Development

Joseph J. Duffy Co. to Break Ground on 37-Unit Affordable Housing Project in Oak Park, Illinois

by Kristin Harlow January 31, 2020

OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.

January 31, 2020

Arizona Development Hospitality Loans Western

George Smith Partners Secures $56M in Financing for Scottsdale Curio Hotel Development

by Amy Works January 31, 2020

SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.

January 31, 2020

Development Mixed-Use North Carolina Southeast

Armada Hoffler-Led Partnership to Redevelop Historic Building in Metro Charlotte

by Alex Tostado January 30, 2020

BELMONT, N.C. — Armada Hoffler Properties Inc., along with John and Jennifer Church, and Shane Seagle of North State Development, will redevelop Chronicle Mill in Belmont. Chronicle Mill was built in 1901 as the city’s first textile mill and remained operational until 2010. The partnership will redevelop the existing building into apartments, retail and amenity space. A new five-story apartment building will also be built on the seven-acre site. Upon completion, the mixed-use community will include 240 one- and two-bedroom apartment units and 9,000 square feet of commercial space. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor and BB+M is the architect. Developers expect to break ground in the second quarter of this year. Total redevelopment and construction costs for the Chronicle Mill project are expected to total $45 million, with expected completion in fall 2021. The Churches purchased the mill in 2013 and have been pursuing redevelopment options for the property ever since. The couple owns and develops commercial real estate in Gaston County and has managed and leased retail, office, hotel and industrial properties. Late last year, Belmont City Council members approved a conditional zoning district that will …

January 30, 2020

Development Florida Multifamily Southeast

Moss Construction Completes 368-Unit Multifamily Community in Downtown St. Petersburg

by Alex Tostado January 30, 2020

ST. PETERSBURG, FLA. — Moss Construction has completed Icon Central, a 368-unit multifamily community in downtown St. Petersburg. The Related Group was the developer of the redevelopment project, which included updating the 94-year-old Union Trust Bank building. Moss Construction also added 15,000 square feet of retail space bringing the total to 19,000 square feet at the 15-story property. Unit sizes range from 542 to 1,470 square feet. Communal amenities include a pool, indoor fitness center, residence club, outdoor terrace on the eighth floor, spa and a virtual game simulator. Icon Central is situated at 855 Central Ave.

January 30, 2020

Development Georgia Multifamily Seniors Housing Southeast

McShane Starts Construction of 238-Unit Affordable Seniors Housing Community Near Atlanta

by Alex Tostado January 30, 2020

STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.

January 30, 2020

Acquisitions California Development Healthcare Office Western

Boston Properties, Alexandria Real Estate to Develop 1.7 MSF Life Science Campus in South San Francisco

by Amy Works January 30, 2020

SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco. Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete. Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.

January 30, 2020

California Development Industrial Western

Dedeaux Properties Acquires Land Site for 205,000 SF Industrial Project in Southern California

by Amy Works January 30, 2020

PERRIS, CALIF. — Dedeaux Properties has purchased an industrial-zoned, 9.6-acre land parcel, located at 5150 Walnut Ave. in Perris, for $2.2 million in an off-market transaction. The company plans to develop an industrial facility on the site. Cody Lerner and Stan Nowak of Avison Young’s Ontario, Calif., office represented the buyer and the seller, a private entity, in the deal. The planned 205,000-square-foot facility will include office space, 36-foot clear heights, 28 docks and parking for 42 trailers.

January 30, 2020

Development Retail Texas

Northwood Retail to Reposition 133,000 SF Prestonwood Place Retail Center in Metro Dallas

by Taylor Williams January 30, 2020

ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.

January 30, 2020

Development Georgia Loans Office Southeast Top Stories

Dewberry Group Receives $186M Loan to Renovate, Expand Campanile Building in Midtown Atlanta

by Alex Tostado January 30, 2020

ATLANTA — Dewberry Group has released plans to expand the Campanile Building, an office and retail property in Midtown Atlanta, from 445,000 to 626,000 square feet. Upon completion, the renovated property will include new ground-level retail space, high-quality finishes, a renovated marble lobby and a modern façade. H.I.G. Realty Partners and Square Mile Capital Management LLC jointly originated a five-year, floating-rate, $186 million loan to finance the renovation and expansion. Originally built in 1987 as the headquarters for Bell South, Dewberry Group acquired the building in 2010. Dewberry Group will develop a 45,000-square-foot retail and restaurant building at the base of the existing asset. The company will also add four new floors of office space totaling 100,000 square feet. The property is situated at the corner of 14th and Peachtree streets, across from Colony Square and two blocks from Piedmont Park. “Midtown has seen a strong migration of high-quality tenants and the Dewberry Group will be delivering office space and amenities that will be attractive to companies seeking Class A office space in this central location,” says Michael Mestel, senior managing director of H.I.G. “We continue to seek out high quality investment opportunities in the Atlanta market, and the financing …

January 30, 2020

Development Mixed-Use North Carolina Southeast

Partnership to Develop Mixed-Use Space Within Research Triangle Park

by Alex Tostado January 29, 2020

RALEIGH, N.C. — Park Center East LLC, a partnership between KDC and Research Triangle Foundation of North Carolina, will develop Hub RTP within Research Triangle Park. Hub RTP will include 300-foot high buildings, the only high-rise buildings within Research Triangle Park. Phase I will be situated on 43 acres on the east side of the property and include the 1 million square feet of office space, as well as at least one hotel with up to 375 rooms, 850 residential units and 150,000 square feet of retail space. Future phases could total 6 million square feet. A timeline for completion was not disclosed.

January 29, 2020

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