Development

Woodbranch-Plaza-Houston

HOUSTON — Stena Real Estate AB, the American ownership arm of Swedish investment company Stena Property, will renovate Woodbranch Plaza, a 580,558-square-foot office campus located in the Energy Corridor submarket of West Houston. Woodbranch Plaza is a four-building campus that offers amenities such as a fitness center, conference facilities and a deli. As part of the capital improvement program, ownership plans to activate additional shared amenity spaces and upgrade the lobby, common areas and restrooms, as well as enhance the landscaping and other outdoor green spaces. Stena, which has tapped Transwestern as the property’s new leasing agency, is also in the process of constructing speculative office suites.

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HUTCHINS, TEXAS — Orlando-based owner-operator Foundry Commercial is underway on construction for Wintergreen Gardens, a 13-acre industrial outdoor storage (IOS) facility in Hutchins, a southeastern suburb of Dallas. Wintergreen Yards will feature 9 acres of concrete-paved outdoor storage space along with two tilt-wall industrial buildings totaling 25,000 square feet. Construction began earlier this summer, and delivery is slated for the first quarter of 2027.

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FRANKLIN, TENN. — McShane Construction Co. has delivered Ellison Cool Springs, a 332-unit apartment community located at 2000 Aspen Way in Franklin, a southern suburb of Nashville. The co-developers are Flournoy Development Group and National Healthcare Corp. (NHC). Designed by Dynamik Design, the property features a mix of one-, two- and three-bedroom apartments with monthly rental rates ranging from $1,760 to $4,305, according to Apartments.com. Amenities include a heated saltwater pool, an indoor-outdoor entertainment pavilion, outdoor courtyards, hammock garden, dog park, pet spa, fitness and wellness center, grab-and-go market, coworking lounge and a podcast/music recording studio. Ellison Cool Springs also offers 15 commercial units on the ground level, two concrete parking decks and five six-bay, standalone parking garages. McShane began construction on the apartment development in 2024.

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601-Potrero-Grande-2100-Saturn-St-Monterey-Park-CA

MONTEREY PARK, CALIF. — The Olson Co. has acquired a 7.9-acre office campus in Monterey Park, located east of downtown Los Angeles, for $24.8 million. The buyer plans to redevelop the two-building, 120,191-square-foot property into a residential community. Originally built in 1980, the campus was previously owned and occupied by Blue Shield of California. The property includes a three-story, 91,363-square-foot office building at 601 Potrero Grande Drive and a companion office building at 2100 Saturn St. The campus provides 508 surface parking spaces and is zoned Saturn Park under Monterey Park’s McClaslin Business Park overlay. Ryan Campbell of NAI Capital Commercial represented the buyer in the deal, while Andrew Harper, Jeff Bramson and Will Poulsen of JLL represented the seller.

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CHICAGO — Related Midwest has begun leasing for the North Tower of 400 Lake Shore Drive, a 72-story apartment tower in Chicago’s Streeterville neighborhood. Once complete in March 2027, the 857-foot high-rise will deliver 635 rental apartments on the waterfront site. The North Tower comprises two distinct rental offerings: The Collection, spanning floors three through 43, and The Residences, occupying floors 46 through 70. Each will feature its own dedicated lobby entrance and design aesthetic while sharing access to the 400 Club, which features more than 30,000 square feet of amenities, including the city’s highest full-floor fitness center in a residential building. The Collection will include 520 units ranging from 520 to 1,240 square feet, while The Residences will encompass 115 floor plans ranging from 1,010 to 3,740 square feet. March and White Design created the building interiors, while David Childs and the Chicago office of Skidmore, Owings & Merrill designed the property. The full plan calls for two high-rises, beginning with the North Tower, which is being co-built by LR Contracting and BOWA Construction.

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The office sector showed its strongest performance since COVID in the second quarter of 2026, according to the Lee & Associates’ 2026 Q2 North America Market Report.

