Development

Building & Land Technology Opens 435-Unit Waterfront Apartment Community in Stamford, Connecticut

by Taylor Williams January 11, 2021

STAMFORD, CONN. — Developer Building & Land Technology (BLT) has opened Escape, a 435-unit waterfront apartment community located in the Harbor Point district in Stamford. The property offers one-, two- and three-bedroom units as well as four-bedroom penthouses that range in size from 701 to 4,445 square feet and that feature floor-to-ceiling windows and stainless steel appliances. Amenities include a pool, fitness center, lounges, a café and a wine tasting room, as well as courts for basketball, pickleball and shuffleboard. Rents start at approximately $2,500 per month for a one-bedroom unit, according to Apartments.com.

January 11, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

Callahan Breaks Ground on 244-Unit Multifamily Project in Metro Boston

by Taylor Williams January 11, 2021

WALTHAM, MASS. — Callahan Construction Managers has broken ground on Broadstone Watch City, a 244-unit multifamily project that will be located in the western Boston suburb of Waltham. The development will span 348,936 square feet and will consist of 195 market-rate residences and 49 affordable housing units. Amenities will include 293 parking spaces, an outdoor pool and courtyard, resident lounges, a conference room and a fitness center. CUBE 3 Studio is designing the project, which is being developed by a partnership between Alliance Residential Co. and The Carlyle Group. Completion is scheduled for May 2022.

January 11, 2021

Company News Development New Jersey Northeast Retail Top Stories

PREIT Receives Zoning Approval to Add Multifamily, Hotel Uses to New Jersey’s Moorestown Mall

by Taylor Williams January 11, 2021

MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey. For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s plan to sell parcels of land to multifamily developers is expected to generate as much as $150 million in proceeds that will be used to reduce its outstanding debt. The company is in the process of delivering 3,500 apartments across its properties as part of the initial phase of the plan, which could ultimately see as many as 7,000 multifamily units and several hotels added to PREIT’s properties. The first phase of the multifamily component at Moorestown Mall will consist of 375 units and a hotel with an unspecified number of rooms. “Our foresight has shaped a high-quality portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district,” said …

January 11, 2021

Development Florida Healthcare Southeast

Skanska to Construct $187M Healthcare Building in Downtown Orlando

by Alex Tostado January 8, 2021

ORLANDO, FLA. — Skanska USA will construct Health Jewett Orthopedic Institute, a two-building, 371,000-square-foot healthcare facility in downtown Orlando that will include a medical pavilion and outpatient surgery center. Construction is expected to cost $187 million., The development will feature an eight-story building with 75 in-patient rooms and 10 operating rooms, as well as an adjoining six-story medical office building with another 12 operating rooms and two floors of ambulatory services. EYP Architecture & Engineering designed the facility. The medical pavilion and outpatient surgery center are expected to deliver in 2022 and the rest of the center will open in 2023. The facility will be part of the OrlandoHealth network.

January 8, 2021

Development Industrial Kentucky Southeast

Core5 Industrial Partners Breaks Ground on 1 MSF Spec Logistics Facility in Metro Louisville

by Alex Tostado January 8, 2021

SHEPHERDSVILLE, KY. — Atlanta-based Core5 Industrial Partners has broken ground on Bourbon Logistics Center 3, a 1 million-square-foot industrial facility in Shepherdsville. The property is being built on a speculative basis and will feature 40-foot clear heights, 750 parking spaces, 336 trailer spaces and the potential for three-sided dock loading. The facility will be the largest spec development in the history of the Louisville MSA, according to JLL. The previous record was held by another Core5 property, the adjacent Bourbon Logistics Center 1, which is 4,000 square feet smaller than its neighbor. Bourbon Logistics Center 3 is situated along Ky. Highway 245 near the Interstate 65 interchange and 23 miles south of Louisville Muhammad Ali International Airport. MacGregor Associates Architects designed the asset, and Mindel, Scott & Associates Inc. is the civil engineer. Powell Spears and Matt Hartlage of JLL will market the property on behalf of the owner. A timeline for completion was not disclosed.

January 8, 2021

Development Hospitality Texas

3D Development Partners to Build 123-Room Element by Westin Hotel in Metro Dallas

by Taylor Williams January 8, 2021

RICHARDSON, TEXAS —3D Development Partners, which has offices in Georgia, Tennessee and Texas, will build a 123-room hotel in the northeastern Dallas suburb of Richardson that will be operated under the Element by Westin brand. The hotel’s suites will feature full kitchens and spa-inspired bathrooms. Amenities will include a fitness center, pool and bike rental program. 3D Development is partnering with Missouri-based management firm Midas Hospitality on the project, which is expected to open this summer.

January 8, 2021

Acquisitions Development Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers $110.5M Sale of Industrial Redevelopment Site in Burlington, New Jersey

by Taylor Williams January 8, 2021

BURLINGTON, N.J. — Lee & Associates has brokered the $110.5 million sale of a 116.8-acre industrial redevelopment site in the Southern New Jersey city of Burlington. The property currently houses a 1 million-square-foot warehouse that was previously occupied by the U.S. General Services Administration and will be decommissioned. The new ownership, a partnership between New York-based Clarion Partners and MRP Industrial, plans to build two Class A distribution centers on the site on a speculative basis. Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill Jr. of Lee & Associates represented the seller, Boston-based STAG Industrial, in the deal.

January 8, 2021

Bohler Development Industrial New York Northeast

DH Property Holdings Breaks Ground on 370,000 SF Industrial Project in Brooklyn

by Taylor Williams January 8, 2021

NEW YORK CITY — DH Property Holdings has broken ground on a 370,000-square-foot industrial project at 640 Columbia St. in Brooklyn. The site spans 4.5 acres and is located in the Red Hook waterfront district. The three-story building will feature 18- to 28-foot clear heights, 130-foot truck court depths, office space and parking for up to 184 vehicles. Ware Malcomb is the project architect; Suffolk Construction is the general contractor, and Bohler is the civil engineer. Completion is slated for the fourth quarter.

January 8, 2021

Development Multifamily New York Northeast

Sinatra & Co. Completes $15M Multifamily Redevelopment Project in Buffalo

by Taylor Williams January 8, 2021

BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.

January 8, 2021

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

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