Development

IDV Breaks Ground on Phase I of 3.5 MSF South Belt Central Business Park in South Houston

by Taylor Williams February 19, 2020

HOUSTON — Locally based firm Investment & Development Ventures LLC (IDV) has broken ground on Phase I of South Belt Central Business Park, a development in Houston that will ultimately feature 3.5 million square feet of industrial space. The site spans 214 acres with nearly a full mile of frontage along Beltway 8 on the city’s south side. Phase I of the project, which is slated for a fourth-quarter completion, will consist of a 305,016-square-foot cross-dock building and a 131,553-square-foot side-load building. Cushman & Wakefield is handling leasing of the project.

February 19, 2020

Development Industrial Texas

Jackson-Shaw Buys Land in Northwest Houston for 476,640 SF Industrial Project

by Taylor Williams February 19, 2020

HOUSTON — Jackson-Shaw, a North Texas-based industrial developer, has acquired 45 acres in northwest Houston for the development of Nexus Park Northwest, a project that will ultimately feature 476,640 square feet of Class A industrial space. Preliminary plans call for four buildings that can accommodate users requiring between 15,000 and 200,000 square feet. Diamond Realty Investments Inc. is Jackson-Shaw’s equity partner on the project. Burton Construction is the general contractor, and Powers Brown is the architect. Construction is scheduled to begin in March and to be substantially complete by December.

February 19, 2020

Development Illinois Midwest Office

CA Ventures, Midwest Property Group Break Ground on 12-Story Office Building in Chicago’s River North

by Kristin Harlow February 19, 2020

CHICAGO — Developers CA Ventures and Midwest Property Group Ltd. have broken ground on a 12-story, boutique office building located at 448 N. LaSalle St. in Chicago’s River North neighborhood. The Class A building is 75 percent pre-leased, as CA Ventures will occupy the lower five floors and WeWork will lease four floors. Chris Cassata and Craig Coupe of JLL will market the remaining three floors for lease. The 172,000-square-foot project is slated for completion in the first quarter of 2021. Amenities will include a rooftop deck, fitness center and bike room. Lamar Johnson Collaborative is the architect and Lendlease is the general contractor. Indure Build-to-Core Fund LLC provided project financing.

February 19, 2020

Development Multifamily Seniors Housing Texas

Civitas, Journey Capital to Develop 110-Unit Seniors Housing Community in Aledo, Texas

by Taylor Williams February 19, 2020

ALEDO, TEXAS — A partnership between Civitas Senior Living and Dallas-based developer Journey Capital will develop Harvest Senior Living, a 110-unit seniors housing community in Aledo, located west of Fort Worth. The 68,000-square-foot community will be situated on 7.5 acres and will feature 70 assisted living units, 20 memory care residences and 20 independent living residences. Amenities will include a salon, creative arts studio and chef-prepared dining options. Construction is scheduled to begin in June and to be complete by winter 2021.

February 19, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Hackensack Meridian Health Opens 100,000 SF Seniors Housing Community Near New York City

by Alex Patton February 19, 2020

MANALAPAN, N.J. — Hackensack Meridian Health has opened The Villas in Manalapan, a seniors housing community located approximately 30 miles east of Trenton. The property spans 100,000 square feet across seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. The company is marketing the property to Staten Island residents looking to downsize. Independent living residences are available as studio, one- or two-bedroom apartments with monthly rates starting at $4,950.

February 19, 2020

Development Hospitality Nevada Top Stories Western

Dream Hotel Group to Open 450-Room Luxury Hotel on Las Vegas Strip

by Kristin Harlow February 19, 2020

LAS VEGAS — Dream Hotel Group has unveiled plans to open a 450-room luxury hotel on the Las Vegas Strip. Dubbed Dream Las Vegas, the project is slated to open in 2023. Local developers Contour and Shopoff Realty Investments plan to break ground in early 2021. Designs call for a rooftop pool deck, bar and lounge; three restaurants; two additional bar and lounge concepts on the gaming floor; a grab-and-go café on the street level; 12,000 square feet of meeting and event space; a full-service spa; and a fitness center. “There is no shortage of mega-resorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience,” says David Daneshforooz, CEO of Contour. “A ground-up Dream hotel with its world-class food and beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.” Located across the street from Mandalay Bay Resort and Bali Hai Golf Club, Dream Las Vegas will be one of the first hotels seen from the iconic “Welcome to Las Vegas” sign. The property will be situated two blocks from the new Allegiant Stadium, future home of …

