Development

Stonemont Financial Breaks Ground on 231,000 SF Industrial Complex in McKinney, Texas

by Taylor Williams July 9, 2020

MCKINNEY, TEXAS — Atlanta-based Stonemont Financial Group has broken ground on a 231,000-square-foot industrial complex in McKinney, a northern suburb of Dallas. The property will be located near McKinney National Airport and will consist of two buildings spanning approximately 107,000 and 124,000 square feet. Building features will include 28- to 30-foot clear heights, 24 dock doors and more than 230 combined parking spaces. Bob Moore Construction is the general contractor for the project, and Callaway Architecture is designing it. Lee & Associates will handle leasing, and Dallas-based Somervell Commercial Realty is serving as the development manager. Completion is slated for the first quarter of 2021.

July 9, 2020

Development Multifamily New Jersey Northeast

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

by Taylor Williams July 9, 2020

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.

July 9, 2020

Development Multifamily Northeast Seniors Housing

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

by Taylor Williams July 9, 2020

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.

July 9, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

by Kristin Harlow July 9, 2020

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and doctor and therapist offices. Completion is slated for January 2022.

July 9, 2020

Development Industrial Kansas Midwest Self-Storage

StorageMart Opens 784-Unit Self-Storage Facility in Metro Kansas City

by Kristin Harlow July 9, 2020

OLATHE, KAN. — StorageMart has opened a 784-unit self-storage facility in East Olathe within metro Kansas City. The Class A, climate-controlled facility features several elevators. All access is controlled with individual codes and cameras. Customers also have access to an online tenant portal. StorageMart now operates approximately 225 locations in three countries.

July 9, 2020

Development Mixed-Use South Carolina Southeast

Simpson Organization to Develop $65M Mixed-Use Project in Cayce, South Carolina

by Alex Tostado July 8, 2020

CAYCE, S.C. — The Simpson Organization Inc. plans to develop a $65 million mixed-use project at the intersection of Interstate 77 and 12th Street in Cayce. The Atlanta-based developer acquired 36 acres of Dominion Energy’s 260-acre Otarre Pointe development for the project, which is slated to include apartments, restaurants, retail space, a hotel, office space and an entertainment area. ODA Architecture is the designer, Paris Projects is the general contractor and EB Development will handle leasing and marketing. Simpson Organization expects to break ground on Phase I in late 2021. The property is located seven miles south of downtown Columbia.

July 8, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Build 260-Unit Apartment Complex in North Charlotte

by Alex Tostado July 8, 2020

CHARLOTTE, N.C. — Alliance Residential has purchased 10.8 acres to develop Broadstone Highland Creek, a planned 260-unit multifamily community in north Charlotte’s Highland Creek neighborhood. The community will offer one-, two- and three-bedroom floor plans averaging 991 square feet. Communal amenities will include a pool, clubroom, dog park and a fitness center, as well as 8,000 square feet of ground-level retail space. The property is located at 5050 Ridge Road, 14 miles north of downtown Charlotte. Alliance Residential expects to break ground later this year and open the community in early 2022. The project team includes architect Cline Design Associates and civil engineer McAdams Co.

July 8, 2020

Alabama Development Industrial Self-Storage Southeast

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

by Alex Tostado July 8, 2020

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail use.

July 8, 2020

California Development Industrial Western

LPC West, Cerberus Capital Buy 30-Acre Industrial Development Site in Oceanside, California

by Amy Works July 8, 2020

OCEANSIDE, CALIF. — LPC West, in partnership with an affiliate of Cerberus Capital Management, has acquired a nearly 30-acre development site in Oceanside. Terms of the acquisition were not released. The partnership plans to develop a modern industrial campus on the site, which is located within Ocean Ranch, a 400-acre office and industrial development. “Together with Cerberus, we plan to build highly efficient industrial buildings that will meet the needs of tenants looking for quality industrial space in the San Diego region,” says Scott Moffatt, senior vice president of LPC West’s San Diego office. Ocean Ranch is situated near the Interstate 5 Freeway between Highways 76 and 78, offering easy access to many Southern California regions, including Los Angeles, Riverside, Orange County and San Diego. “With Oceanside’s strategic location, the area has become an attractive region in Southern California for leading companies,” says Tom Wagner, head of North American Real Estate at Cerberus. “This is a great opportunity to develop a best-in-class industrial campus in Oceanside.” LPC West currently owns and manages nearly 1.5 million square feet of commercial property in the San Diego region with an additional 450,000 square feet currently under development.

July 8, 2020

Development Hospitality Texas

Todd Interests Nears Completion of 219-Room Hotel Redevelopment Project in Downtown Dallas

by Taylor Williams July 8, 2020

DALLAS — Developer Todd Interests is nearing completion of the redevelopment of the former First National Bank Tower in downtown Dallas, a project that will add 219 hotel rooms under Hyatt’s Thompson brand to the local supply. The new hotel will feature two rooftop restaurant and bar concepts, a pool, fitness center, spa and pet parks, as well as 22,000 square feet of meeting and event space. The hotel is slated to open in November.

July 8, 2020

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