AUSTIN, TEXAS — A joint venture between national developer Patrinely Group and San Antonio-based USAA Real Estate has broken ground on Aspen Lake Three, a 128,990-square-foot build-to-suit office project in Austin for Q2 Holdings, a provider of cloud-based banking solutions based in the state capital. The four-story building will be located on the city’s north side and is expected to be complete in April 2021. Will Douglas, Russell Young and Harrison Schumacher of JLL represented Q2 Holdings in its site selection and lease negotiations for Aspen Lake Three, which is part of a three-building complex located on the city’s northwest side. Dennis Tarro of Patrinely Group represented the landlord internally along with Ben Tolson of local firm AQUILA Commercial.
MIAMI — The Housing Trust Group (HTG) has broken ground on Father Marquess-Barry Apartments, a planned 60-unit seniors housing community in downtown Miami. The units are reserved for residents 62 years of age and older earning between 28 and 60 percent of the area median income (AMI). Rents will range from $372 to $1,200 a month for qualifying residents. Six units will be reserved as workforce housing. The community is scheduled to open in April 2021 and is named after the late Rev. Canon Richard Livingston Marquess-Barry, a Miami native and former pastor of The Historic St. Agnes Episcopal Church in Overtown. The three-story community will offer 48 one-bedroom apartments and 12 two-bedroom apartments ranging from 684 square feet to 969 square feet. Communal amenities will include a multipurpose club room for community and property gatherings, fitness center, library and media center with computers, a package-delivery locker system and bike racks. The property is situated at 301 NW 17th St. The owner of the land, nonprofit group Rainbow Housing Corp., granted a 99-year ground lease for HTG to build the community. Raymond James provided $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC); TIAA Bank provided a …
MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.
AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.
HOUSTON — McCord Development has purchased a 201-acre tract in northeast Houston that will be an addition to the 4,200-acre Generation Park master-planned development, from Chicago-based power company Exelon Generation Co Inc. Specific development plans were not disclosed, but the buyer stated that the site would feature commercial uses and would be part of a future network of trails and parks that connects each region of Generation Park. David Cook, Jeff Peden and Scott Miller of Cushman & Wakefield worked with Will Condrey, Kayla Black and Ben Sample of Cresa Global Inc. to represent Exelon Generation in the sale of the land. Since 2017, Generation Park has seen more than $1 billion in commercial development, including 438,000 square feet of office space, 490,000 square feet of retail space, 908,000 square feet of industrial space, 251 luxury apartment units and two colleges. Another 2.1 million square feet of new construction is currently under development with more in the development pipeline.
AUSTIN, TEXAS — California-based Focal Point Development will build The Point North, a 76-bed student housing community that will be located one block north of the University of Texas at Austin. The property is expected to be complete in summer 2021 and will feature an amenity courtyard, fitness studio and two study lounges. Craig Miller of FourPoint Capital Markets arranged an undisclosed amount of construction financing for the project.
LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property. Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income. The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.
PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …
LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.
TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline for completion was not disclosed.