Development

LaPour Partners, NewcrestImage Open 199-Room AC Hotel Phoenix Downtown

by Amy Works March 17, 2021

PHOENIX — A joint venture between Las Vegas-based LaPour Partners and Texas-based NewcrestImage has completed AC Hotel Phoenix Downtown, a 13-story hotel located at 414 N. 5th St. in downtown Phoenix. Situated within the Arizona Center development, the hotel features 199 guest rooms; a lobby lounge offering tapas, crafted cocktails, a large outdoor patio with fireplaces and water features; and a penthouse fitness center with multiple hydration stations. The development team included Layton Construction, Los Angeles-based Axis GFA Architecture & Design and Dallas-based Design Duncan Miller Ullman. This is the first joint venture between NewcrestImage and LaPour Partners, and LaPour’s second AC Hotel in Phoenix, joining the firm’s existing 160-room AC Hotel by Marriott on Camelback Road.

March 17, 2021

Development Finance Insight Loans Midwest Net Lease Northeast Retail Southeast Video Western

Envoy: Demand for Net Lease to Quickly Outpace Supply in 2021

by Sarah Daniels March 17, 2021

Ralph Cram, President of Envoy Net Lease Partners, LLC, is seeing dramatic change in the net lease space in 2021: in the past couple months he’s seen cap rates with 25 to 35 basis point drops on active deals, increased 1031 exchange activity and robust interest in net-lease properties. “What we’ve really seen in the last six months is the demand for investment-grade, net-lease properties has skyrocketed — partly because people aren’t buying nonessential or non-investment-grade tenants.” There is a supply constraint though: with many 2020 projects delayed, Cram anticipates 12 months before supply can reach the market — making for a tight market. Finance criteria for net lease clients, construction loan programs, development risks, outlining the process for lending overall and 2021 goals are concepts covered in this video interview for Finance Insight. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a four-part newsletter series, followed by video interviews delivered to your inbox in March.

March 17, 2021

Affordable Housing Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 230-Unit Affordable Housing Community in Brandon, Florida

by Julia Sanders March 16, 2021

BRANDON, FLA. — Summit Contracting Group, a multifamily general contractor, has broken ground on Landon Preserve, an affordable housing community located on Pauls Drive in Brandon, a Tampa suburb east of Interstate 75. Landon Preserve will be a pet-friendly community featuring one-, two- and three-bedroom apartment homes. The construction will include 230 units in seven three-story buildings, and a total square footage of 255,960. Community amenities will include a clubhouse with fitness center, swimming pool, mail kiosk, maintenance building and a dog park. Construction is planned to be complete in summer 2022. The developer is Vestcor and the architect is Group 4 Design Inc.

March 16, 2021

Development Industrial Texas

Amazon to Open 1 MSF Fulfillment Center in Amarillo, Create 500 New Jobs

by Taylor Williams March 16, 2021

AMARILLO, TEXAS — Amazon (NASDAQ: AMZ) has announced plans to open a 1 million-square-foot fulfillment center in Amarillo, its first in the northwest Texas city, in a move that is expected to create about 500 new full-time jobs. Citing an announcement from the Amarillo Economic Development Corp., local news outlet KFDA reports that the facility will be located at the corner of Northeast 24th Avenue and Loop 335 and will generate approximately $35 million in economic impact. The opening is slated for early 2022. The developer was not disclosed.

March 16, 2021

Development Multifamily Texas

Presidium Breaks Ground on 283-Unit Multifamily Project in North Austin

by Taylor Williams March 16, 2021

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Phase I of Presidium Waterford, a 283-unit multifamily project that will be located near The Domain in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the property will offer amenities such as a pool, fire pits, fitness center, office lounges and a bocce court. The first units are scheduled to be delivered in December 2022. Presidium is currently in the design stage of Phase II, which it estimates will include 350 units.

March 16, 2021

Development Retail Texas

Main Event to Open 48,559 SF Venue at Cottonwood Creek Market in Waco

by Taylor Williams March 16, 2021

WACO, TEXAS — Dallas-based entertainment concept Main Event will open a 48,559-square-foot venue at Cottonwood Creek Market, a 285,000-square-foot shopping center in Waco owned by Houston-based NewQuest Properties. Main Event will join Topgolf and a 14-screen Cinemark Holdings Inc. as the other entertainment anchors at the center, which is located near Baylor University’s campus on the city’s southwest side. Main Event’s new location will feature 20 bowling lanes, multi-level laser tag areas and a virtual reality gaming space, along with food and beverage offerings. Construction is scheduled to begin this month and to be complete in the first quarter of 2022. Austen Baldridge represented NewQuest Properties in the lease negotiations on an internal basis. Dawn Greiner of SRS Real Estate Partners represented Main Event. Topgolf and Cinemark are scheduled to open this spring and summer, respectively.

March 16, 2021

Development Industrial Midwest Ohio

$9M Spec Industrial Project Nears Completion in Middleburg Heights, Ohio

by Kristin Harlow March 16, 2021

MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.

March 16, 2021

Civic Development New York Northeast

Hellenic Classical Charter to Open 36,000 SF School in Staten Island

by Taylor Williams March 16, 2021

NEW YORK CITY — Hellenic Classical Charter School (HCCS) will open a 36,000-square-foot academic institution for students in grades 3-8 at 1641 Richmond Ave. in Staten Island. HCCS has entered into a ground lease with the owner of the land, Holy Trinity Greek Orthodox Community, to develop the project. Marty Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented HCCS in the ground lease negotiations. HCCS also secured $44 million in bond financing from youth empowerment organization Build NYC to help finance construction of the new building.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Development Loans Multifamily Oregon Seniors Housing Western

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

by Amy Works March 16, 2021

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

March 16, 2021

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