Development

Intracorp Receives $194M Construction Loan for 49-Story Residential High-Rise Project in Austin

by Taylor Williams May 27, 2020

AUSTIN, TEXAS — Intracorp, a developer with five offices across North America, has received a $194 million construction loan for its 49-story condominium project at 44 East Ave. in Austin’s Rainey Street District. MSD Partners LP and Bank OZK provided the financing. Situated on the edge of Lady Bird Lake, the building will offer one-, two-, three- and four-bedroom floor plans ranging in size from 500 to 3,500 square feet. Amenities will include a pool, community kitchen and a rooftop lounge. The project, which is the only condo development currently under construction in downtown Austin, is expected to be complete in 2022. Nearly half the residences have already been sold.

May 27, 2020

Development Multifamily New York Northeast

Home Street Partners Completes 63-unit Multifamily Building in The Bronx

by Alex Patton May 27, 2020

NEW YORK CITY — Home Street Partners, a New York-based developer, has completed construction of Home Street Residences, a 63-unit multifamily building in the Foxhurst neighborhood of The Bronx. The 75,000-square-foot building is located at 1017 Home St., and 30 percent of the units are reserved for homeless seniors. Residences average 550 square feet. Body Lawson Associates designed the property, and Bronx Pro Group is the operator. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.

May 27, 2020

California Development Multifamily Western

Summerhill, KTGY Architecture Complete 105-Unit Theo Apartment Community in Pasadena

by Amy Works May 27, 2020

PASADENA, CALIF. — Summerhill Apartment Communities, in collaboration with KTGY Architecture + Planning, has completed the development of Theo, a multifamily complex located at 289 N. El Molino Ave. in Pasadena. Construction for the six-story development began in third-quarter 2017, with the first apartments delivered first-quarter this year. The property features 105 units in a mix of one- and two-bedroom layouts. The units include select ground-floor residences offering separate, townhome-style street entries and 16 penthouse floor plans with enhanced finishes and a private penthouse terrace. The community features rooftop amenity space; ground-floor public spaces; a clubhouse facility with pool, spa and other outdoor amenities; a yoga studio and fitness center; and a pet area. The property also offers 154 parking spaces on two subterranean levels. Summerhill and KTGY worked with Pasadena Heritage and the City of Pasadena Design Commission to develop the structure. The property is adjacent to Theodore Parker Lukens House, which was built in 1887, and a 120-year-old cedar tree.

May 27, 2020

Development Mixed-Use New York Northeast

Charney Cos., Tavros Open 350,000 SF Mixed-Use Tower in Brooklyn

by Alex Patton May 26, 2020

NEW YORK CITY — A joint venture between Charney Cos. and Tavros Holdings has opened The Dime, a 350,000-square-foot mixed-use tower in the South Williamsburg neighborhood of Brooklyn. Located at 275 S. 5th St., the building features 177 luxury studio, one-, two- and three-bedroom apartments, as well as 100,000 square feet of office space and 50,000 square feet of ground-floor retail space. Multifamily rental prices start at $3,000 per month for studios and more than $7,000 per month for three-bedroom units. The 23-story tower incorporates the Dime Savings Bank building, which was originally constructed in 1908. Amenities include an acre of outdoor space with a community garden and basketball court, a fitness center, resident lounge and business center. MetroRock leases a 10,000-square-foot rock climbing gym on the ground floor. Fogarty Finger Architecture designed the building.

May 26, 2020

Development Office Texas

Hunt, WestStar Top Off 264,000 SF Office Tower in Downtown El Paso

by Taylor Williams May 26, 2020

EL PASO, TEXAS — A partnership between locally based developer Hunt Cos. and regional bank WestStar has topped off WestStar Tower, a 264,000-square-foot office tower in downtown El Paso. The latest plans for the building, which represents the largest office project in El Paso in at least 20 years, feature 12,000 square feet of ground-floor retail space and 850 parking spaces. Construction began about two years ago and is expected to be complete in early 2021. At 313 feet, WestStar Tower will be the city’s tallest building and will house the headquarters of both Hunt Cos. and its namesake lending tenant. Other project partners include architects Gensler and Duda|Paine, general contractor Moss and leasing agent Sonny Brown & Associates.

May 26, 2020

Development Office Texas

CIM Group Nears Completion of 182,700 SF Fifth + Tillery Office Project in East Austin

by Taylor Williams May 26, 2020

AUSTIN, TEXAS — CIM Group is nearing completion of Fifth + Tillery, a 182,700-square-foot office project in East Austin. The Los Angeles-based developer acquired the property in October 2019 shortly after construction began and expects to open the building in July. Spaces at Fifth + Tillery will be marketed to creative office users and will feature outdoor balconies with heightened levels of natural light. The building will also offer a landscaped courtyard with various outdoor amenities.

May 26, 2020

Development Hospitality Texas

Heritage Hospitality Group Underway on 104-Room Residence Inn Hotel in Waco

by Taylor Williams May 26, 2020

WACO, TEXAS — Developer Heritage Hospitality Group is underway on construction of a 104-room Residence Inn by Marriott hotel in Waco. The four-story property, which is expected to open in mid-July, will feature a sport court, outdoor pool, fitness center and meeting rooms. Atlanta-based Hospitality Ventures Management Group will manage the hotel.

May 26, 2020

Development Office Utah Western

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

California Development Multifamily Seniors Housing Western

Panorama Plans 80-Unit Seniors Housing Community Near Beverly Hills

by Amy Works May 26, 2020

LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”

May 26, 2020

Acquisitions Development Mixed-Use Multifamily Texas Top Stories

Rastegar Property Co. Buys Two Sites in South Austin, Plans Mixed-Use Development

by John Nelson May 26, 2020

AUSTIN, TEXAS — Rastegar Property Co., a private real estate owner and developer, has purchased two parcels in South Austin for the development of a new mixed-use project. The sites are located at 505 and 507 W. Live Oak St. and are the final leg of a 2.5-acre land assemblage that began with Rastegar’s purchase of a site last September. In January, the company bought two sites at 508 and 511 W. Live Oak St. that totaled a little more than a half-acre for an undisclosed price. The new development will sit at the corner of South 1st Avenue and West Live Oak Street near Barton Springs Road. The site is a few blocks from South Congress Avenue, as well as Austin’s central business district. Michael McKinley of St. Croix Capital represented Rastegar in the latest land transaction. “Once we secured the hard corner, things began to fall into place,” says McKinley. “All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5-acre assemblage, due to the high demand for development sites in Austin’s urban core.” While still in the planning stages, Rastegar has disclosed that the property will include residences, entertainment uses and a …

May 26, 2020

Newer Posts

Older Posts