa upon its completion. The conversion plan will transform a portion of floors one through three and all of floors four through 18 into residential units. Resident amenities will include a golf simulator, fitness center, rooftop deck with a pool and direct access to Des Moines’ 4.2-mile downtown skywalk system.
ELGIN, ILL. — Principle Construction Corp. has completed a truck maintenance and warehouse facility for Orozco Trucking at 2580 Mason Road in Elgin. The build-to-suit project provides the climate-controlled and dry freight specialist with a permanent home following its relocation from a leased site in Elk Grove Village. The 55,468-square-foot headquarters features a mix of office, maintenance and warehouse space. Situated on previously undeveloped land with immediate access to I-90, the site also offers room for future expansion. The new facility includes a two-story office space totaling 23,000 square feet, 16,800 square feet of maintenance space and 15,000 square feet of warehouse space. The warehouse and maintenance portion feature a clear height of 26 feet, four dock doors and four drive-in doors. Harris Architects was the project architect.
CARY, N.C. — Woodfield Development has broken ground on a 330-unit apartment community located across from the Tryon Village shopping center at 2818 Macedonia Road in Cary, a suburb of Raleigh. Eagle Realty Group is serving as equity partner and capital provider for the $100 million project. The unnamed, five-story residential complex will feature studios, one-, two- and three-bedroom apartments in a five-story building that will wrap around a parking deck. The complex will feature more than 13,500 square feet of interior amenity space that will include a leasing office with a conference room and outdoor patio; coworking center with private business stations and conference rooms; coffee and gaming lounge with a coffee bar, grab-and-go market and golf simulator; resident clubhouse with a full kitchen, game area, maker’s room and library; two-story fitness center with a dedicated group fitness studio; dog spa; and a sky lounge with indoor/outdoor entertaining space overlooking the city. Outdoor amenities, which will span more than 40,000 square feet across three landscaped courtyards, will include a resort-style swimming pool with cabanas; grilling stations; gathering areas; fire pits; artificial turf recreation spaces; an outdoor fitness area, sauna and cold plunge; as well as a dog park with …
SOUTHWEST RANCHES, FLA. — FRP Development Corp. has acquired 24 acres in Southwest Ranches, a town in South Florida’s Broward County. FRP plans to develop Logistics Center at Southwest Ranches, a planned 300,000-square-foot industrial facility, at the site. The project is expected to include 36-foot clear heights, dock-high loading, expansive truck courts, trailer parking and flexible configurations, and will be designed to serve logistics, manufacturing and regional distribution users. Completion of the development is anticipated for 2028. Further details of the timeline were not disclosed. Tenants at Logistics Center at Southwest Ranches will have nearby access to Port Everglades, Port Miami, Miami International Airport, Fort Lauderdale-Hollywood International Airport and the Florida East Coast Railway’s intermodal network.
SAN MARCOS, TEXAS —Houston-based owner-operator Triten Real Estate Partners will develop a 175,000-square-foot industrial project at 2651 Leah Ave. in San Marcos, located roughly midway between Austin and San Antonio. The 12-acre site is located less than a mile from I-35, and the shallow-bay building features suites with an average size of 11,000 square feet, as well as 28-foot clear heights, 140-foot truck court depths and both dock-high and grade-level loading doors. Construction is scheduled to begin before the end of the year and to be complete in mid-2027.
IRVING, TEXAS — Lone Star PACE has provided an $11.6 million C-PACE (Commercial Property Assessed Clean Energy) loan for a data center conversion project in Irving. The project centers on the conversion of the vacant, 113,406-square-foot industrial flex building at 6001 Campus Circle Drive W, which was built on 4.7 acres in 1981, into Vesgro Data Center, a colocation facility with a 45,000-square-foot data hall and 3.0 megawatts of power capacity. The borrower is local data center developer Infrascale Systems. Construction is underway and expected to be complete in September.
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