Development

Bank OZK Provides $174M Construction Loan for Mixed-Use Development of Former Fannie Mae Headquarters in D.C.

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — Bank OZK has provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space. Eastdil Secured arranged the loan. The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 Wisconsin Ave., in 1987 as the headquarters for Fannie Mae. The site has sat vacant since Fannie Mae consolidated its headquarters in downtown D.C. in 2014. Upton Place on Wisconsin will comprise a six- and an eight-story building. The multifamily portion is expected to include 65 affordable housing units. SK+I Architecture designed Upton Place to include most of the existing 825 below-grade parking spaces. Communal amenities will include a rooftop pool, three internal courtyards, barbecue areas, fitness center and a yoga studio.

January 4, 2021

Development Industrial Louisiana Southeast

Amazon Chooses Carencro as Site for First Fulfillment Center in Louisiana

by Alex Tostado January 4, 2021

CARENCRO, LA. — Amazon has chosen Carencro for a new $100 million fulfillment center, its first in the state of Louisiana. The Seattle-based e-commerce giant currently operates three delivery centers and seven Whole Foods stores in the state. The property is expected to house 500 full-time employees upon completion, which is slated for the end of 2021. The asset will be situated in Lafayette Parish at the former site of the original Evangeline Downs Casino and Racetrack, near Interstates 49 and 10. Employees at the fulfillment center will pick, pack and ship bulky or larger-sized items, such as patio furniture, outdoor equipment and rugs. Amazon expects the facility to span 1 million square feet.

January 4, 2021

Development Georgia Loans Multifamily Office Southeast

Wells Fargo Provides $290M in Construction Financing for Midtown Union Mixed-Use Development in Atlanta

by Alex Tostado December 23, 2020

ATLANTA — Wells Fargo Bank has provided two construction loans totaling $290 million for Midtown Union, a mixed-use development that broke ground last December in Midtown Atlanta. A joint venture between MetLife Investment Management and Granite Properties is developing a 26-story, 612,000-square-foot office building at the project that will serve as the future headquarters of Invesco. Wells Fargo provided the joint venture with a $210 million loan for the office building, for which general contractor Brasfield & Gorrie has completed seven stories. The office tower will feature 24,000 square feet of ground-level retail, a 12,000-square-foot terrace on the eighth floor, a fitness center and 14-foot floor-to-ceiling windows. Cooper Carry designed the building to also feature an HVAC system that features MERV 13 air filters and Needlepoint Bipolar Ionization technology to combat COVID-19. Additionally, a joint venture between MetLife Investment Management and StreetLights Residential received an $80 million loan for Midtown Union’s 18-story, 355-unit multifamily community adjacent to the office tower. Brasfield & Gorrie has completed 12 levels of the residential space and expects to deliver both buildings in the third quarter of 2022. The community will offer studio, one-, two- and three-bedroom floor plans. Communal amenities will include coworking space, …

December 23, 2020

Development Industrial Leasing Activity Lee & Associates North Carolina Southeast

Collett Industrial Breaks Ground on 90,720 SF Industrial Facility Near Asheville

by Alex Tostado December 23, 2020

MILLS RIVER, N.C. — Collett Industrial has broken ground on a 90,720-square-foot logistics facility in Mills River. The property is being built on a build-to-suit basis for an undisclosed Fortune 500 retailer. ABC 13 News reports the site is located on School House Road, five miles from Interstate 26 and six miles from Asheville Regional Airport. Randall Bentley and Jordan Skellie of Lee & Associates secured the lease on behalf of the developer. Vannoy Construction is the general contractor for the asset, which is expected to deliver in summer 2021.

December 23, 2020

Development Industrial Texas

Amazon to Open Three Industrial Facilities Totaling 2.1 MSF in San Antonio by 2022, Create 1,500 Jobs

by Taylor Williams December 23, 2020

SAN ANTONIO — Amazon (NASDAQ: AMZN) will open three industrial facilities totaling 2.1 million square feet in the San Antonio area over the next two years. Combined, the three new facilities are expected to bring about 1,500 new jobs to the market. The Seattle-based e-commerce giant will open a 1 million-square-foot fulfillment center in 2021 and a 750,000-square-foot fulfillment center in 2022, as well as a 350,000-square-foot delivery station at 8210 Aviation Landing. After items are sorted and at fulfillment centers, they are transported to delivery stations for last-mile distribution to customers. The developers and sites of the fulfillment centers were not disclosed.

