Development

Rockefeller Group Breaks Ground on 135,623 SF Airway Industrial Park in Otay Mesa, California

by Amy Works December 10, 2020

OTAY MESA, CALIF. — Rockefeller Group has started construction of Airway Industrial Park, a distribution center located on a 7.8-acre site in Otay Mesa. When complete, the project will be Rockefeller’s first development in the South San Diego industrial market. Slated for completion in June 2021, Airway Industrial Park will offer 135,623 square feet of distribution space and 137 auto parking spaces. The project team includes Ware Malcomb as architect and Dempsey Construction has general contractor. Rich Kwasny and Bob Mooney of Colliers International are marketing the property, which will be available for lease or sale.

December 10, 2020

California Development Multifamily Top Stories Western

Cityview to Break Ground on $125M Multifamily Community in Los Angeles

by Alex Tostado December 10, 2020

LOS ANGELES — Cityview will break ground on Adams & Grand, a 296-unit multifamily community situated within an Opportunity Zone in Los Angeles, this month. The Los Angeles-based developer secured $125 million for the project through Opportunity Zone investors. Communal amenities will include a two-story clubroom, business center, fitness center, pool, dog park, a pet washing station and two rooftop decks. The community will also feature 390 parking spaces and 332 bike spaces, as well as 5,000 square feet of ground-level retail space. The seven-story property will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Unit interiors will include stainless steel appliances, Nest thermostats, vinyl flooring and quartz countertops. Select units will feature balconies. Three units will be reserved for moderate-income residents and 25 units will be designated for low-income residents. Adams & Grand will be situated at 2528 S. Grand Ave., one mile from the University of Southern California (USC) and three miles south of downtown Los Angeles. The property will not be reserved for college students but will cater toward many residents, including students at USC. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing …

December 10, 2020

Development North Carolina Retail Southeast

Food Lion Completes $212.5M Remodel of 112 Mid-Atlantic Stores

by Alex Tostado December 9, 2020

SALISBURY, N.C. — Food Lion has completed the $212.5 million remodel of 112 grocery stores in Virginia, West Virginia, Delaware, Pennsylvania and Maryland. The Salisbury-based grocer hired 2,300 employees at the stores. According to a study conducted by Towson University’s Regional Economic Studies Institute, the stores will generate $360 million in economic impact. Over the next week, the locations will hold giveaways that will range from reusable shopping bags to gift cards. Each store now includes more items in the “local goodness” section, an expanded craft beer and limited reserve wine section, a more efficient checkout process, new signage to help navigate the store more easily and safety equipment and protocols for a cleaner environment. Additionally, 40 percent of the remodeled stores now feature Food Lion To-Go, the grocer’s pickup service. Food Lion now has remodeled more than 90 percent of its current store network of more than 1,000 stores across its 10-state operating area.

December 9, 2020

Development Florida Office Southeast

Starwood Property Trust Tops Off Office Headquarters in Miami Beach

by Alex Tostado December 9, 2020

MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.

December 9, 2020

Development Kansas Midwest Mixed-Use

Occidental Management Unveils Aspiria as New Name for Former Sprint Headquarters

by Kristin Harlow December 9, 2020

OVERLAND PARK, KAN. — The new name of the former Sprint headquarters will be Aspiria, according to owner Occidental Management. The name change will be effective Jan. 1. Occidental submitted a preliminary development plan to the city in mid-September. The mixed-use project will revitalize the existing 17 buildings housing approximately 3.5 million square feet of Class A office space. Occidental will also build an additional 60 acres into retail, restaurant, entertainment, office and multifamily space. There will be space for outdoor gatherings and events as well as expanded walking and biking trails. Occidental says it will continue to release more details about the project over the coming months. Leasing is underway for the existing buildings as well as the first new office building at the corner of 119th Street and Nall Avenue. Sprint sold the campus to Occidental in summer 2019. Sprint later merged with T-Mobile. “Aspiria reflects an innovative and transformative destination — one we are eager to watch take shape,” says Gary Oborny, CEO and chairman of Occidental. “The project is of a grand scale on the global stage, and we needed a name and brand that was representative of an environment with limitless options.”

December 9, 2020

Development Illinois Industrial Midwest

Phoenix Investors to Build Phase II of Industrial Park in Normal, Illinois

by Kristin Harlow December 9, 2020

NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.

December 9, 2020

Development Multifamily Texas

CapitaLand to Develop 341-Unit Apartment Community in Austin

by Taylor Williams December 9, 2020

AUSTIN, TEXAS — CapitaLand Ltd., an investment and development firm based in Singapore, will develop a 341-unit apartment community in Austin. The firm has entered into an 80/20 joint venture with an undisclosed local developer to build the project, which will be located on a 4.7-acre parcel on the city’s north side. The property’s location puts it near The Domain, as well as the new McKalla Place Major League Soccer Stadium that is slated to open this spring. Units at the new community will feature studio, one- and two-bedroom floor plans. Completion is slated for 2023.

December 9, 2020

Development Multifamily Texas

Howard Hughes to Open 163-Unit Lane at Waterway Apartments in Metro Houston

by Taylor Williams December 9, 2020

THE WOODLANDS, TEXAS — This month, the Howard Hughes Corp. (NYSE: HHC) will open The Lane at Waterway, a 163-unit apartment community in The Woodlands, about 30 miles north of Houston. The property features one-, two- and three-bedroom units, as well as townhomes, that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center, outdoor cooking areas and a clubroom. Rents start at $1,675 per month for a one-bedroom unit, according to apartmentfinder.com.

December 9, 2020

Colorado Development Loans Multifamily Western

X Company Receives $105.3M Construction Loan for 22-Story Residential Tower in Denver

by Amy Works December 9, 2020

DENVER — The X Company has received $105.3 million in construction financing for X Denver2 (XD2), a multifamily project in the Arapahoe Square neighborhood of downtown Denver. Eric Tupler, Christopher Peck and Josh Smith of JLL Capital Markets arranged the loan through CIM Group for the borrower. Located at the corner of 21st and Arapahoe streets, the 22-story XD2 will offer private residences and fully furnished co-living suites with individual bedrooms and bathrooms. Additionally, the property will feature more than 15,700 square feet of collaborative working space; a three-story members-only club offering a resort-style pool and deck; full-serve fitness center with daily classes; and entertainment lounge equipped with a bar. The project also borders the upcoming infrastructure updates that are transforming 21st and Wynkoop streets into an easily accessible walk-path, restricting vehicles on each street.

December 9, 2020

Development New York Northeast Office

JNY Capital, United Hoisting to Develop $175M Office Project in Queens

by Taylor Williams December 9, 2020

NEW YORK CITY — A partnership between boutique investment firm JNY Capital and United Hoisting Co. will develop The Oasis, a $175 million office and life sciences project in Queens. The 11-story building will be located at 38-42 12th St. in the Long Island City neighborhood. The Oasis will consist of 343,500 square feet of traditional office and life sciences space, 34,700 square feet of street-level retail space, 30,700 square feet of event space and a 17,000-square-foot rooftop bar/restaurant. The Oasis will also feature 30,000 square feet of terrace and outdoor green space and parking for more than 650 cars. Construction is expected to begin in the second or third quarter of 2021 and to be complete in the third or fourth quarter of 2022. Lee & Associates is marketing the property for lease.

December 9, 2020

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