Development

Organic Roots Grocery Store Opens at McKinley Crossroads in Corona, California

by Amy Works April 27, 2020

CORONA, CALIF. — Organic Roots, a family-owned organic and natural food store, has opened a its location at McKinley Crossroads. ShopOne Centers REIT owns the property, located in Corona. This is the retailer’s second store, joining its existing location in Temecula. Organic Roots offers local, organic products, all-natural foods, health and body care products, and supplements. Additionally, the store features a wide selection of foods for specialized diets, including vegan, vegetarian, gluten free, low sugar, paleo and keto. Organic Roots will be open to seven days a week from 9 a.m. to 7 p.m. and will offer senior citizen shopping hours and curbside pickup for the duration of the coronavirus pandemic.

April 27, 2020

Development Midwest Top Stories Wisconsin

Zilber to Redevelop Former Race Track in Wisconsin to 240-Acre Mixed-Use Property

by Taylor Williams April 27, 2020

KENOSHA, WIS. — Locally based developer Zilber Property Group has unveiled plans to redevelop the site of the former Dairyland Greyhound Park into a 240-acre mixed-use property. The property was a dog-racing track and facility in Kenosha, located south of Milwaukee near the Illinois border. The track closed roughly a decade ago. California-based Majestic Property Co. acquired the site in late 2017 with plans to build a 2 million-square-foot industrial park that never materialized. The site was also the proposed location of a Hard Rock casino project that was rejected by the state in 2015, according to Kenosha News, a local newspaper. Zilber is partnering with the Forest County Potawatomi Community, a federally recognized Native American tribe and owner of the land, on the project. “Given our history and tribal ties to the area, the Dairyland property purchase made a lot of sense,” says Jeff Crawford, tribal attorney general for the Potawatomi. “It also meets our goals of economic diversification.” The new redevelopment will be branded Greeneway and will include office, retail, industrial and multifamily uses. Specifically, plans currently call for roughly 2 million square feet of industrial space across several buildings, a multifamily community with up to 360 units …

April 27, 2020

Content Partner Development Features Industrial Loans Midwest Multifamily Northeast Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus

by Sarah Daniels April 24, 2020

In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …

April 24, 2020

Development Florida Loans Mixed-Use Retail Southeast

PEBB Enterprises, Banyan Development Receive $27M Construction Loan for Mixed-Use Development in Palm Beach County

by Alex Tostado April 23, 2020

BOYNTON BEACH, FLA. — PEBB Enterprises and Banyan Development have received $27 million in financing for their Mainstreet at Boynton mixed-use project underway in Boynton Beach. Buffalo, N.Y.-based M&T Bank provided the loan. The property is situated at 6405 W. Boynton Beach Blvd., 13 miles north of Boca Raton in Palm Beach County. A 26,000-square-foot Sprouts Farmers Market will anchor the project, which will also feature a Wawa on an outparcel. The retail portion is 85 percent preleased. A 158-bed, 117,000-square-foot co-living facility will also be a part of the project. Jupiter, Fla.-based general contractor Mason Construction expects to complete the project in second-quarter 2021.

April 23, 2020

Development Florida Multifamily Seniors Housing Southeast

Gates Construction Delivers Seniors Housing Community in Naples, Florida

by Alex Tostado April 23, 2020

NAPLES, FLA. — Gates Construction has delivered The Pineapple House at Sapphire Lakes, a two-story, 127-unit seniors housing community in Naples. The owner and operator is Senior Care Residence Sapphire Lakes at Naples LLC. The property spans 115,381 square feet and offers an open-air courtyard, fitness center, massage areas, hydrotherapy room, pool, beauty salon, theater room, library, chapel, craft room, private dining room, clubroom bar and dining options that will include a bistro and an open-air patio. The new community is located at 7901 Radio Road, seven miles east of downtown Naples. Michael Kerner, Development Consulting LLC and Phoenix Associates of South Florida Inc. designed the community.

April 23, 2020

Development Industrial Texas

Trammell Crow, Clarion Complete 85,000 SF Distribution Center for FedEx in Austin

by Taylor Williams April 23, 2020

AUSTIN, TEXAS — A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has completed construction of an 85,000-square-foot, build-to-suit distribution center for FedEx in Austin. The Class A building is situated on 13 acres at 8233 Industry Way on the city’s southeast side and has been operational since March. The project represents Phase II of Park 183, a Class A industrial development that currently totals 330,000 square feet. A third phase consisting of 300,000 square feet has been announced and is expected to be complete by the third quarter of 2021.

April 23, 2020

Development Mixed-Use Texas

Legend Communities, Tiki Time to Develop Mixed-Use Project Near Galveston

by Taylor Williams April 23, 2020

TIKI ISLAND, TEXAS — Austin-based developers Legend Communities and Tiki Time LLC have acquired six acres on Tiki Island, located near Galveston, for the development of a mixed-use community. Tiki Island Residences & Boathouse Resort will feature 75 condominium residences, five penthouses, a waterfront restaurant, retail space and a boathouse structure with the capacity to lodge more than 200 boats. Construction of Phase I, which includes the commercial components, is expected to begin by the fall. The developers expect to break ground on Phase II, which will deliver the residences, in summer 2021. NAN Properties Developer Services has been named as the exclusive listing agent for the residential component.

April 23, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Dekel Capital Arranges $59M Construction Loan for Mixed-Use Project in Thousand Oaks

by Amy Works April 23, 2020

THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.

April 23, 2020

Development Illinois Midwest Multifamily

Habitat, P3 Markets Secure First Round of Financing for $35M Mixed-Income Project in Chicago

by Kristin Harlow April 23, 2020

CHICAGO — The Habitat Co. has secured financing for the first phase of 43 Green, a $35 million mixed-income project in Chicago’s Grand Boulevard neighborhood. Habitat will develop the transit-oriented development in partnership with P3 Markets. Having received approval for low-income housing tax credits, Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project. Upon completion, 43 Green is expected to include three buildings centered around the 43rd Street Green Line stop. Each building is slated to include mixed-income apartments and street-level retail space. Phase I will feature 91 units and 7,500 square feet of retail. The developers expect to break ground in 2021.

April 23, 2020

Development Features Multifamily

NMHC Survey: Multifamily Construction Slows Significantly Due to Coronavirus Issues

by Kristin Harlow April 23, 2020

WASHINGTON, D.C. — As a result of the COVID-19 pandemic, 56 percent of apartment developers reported construction delays, according to a survey by the National Multifamily Housing Council (NMHC). Of those reporting delays, 70 percent said they were experiencing delays in construction starts, an 11 percent increase from a NMHC survey conducted the end of March. NMHC’s construction survey gauges the magnitude of the disruption caused by the COVID-19 outbreak on multifamily construction. The survey found that 77 percent of respondents are experiencing issues with permitting; 28 percent suffer a lack of materials that is impacting construction operations; and 44 percent indicate that labor restraints related to the virus outbreak are affecting construction operations. To further illustrate that point, construction starts across all sectors plunged 20 percent by project value year over year in March, according to ConstructConnect, a provider of preconstruction software for general contractors, subcontractors and manufacturers. All types of residential starts were down 9.7 percent. From February to March of this year, housing construction starts plummeted 22 percent, according to the U.S. Census Bureau. Multifamily starts were down 32 percent. As more multifamily projects are delayed, there is potential for the COVID-19 pandemic to further exacerbate the …

April 23, 2020

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