DENVER — Confluent Development and Kelmore Development, the Denver-based co-owners and co-developers of the project, have topped out Exchange at Boulevard One. The 200,000-square-foot, mixed-use project is located in Boulevard One, a 70-acre parcel in Denver’s Lowry neighborhood. The developers broke ground in April 2019 and completion of the initial phase, totaling 135,000 square feet, is slated for spring 2021. Located at Lowry Boulevard and Quebec Street, the infill development will feature 500 parking spaces, including a 231-stall underground garage. The project focuses on multimodal accessibility with a mobility hub for bicycle and scooter parking, pedestrian connectivity, electric car charging stations and nearby transit lines with connections to light rail. Brinkman Construction is serving as general contractor for the project, which Open Studio Architecture designed. The Denver Urban Renewal Authority and Lowry Redevelopment Authority are supporting the development.
LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.
AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. Completion is scheduled for January 2022. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.
WHITELAND, IND. — Mohr Capital has begun development of a 1 million-square-foot warehouse and distribution center for Cooper Tires in Whiteland within metro Indianapolis. Cooper, a tire manufacturer focused on passenger car and light vehicle replacement tires, is relocating from an 807,042-square-foot facility in Franklin, Ind. Mohr Capital, a Dallas-based real estate investment firm, worked closely with Mark Writt of CBRE on the land acquisition. Pepper Construction, Curran Architects and American StructurePoint make up the project team. Completion is slated for the first quarter of 2021.
CARMEL, IND. — Cornerstone Cos. Inc. has purchased a three-acre parcel at 12174 N. Meridian St. in Carmel, a suburb of Indianapolis. Cornerstone plans to develop a 40,000-square-foot medical office building on the site. Known as Carmel Medical Arts Pavilion, the three-story project will be home to four healthcare tenants providing orthopedics, rehabilitation, primary care and pediatric dentistry services. The property will feature covered physician parking and an outdoor terrace on the third floor. Cornerstone will serve as developer, construction manager and property manager. The Indianapolis-based company specializes in healthcare real estate. A timeline for completion was not disclosed.
CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.
BURLINGAME, CALIF. — JLL Capital Markets has secured $33.8 million in construction financing for the development of 250 California, a speculative office building in Burlingame. Jordan Angel and Chris Gandy of JLL represented the borrower, Dewey Land Co. and Divco West, to capitalize the project through a joint venture partnership. Slated for completion in 2022, the 44,605-square-foot project will feature four stories of office space, ground-floor retail space and a three-level subterranean parking facility. The transit-oriented property is situated in downtown Burlingame immediately adjacent to the Burlingame Caltrain station, near Highway 101 and state routes 82 and 92.
FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and Sisseton lakes, the new facility will feature a child daycare center, dining room, overnight guest room, gift shop, movie theater, fitness center, beauty shop, courtyard and gardens. Lakeview Methodist has worked in the Minnesota skilled nursing sector for 50 years and provides 24-hour care for short- or long-term stays.
LOS ANGELES AND BURBANK, CALIF. — A joint venture between Los Angeles-based LaTerra Development and Canadian investment firm QuadReal Property Group has launched a $250 million fund to develop and operate multifamily communities in Southern California. The joint venture has acquired land for two different projects in the greater Los Angeles area. The first project will be a 573-unit, transit-served community that will be situated on an eight-acre site at 777 N. Front St. in Burbank. The site is located near the corporate headquarters of Walt Disney Studios and Warner Bros. and will also house a 300-room hotel that will be developed separately. This community, which will be branded The Line at Burbank, will be just the second new multifamily project to be constructed in Burbank in the last 20 years. The other, the 241-unit Talaria at Burbank, was completed in February 2019 following years of setbacks that included adjustments to surrounding traffic flows and various environmental concerns. The second development will be a 71-unit complex at 7617 Santa Monica Blvd. in West Hollywood that will also house 10,000 square feet of ground-floor retail space. Amenities at this property will include a rooftop pool and two levels of subterranean parking. …