The Lee & Associates’ 2026 Q2 North America Market Report finds that commercial real estate fundamentals are improving, but the pace of recovery varies significantly by property type and market. Office and retail sectors are showing renewed momentum, industrial demand continues to recover unevenly amid trade uncertainty and multifamily fundamentals are stabilizing as new supply begins to moderate. Across all sectors, investors and occupiers remain highly selective in an evolving market. Sponsored: Download Lee & Associates’ 2026 Q2 North America Market Report. Industrial Overview: Recovering Demand Is Uneven Amid Trade Tensions Demand for North American industrial space in the second quarter continued to recover from slowing caused by heightened trade uncertainties that began early last year. Modest tenant expansion in the United States remains well off pre-COVID average growth. In the United States, 44.4 million square feet of net absorption in the second quarter brought the mid-year total to 77.1 million square feet, about 30 percent less than the pre-pandemic five-year average. First-half deliveries fell to 93 million square feet, which included 44.4 million square feet in the first quarter — the least in seven years. Although supply additions have moderated, the pullback in tenant demand over the past three years …

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University-of-St.-Thomas-Residence-Hall-Houston

HOUSTON — The University of St. Thomas has broken ground on a 400-bed residence hall project on the institution’s campus in Houston. The 95,000-square-foot development will include a dedicated chapel and prayer room, courtyard and multi-use lounges and collaborative study zones. Units will be offered in two-, three- and four-bedroom configurations for single or double occupancy. The property will also be home to two staff apartments. The design team for the project included global architecture firm Corgan and The Lawrence Group. A tentative completion date was not announced.

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ATLANTA — A partnership between Pennrose, Radiant Development Partners and public partners including Atlanta Beltline Inc. has broken ground on Overlook at Garson, a 130-unit affordable housing community in Atlanta’s Buckhead district. The development is situated along the Beltline’s Northeast Trail at the intersection of Garson Drive and Piedmont Road, which is near the Lindbergh MARTA Station. Atlanta Mayor Andre Dickens attended the groundbreaking ceremony on Tuesday, Aug. 4 along with the development partners. Atlanta Beltline Inc. purchased the development site in 2021 from Wells Fargo with plans to add more affordable housing on land in immediate vicinity of the popular urban trail. The development partners expect to deliver Overlook at Garson in 2028. The property will offer efficiency, one- and two-bedroom apartments reserved for households earning 50, 60 and 80 percent of the area median income (AMI). Capital sources for Overlook at Garson include Bank of America, Advantage Capital, Atlanta Housing, Atlanta Beltline Inc., Invest Atlanta, the Community Foundation for Greater Atlanta and Merchants Capital. Public partners include Atlanta Beltline Inc., Invest Atlanta, Atlanta Housing and Georgia’s Department of Community Affairs. The design-build team includes Smith Dalia Architects, McShane Construction and Thompson Ehle Co.

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AVON, OHIO — Cleveland Clinic has broken ground on a $322 million expansion of Cleveland Clinic Avon Hospital and the Richard E. Jacobs Health Center. The multi-phase project will significantly increase the size of the campus, increase capacity across emergency, inpatient and outpatient services and introduce new capabilities and modernized facilities. Key components of the project include the expansion of the emergency department, expansion of imaging services, an expanded Cancer Center, growth of surgical services, expansion of the Richard E. Jacobs Health Center for increased outpatient care, increased medical-surgical capacity with additional inpatient beds, growth of the Intensive Care Unit and construction of a parking garage. Upon completion, the project will add roughly 250,000 square feet of clinical space across the hospital and health center. Avon Hospital opened in 2016 as a five-story, 126-bed facility. The Richard E. Jacobs Health Center, opened in 2011, currently provides advanced specialty and primary care, an outpatient surgery center, a chemotherapy infusion center, an imaging center and a large physical therapy area with two pools for aquatic therapy. The expansion is slated for completion in 2029. HKS architects designed the buildings in collaboration with Cleveland Clinic Buildings + Design and key clinical stakeholders. Gilbane …

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PAWTUCKET, R.I. — New York City-based Global Asset Management Group (GNAM) is underway on the $92 million redevelopment of the 386,404-square-foot former Memorial Hospital campus in Pawtucket, located just north of Providence. Plans currently call for approximately 200 residential units, including both market-rate and affordable multifamily units, as well as dedicated veteran housing and support services. The redevelopment will also introduce retail and restaurant uses to the campus in addition to new healthcare and wellness facilities. GNAM acquired the property for $12 million and projects about $45 million in construction and redevelopment costs, not inclusive of additional soft costs. A timeline for completion was not announced.

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