Development

KRE Group Breaks Ground on 213-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams October 8, 2020

BAYONNE, N.J. — Developer KRE Group has broken ground on Phase II of Bay 151, a multifamily project that will add 213 units to the local supply of the New York City metro of Bayonne. Phase I consists of 200 units that are now 85 percent occupied. At full build-out, Bay 151 will comprise 625 apartments and 10,000 square feet of retail space. Residences at Bay 151 come in studio, one-, two- and three-bedroom formats, and the property features more than 15,000 square feet of indoor and outdoor amenity space, with all amenities now open to residents. Completion of Phase II is slated for late 2021.

October 8, 2020

Development Illinois Midwest Multifamily

Optima Begins Development of 198-Unit Luxury Apartment Project in Chicago’s Lakeview Neighborhood

by Kristin Harlow October 8, 2020

CHICAGO — Optima Inc. has begun development of Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development will replace a shuttered Treasure Island grocery store and parking lot. Designed by Hovey, the project also includes 14,000 square feet of street-level commercial space. Residents will have access to 40,000 square feet of amenities, including a rooftop sky deck, pool, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, pet spa, game room, business center and two conference rooms. The building will offer 94 fully enclosed parking spaces and storage for 208 bicycles. Optima says it designed larger floor plans to accommodate dedicated space for a home office in today’s work-from-home environment. Completion is slated for March 2022.

October 8, 2020

Development Midwest Minnesota Office

Accesso to Renovate Crystal Court Within IDS Center in Minneapolis

by Kristin Harlow October 8, 2020

MINNEAPOLIS — Owner Accesso has unveiled plans to renovate Crystal Court, a central gathering place located within IDS Center in Minneapolis. The renovation plan, which was designed in collaboration with Perkins and Will and New History, calls for updating the “functionality and aesthetics of the space to better meet the evolving needs of today’s consumer.” Renowned architect Philip Johnson designed the 57-story, 1.4 million-square-foot office tower, which opened in 1972. The updated Crystal Court will feature new collaborative seating areas, a grove of trees and a new water feature. Accesso, a manager, owner and operator, boasts a portfolio of 35 office properties spanning 15.6 million square feet throughout the U.S.

October 8, 2020

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 9,982 SF Dispensary for Greenhouse in Northbrook, Illinois

by Kristin Harlow October 8, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.

October 8, 2020

Development Mixed-Use Texas Top Stories

Centurion American Breaks Ground on $300M Mixed-Use Development in Metro Dallas

by Alex Tostado October 8, 2020

NORTH RICHLAND HILLS, TEXAS — Centurion American Development Group has broken ground on City Point, a 52-acre mixed-use development in the Dallas suburb of North Richland Hills. Development costs were not disclosed, but D Magazine reports it will cost the Farmers Branch, Texas-based developer $300 million. City Point will comprise 400 to 600 multifamily units, 60,000 square feet of commercial space, a trail system, outdoor greenspace and 366 single-family homes, including bungalows and townhomes. The commercial space will include office, retail and restaurant space. The City of North Richland Hills and Tarrant County each contributed a cap of $4.2 million and $1.7 million, respectively, through a Tax Increment Financing District (TIF) for infrastructure improvements surrounding the development. Cleveland-based NRP Group will build the apartment units, Plano, Texas-based CB Jeni Homes will construct the townhomes and Gunter, Texas-based New Synergy Homes will build the bungalow homes portion of the development. A developer for the commercial space was not disclosed. City Point is situated at the former site of North Mills Mall, which closed in 2004 and was torn down in 2007, according to D Magazine. The site has sat vacant since. The property is located along Grapevine Highway near Interstate 280, …

October 8, 2020

Development Mixed-Use South Carolina Southeast

URS Capital, Catalyst Capital to Develop $45M Mixed-Use Project Near Charlotte

by Alex Tostado October 7, 2020

ROCK HILL, S.C. — A joint venture between URS Capital Partners and Catalyst Capital Partners will develop The Exchange at Rock Hill, a planned $45 million mixed-use project in Rock Hill. The property will include 229 multifamily units, coworking office space and 26,000 square feet of retail and commercial space. The joint venture recently closed on the land sales, which included the assemblage of three parcels that were acquired from the City of Rock Hill and private investors. The Exchange at Rock Hill will be situated at the intersection of Dave Lyle Boulevard and E. White Street, adjacent to downtown Rock Hill and 27 miles south of downtown Charlotte. Amenities for the multifamily residents will include a pool, outdoor lounge area, roof deck and a fitness center. Concorde Construction is the general contractor for the apartment component, while Wharton Smith Inc. is the general contractor for the commercial spaces. BB+M Architecture and 505 Design are the project architects, and Land Design is the civil engineer for the site. Pinnacle Bank provided the joint venture with acquisition and construction financing. The co-developers will hold a groundbreaking ceremony Wednesday, Oct. 13.

October 7, 2020

Development Multifamily North Carolina Office Southeast

Dominion Realty Partners Tops Out 29-Story FNB Tower in Uptown Charlotte

by Alex Tostado October 7, 2020

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.

October 7, 2020

Colorado Development Loans Multifamily Western

Parkview Financial Provides $26M Construction Loan for Art District Lofts in Downtown Denver

by Amy Works October 7, 2020

DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.

October 7, 2020

California Development Multifamily Western

MBK Rental Living Buys Development Site for 292-Unit Apartment Community in Duarte, California

by Amy Works October 7, 2020

DUARTE, CALIF. — MBK Rental Living has purchased a 3.4-acre site in Duarte for the development of 292-unit apartment community in Duarte, situated 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is developing the project in partnership with Haseko Corp. Located along the Interstate 210 corridor and steps away from City of Hope Metro Gold Line, the five-story, transit-oriented development will feature a mix of flats and lofted studios, one-, two- and three-bedroom units, as well as co-living apartments. Amenities will include a fitness center and resort-style pool and spa, clubroom and “Bru Hause” gathering spot. Construction of the property, which will also include an eight-story parking structure, is scheduled to start in 2022. The new development is situated adjacent to Esperanza at Duarte Station, the partnership’s first project that will deliver 344 apartments upon completion in mid-2023.

October 7, 2020

Development Mixed-Use New York Northeast

SL Green Tops Out 34-Story Mixed-Use Project at 185 Broadway in Lower Manhattan

by Taylor Williams October 7, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has topped out its 34-story mixed-use project at 185 Broadway in Lower Manhattan. Located across from Fulton Transit Center, the building will consist of 17,000 square feet of ground-floor retail space, 26,000 square feet of office space and 217,000 square feet of residential space across 209 units. FX Collaborative designed the residential component of the project, which will offer one, two- and three-bedroom floor plans and will include 63 units of affordable housing.

October 7, 2020

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