Development

Lockwood, Century Development Underway on $553M Redevelopment of Crossroads Mall in Omaha

by Kristin Harlow March 19, 2021

OMAHA, NEB. — Lockwood Development, Century Development and the City of Omaha are redeveloping Crossroads Mall in Omaha. Demolition of the mall is currently underway and is expected to be complete in May. Plans call for a mixed-use project spanning 40 acres with 350,000 square feet of retail and restaurants; 250 apartment units; up to 500,000 square feet of office space and senior living; a 150-room hotel; and 2.5 acres of public space. An existing Target store will remain in place. Project costs are estimated at $553 million. The city anticipates using $12.5 million in redevelopment bonds to pay for infrastructure costs in and around the development, which will be known as The Crossroads. In February, the Omaha City Council approved an $80 million tax-increment financing request for the project. The developers also anticipate applying for an Enhanced Employment Area occupation tax to recoup some of their project’s costs. Completion is slated for late 2024. Crossroads Mall opened in 1960 and closed in 2008.

March 19, 2021

Development Industrial Texas

Hunt Southwest to Develop 712,900 SF Spec Industrial Project in Metro Dallas

by Taylor Williams March 19, 2021

FORNEY, TEXAS — Dallas-based developer Hunt Southwest will build Gateway East Trade Center, a 712,900-square-foot speculative industrial project in Forney, an eastern suburb of Dallas. The 45-acre site is located at the intersection of Gateway Boulevard and U.S. Highway 80 within Gateway East Industrial Park, a master-planned development. Building features will include 40-foot clear heights, an ESFR sprinkler system and abundant trailer parking. Construction is scheduled to begin in April and to be complete in the first quarter of 2022. Cushman & Wakefield is leasing the project.

March 19, 2021

Development Multifamily Texas

D’Agostino Breaks Ground on 291-Unit Multifamily Project in Metro Houston

by Taylor Williams March 19, 2021

FRIENDSWOOD, TEXAS — Locally based developer D’Agostino Cos. has broken ground on The Reserve at Baybrook, a 291-unit multifamily project in Friendswood, located south of Houston. The community will feature one-, two- and three-bedroom units that average 921 square feet and are furnished with stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities will include a pool, outdoor entertainment area, clubhouse, fitness center and a golf simulator room. Chris Bergmann Jr. of JLL represented D’Agostino Cos. in its acquisition of the land from Finwood Properties last summer. Austin-based Oden Hughes is the general contractor for the project. Completion is slated for May 2022.

March 19, 2021

Development Multifamily Texas

AHV Communities Begins Work on 142-Unit Duplex Rental Community in San Antonio

by Taylor Williams March 19, 2021

SAN ANTONIO — California-based AHV Communities has begun work on Farm Haus, a 142-unit duplex rental community in northwest San Antonio. Residences will feature two-, three- and four-bedroom layouts with quartz countertops, stainless steel appliances, two-car garages and private fenced yards. Amenities will include a pool, fitness center, communal kitchen, conference room, great room, bocce court and a dog park. Construction will be carried out in five phases, with preleasing set to begin in April and full completion slated for the second quarter of 2022. Monthly rates will range from approximately $1,775 to $2,200.

March 19, 2021

Development Healthcare Life Sciences Northeast Office

Lendlease, Ivanhoe Cambridge to Develop 320,000 SF Life Sciences Building at Boston Landing

by Taylor Williams March 19, 2021

BOSTON — A partnership between Lendlease and Ivanhoe Cambridge has acquired land at 60 Guest St. within Boston Landing, a mixed-use destination in the Allston/Brighton area, for the development of a 320,000-square-foot life sciences building. The parcel sold for $67 million. The project will be situated on 1.1 acres, rise nine stories and offer traditional office space in addition to lab and research/development space. SGA Architects is designing the building, construction of which is targeted to begin in June 2022. Coleman Benedict and Kerry Hawkins of JLL represented the seller of the land, NB Development Group, and procured the partnership as the buyer.

March 19, 2021

Development Multifamily New Jersey Northeast

Weiss Realty Plans 31-Unit Apartment Project in Fort Lee, New Jersey

by Taylor Williams March 19, 2021

FORT LEE, N.J. — Locally based developer Weiss Realty Co. is planning a 31-unit apartment project at 2130 Center Ave. in Fort Lee, located across the Hudson River from Upper Manhattan. Designed by architecture firm Bilow Garret Group, the 36,800-square-foot project will include parking for 51 vehicles and amenities such as a rooftop terrace, fitness center and coworking spaces. The site is located immediately adjacent to the I-95 thoroughfare leading up to the George Washington Bridge. Approval from the Fort Lee Planning Board is still pending. Weiss and his development firm have been honored by the Greater Fort Lee Chamber of Commerce in the past for their contributions to the evolving city.

March 19, 2021

Development Georgia Mixed-Use Southeast

Hallmark Venture Group Acquires 1.2 MSF Mall at Stonecrest in Metro Atlanta, Plans Mixed-Use Campus

by Julia Sanders March 18, 2021

STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.

March 18, 2021

Development Hospitality Texas

Partnership Nears Completion of 212-Room Thompson Austin Hotel

by Taylor Williams March 18, 2021

AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of brands, also recently opened flagship hotels in Dallas and in San Antonio.

March 18, 2021

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Bellwether Provides $28.9M Construction Loan for Affordable Seniors Housing Project in Fort Worth

by Taylor Williams March 18, 2021

FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $28.9 million construction loan for Legacy Riverside Senior Living Community, a 264-unit affordable project in Fort Worth. Units, which will feature studio, one- and two-bedroom options, will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a clubhouse, pool and walking paths. Phil Melton, Jeff Bradley and Cindy Hamm of Bellwether originated the loan on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction, which will develop the property in partnership with Garland Housing Finance Corp.

March 18, 2021

Development Hospitality Illinois Midwest

$100M Sable Hotel Opens at Chicago’s Navy Pier

by Kristin Harlow March 18, 2021

CHICAGO — The Sable at Navy Pier, a 223-room, seven-story hotel, opened today at Chicago’s Navy Pier tourist attraction. James McHugh Construction Co. and Powers & Sons Construction Co. were the general contractors for the $100 million project. Developer ACRON USA owns the hotel, which is part of Hilton’s Curio brand. Maverick Hotels and Restaurants is the hotel operator. Every room at the hotel offers a waterfront view of the Chicago skyline. Construction involved integrating the new building into the pier’s existing structure. Construction began in June 2018 and was completed in October 2020, but the opening of the hotel was delayed due to COVID-19. Navy Pier itself has been closed since last fall and is expected to reopen this spring. The Sable name comes from the USS Sable, which served as a Great Lakes luxury cruise ship prior to World War II. KOO LLC was the project architect and interior designer, while Thornton Tomasetti served as structural engineer.

March 18, 2021

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