CRANSTON, R.I. — Massachusetts-based design-build firm Dacon has completed construction of a 25,000-square-foot office headquarters space for insurance brokerage firm Hilb Group in Cranston. Spanning two floors, the layout includes an open office work environment, entrance lobby, conference space, training room, restrooms and a café. The tenant is looking to consolidate its four Rhode Island offices into one regional hub for some 130 employees at this location, which is situated within Carpionato Group’s Chapel View mixed-use development.
JANESVILLE, WIS. — Zilber Property Group plans to develop two speculative industrial buildings in Janesville, about 70 miles southwest of Milwaukee. Totaling over 350,000 square feet, the nearly identical buildings will be constructed on a 25-acre site located immediately north of the Beloit Avenue and Highway 11 intersection. Construction is expected to begin this spring following municipal approvals. Completion is slated for this fall. Building features will include a clear height of 32 feet, onsite trailer parking, expandable truck loading options and LED lighting. The project team includes Zimmerman Architectural Studios, Pinnacle Engineering Group and Riley Construction. Michael Kleber, Zilber’s director of industrial leasing, will manage lease-up.
2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …
MIAMI — SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse Brickell will be a 62-story hotel with 191 rooms. The property is filled with repurposed materials and found objects, like reclaimed flooring, wood beams and mismatched lighting. The hotel will feature two rooftop pools, with several bar and snack options. The main dining area will have a designated terrace and private bar. Treehouse Hotel has environmentally conscious features including rainwater harvesting and reuse, low-carbon energy materials, electric car recharging stations and bike parking. JDS Development Group is a team of innovators and builders based in New York. Rockwell Group is an architecture and design firm based in New York.
HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus. The campus, which is located near Seqirus’ North American campus and adjacent to the Holly Springs Business Park, will feature three buildings spanning over 255,000 square feet on approximately 25 acres. Two of the development’s buildings will be constructed to meet biomanufacturing specifications, with each one offering over 100,000 square feet and the ability to accommodate single or multi-tenant needs. The third facility will be a two-story office building designed for smaller office users or expanding ones. Crescent Communities aims to start construction later this summer, with the first building’s delivery expected in summer 2022. The design team includes Timmons Group, O’Brien Atkins Associates and Gilbane . Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities.
FAIRFAX, VA. — The Virginian Retirement Community, a senior living community in Fairfax, will break ground on an 18-month renovation schedule. Development costs are estimated at $56.5 million. The Virginian project is a collaboration between Focus Healthcare Partners LLC, Life Care Services and Allied Partners. The Virginian Retirement Community will be located at 9229 Arlington Blvd., about 17 miles from Washington, D.C. The seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. The property is located on a 32-acre wooded campus near downtown Fairfax, and was acquired by an affiliate of Focus Healthcare Partners LLC in 2019. The Virginian will offer a fitness center with trainers, as well as daily exercise classes including aerobics, Tai Chi, balance and strength training and yoga. Other activities include a high-tech Golf Simulator, new indoor swimming pool with water aerobics classes and a water exercise program. The property will also include a new theater, virtual entertainment room, tech lounge, three full-service salons and four restaurants.
Trez Capital Provides $12.7M in Construction Financing for Phase I of Metro Austin Mixed-Use Project
GEORGETOWN, TEXAS — Trez Capital has provided $12.7 million in construction financing for Phase I of Parmer Ranch, a 454-acre mixed-use project in the northern Austin suburb of Georgetown by developer Owen Holdings Inc. The first phase will consist of 155 single-family homes. The entire project will ultimately feature 1,000 single-family homes, 100,000 square feet of commercial space, a 4.5-acre community center, a new middle school and 47 acres of open space. Phase I also includes the development of a 10-acre park with an event lawn and outdoor pavilion, a food truck court, green space with hiking trails and an amenity pond.
FRISCO, TEXAS — General contractor Talley Riggins Construction Group has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and AOS Panther Creek LLC is the developer. Inroads Realty is leasing the project and has already secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is scheduled to begin in the coming weeks.
DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …
GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.