December 23, 2020

Development Mixed-Use Texas

Presidium, Partners Group Unveil Plans for 109-Acre Mixed-Use Project in Austin

by Taylor Williams December 23, 2020

AUSTIN, TEXAS — Texas-based developer Presidium and global investment manager Partners Group have unveiled plans for River Park, a 109-acre mixed-use project that will be located on East Riverside Drive near Oracle’s newly announced headquarters campus. The new master plan for the project calls for more than 10 million square feet of commercial and residential space across office, retail, hospitality, entertainment and multifamily uses. The residential component will also include 400 affordable housing units. River Park will be a multi-phase project that is expected to take 10 to 20 years to fully build out. A new street network of short, pedestrian-friendly blocks and trail connections will link the various uses and connect to the surrounding neighborhood and a new multimodal transit hub. Gensler is leading the design of the project. The team anticipates beginning construction with a 15-acre portion along the southeastern side of the site.

December 23, 2020

Development Industrial Midwest South Dakota

Amazon to Build First Fulfillment Center in South Dakota

by Kristin Harlow December 23, 2020

SIOUX FALLS, S.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of South Dakota. The 640,000-square-foot development will be located in Sioux Falls and is expected to open in 2022. Amazon expects to create 1,000 full-time jobs at the facility. Employees will work alongside Amazon robotics to pick, pack and ship small items to customers such as books, electronics and toys. Since 2010, Amazon has invested more than $1 million in South Dakota, including infrastructure and compensation to employees in the state.

December 23, 2020

Colorado Development Industrial Western

Trammell Crow, Clarion Partners Acquire Development Site for 1.2 MSF Industrial Park in Metro Denver

by Amy Works December 23, 2020

DENVER — Trammell Crow Co., along with its capital partner Clarion Partners, has purchased an 89.6-acre vacant land site for the development of 104th Commerce Park, an industrial park located at 104th Avenue, just east of the intersection of State Highway 85 and Interstate 76 in metro Denver. Terms of the acquisition were not released. Totaling 1.2 million square feet, 104th Commerce Park will feature five industrial and distribution buildings built in two phases, with spaces ranges from 20,000 square feet to 290,000 square feet, as well as build-to-suit lease options. Tyler Carner, Jeremy Ballenger, Jessica Osternick and Daniel Close of CBRE will handle marketing for the development. Murray & Stafford is serving as general contractor, Ware Malcomb is providing architectural services and Langan Engineering is serving as civil engineer.

December 23, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Woda Cooper to Develop 46-Unit Affordable Housing Project in Downtown Minneapolis

by Kristin Harlow December 23, 2020

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride (PPL) in Living will co-develop Shelby Commons, a 46-unit affordable housing project in the North Loop neighborhood of downtown Minneapolis. The Minnesota Housing Finance Agency awarded $967,549 in housing tax credits for the project, which will be the first for Woda Cooper in the state of Minnesota. The four-story building will include underground parking, laundry facilities, a community room, lobby, playground and community gardens. Units will be available to residents who earn 30 to 80 percent of the area median income. The Minnesota Public Housing Authority has committed 12 project-based vouchers for rental assistance. Woda Cooper will occupy a management office at the property and PPL will maintain an onsite office to provide supportive services, including assistance to residents in the seven units set aside for those with homelessness and the five units set aside for persons with disabilities. Rochester, Minn.-based CRW Architecture & Design Group and Minneapolis-based BKV Group are the project architects. Kelly Construction & Design is the general contractor. Completion is slated for the second or third quarter of 2022.

December 23, 2020

Development Multifamily New Jersey Northeast

Local Developer to Convert Historic Courthouse in Flemington, New Jersey, into 206-Unit Apartment Building

by Taylor Williams December 23, 2020

FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.

December 23, 2020

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