February 19, 2020

Alabama Development Multifamily Southeast Student Housing

Holder Properties Breaks Ground on 719-Bed Student Housing Community Near Auburn University

by Alex Tostado February 18, 2020

AUBURN, ALA. — Holder Properties has broken ground on 320 West Mag, a 719-bed student housing development located near Auburn University in Alabama. The community will offer a mix of one-, two-, three-, four- and five-bedroom, fully furnished units along West Magnolia Avenue, directly across from Auburn University’s College of Business and College of Engineering Schools. Communal amenities will include 11,500 square feet of retail space, three outdoor courtyards, grilling areas, a swimming pool, hot tub, outdoor movie screen, two-story fitness center, clubroom, gaming lounge and private and group study areas. Chick-fil-A will anchor the retail component and will feature a drive-thru, walk-up order window and outdoor dining terrace. The development will also include a locally owned coffee shop. Niles Bolton & Associates is 320 West Mag’s design architect, and Juneau Construction Co. is the general contractor. Development is scheduled for completion in fall 2021.

February 18, 2020

Development Healthcare Multifamily Washington Western

Compass Health Breaks Ground on Broadway Healthcare Campus Redevelopment in Everett, Washington

by Amy Works February 18, 2020

EVERETT, WASH. — Compass Health has broken ground for the first phase of its Broadway campus redevelopment project in downtown Everett. The regional center is designed to bring together a continuum of behavioral healthcare, primary healthcare and permanent supportive housing services. Slated to open in 2021, the five-story, 47,000-square-foot building will include 82 units of permanent supportive housing for people with chronic behavioral health challenges, including units available to military veterans and individuals transitioning into the community from Western State Hospital. The property will feature four floors of residential space over ground-floor common area amenity space. The project will double Compass Health’s housing capacity in Snohomish County. Funding for the $26 million first phase comes from a combination of public, private and philanthropic sources, including Snohomish County Housing and Community Services, Housing Authority of Snohomish County, Washington State Housing Trust Fund, Washington State Housing Finance Commission, National Equity Fund, Federal Home Loan Bank of Des Moines, Coastal Community Bank, Impact Capital, Premera Social Impact, KeyBank N.A. and the Washington Community Reinvestment Association. The development team includes Lotus Development Partners as development manager, Environmental Works as architect and BNBuilders as general contractor. Additional consultants include Harmsen as civil engineer, Swensen Say …

February 18, 2020

Speedway-Commerce-Center-IV-North-Las-Vegas-NV

Development Industrial Nevada Western

Harsch Investment Completes 168,000 SF Speedway Commerce Center IV in North Las Vegas

by Amy Works February 18, 2020

NORTH LAS VEGAS — Portland, Ore.-based Harsch Investment Properties has completed the development of Speedway Commerce Center IV, a 168,000-square-foot industrial building located at 6101 N. Hollywood Blvd. in North Las Vegas. The facility is the latest addition to the existing 2.6 million-square-foot Speedway Commerce Center. This development brings Harsch’s holdings in North Las Vegas to 4 million square feet. Speedway Commerce Center IV features office build-outs in each unit, 32-foot minimum warehouse clear heights, 1.4/1,000-square-foot parking ratio, 50-foot concrete aprons and LED warehouse and office lighting. The property also offers ample dock-high and grade-level loading, ESFR sprinklers with K17 rating, 60-foot speed bays and energy-efficient evaporative coolers. Jason Simon, Rob Lujan and Xavier Wasiak of JLL negotiated three leases, totaling 76,926 square feet, for the property, bringing it to 46 percent occupancy. Q Corp. will occupy 37,918 square feet, Proslat will utilize 15,738 square feet and Vogue Tyres will take 23,270 square feet at the facility.

February 18, 2020

Development Illinois Midwest Multifamily

10-Story Apartment Building Nears Completion in Chicago

by Kristin Harlow February 18, 2020

CHICAGO — Luxury Living Chicago Realty plans to begin pre-leasing The Jax in March. The 10-story apartment building is located at 1220 W. Jackson St. in Chicago’s West Loop. First move-ins are slated for April. The 166-unit apartment building features 7,600 square feet of retail space. Amenities include a rooftop lounge, fitness center, dog area, demonstration kitchen, package receiving room and bike storage. Floor plans range from studios to two-bedroom units. Monthly rents will range from approximately $1,695 to $3,895. LG Development is the project developer.

February 18, 2020

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