Development

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson January 14, 2025

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

January 14, 2025

Development Industrial South Carolina Southeast

Glenstar Completes First Building at 290-Acre CCC-85 Industrial Park in Gaffney, South Carolina

by John Nelson January 14, 2025

GAFFNEY, S.C. — Glenstar has completed the first building within Cherokee Commerce Center 85 (CCC-85), a 290-acre industrial park located along I-85 in Gaffney. The new 550,520-square-foot cross-dock facility is the first of five buildings within the park and is expandable up to 1.3 million square feet. The speculative building features 40-foot clear heights, 56- by 50-foot column spacing, 60-foot speed bays, up to 232 dock doors, four drive-in doors, up to 200 megawatts of power within three years of operation and flexible parking. The project team includes capital partners Creek Lane Capital and CrossHarbor Capital Partners, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers’ Spartanburg, S.C., office are marketing the building on behalf of Glenstar. At full build-out, CCC-85 is slated to comprise 3.6 million square feet of logistics space.

January 14, 2025

Nellis-Commerce-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

Panattoni Development Completes 228,760 SF Nellis Commerce Center in North Las Vegas

by Amy Works January 14, 2025

NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Nellis Commerce Center in North Las Vegas. The 228,760-square-foot, Class A industrial building features 17 dock doors, 18 additional knock-out panels and 48 trailer parking stalls. The facility also features 36-foot clearance, ESFR fire sprinklers and the ability to accommodate up to two tenants with square footage divisible to approximately 105,700 square feet. Nellis Commerce Center is situated 12 miles from Harry Reid Airport, less than five miles from the I-15 interchange and seven miles from US Highway 95. Panattoni Development Co. developed Nellis Commerce Center, which is being marketed by Sean Zaher, Garrett Toft and Jake Higgins of CBRE.

January 14, 2025

Development Multifamily North Carolina Southeast

Flournoy Delivers 315-Unit Ellison at The Preserve Apartments in Asheville, North Carolina

by John Nelson January 14, 2025

ASHEVILLE, N.C. — Flournoy Development Group has delivered Ellison at The Preserve, a 315-unit apartment community located at 375 Spring Bluff Lane in Asheville. Units come in one-, two- and three-bedroom floor plans, along with quartz countertops, stainless steel GE appliances, wood-style flooring and balconies with views of the Blue Ridge Mountains in select apartments. Monthly rental rates at the community range from $1,609 to $3,472, according to Apartments.com. Amenities include a heated pool, fitness center, coworking lounge, outdoor entertainment spaces, grab-and-go market, pet spa, private garages, mail lounge and a private package room. Flournoy Properties Group is operating Ellison at The Preserve on behalf of ownership.

January 14, 2025

Development Massachusetts Multifamily Northeast

JPDNC to Undertake 48-Unit Affordable Housing Redevelopment Project in Boston

by Taylor Williams January 14, 2025

BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.

January 14, 2025

Development Loans Midwest Multifamily Wisconsin

Neutral Receives $133.3M in Construction Financing for Luxury Apartment Project in Milwaukee

by Kristin Harlow January 14, 2025

MILWAUKEE — Neutral has received a $133.3 million construction loan for The Edison, a 378-unit luxury apartment project in Milwaukee. JLL Capital Markets arranged the financing through Bank OZK and Pearlmark. The Edison, located at 1005 N. Edison St., will feature 7,200 square feet of retail space. At 31 stories, the project is slated to be the tallest mass timber building in North America, according to Neutral. Amenities will include a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck and sky lounge. The developer has secured more than 62 percent of the required equity funding and will commence construction this spring while the remaining 38 percent of equity is being finalized. Completion is slated for the third quarter of 2027.

January 14, 2025

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Phase II of Luxury Apartment Property in Hopkins, Minnesota

by Kristin Harlow January 14, 2025

HOPKINS, MINN. — Kraus-Anderson has completed construction on Hallon II, a luxury apartment building in Hopkins, a southwest suburb of Minneapolis. Designed by ESG Architecture and Design, the seven-story, 398,822-square-foot community features 250 units and 10,000 square feet of retail space. Outdoor amenities include a third-floor courtyard with pool, hot tub, fitness area, game lawn, lounge and grill stations. Interior amenities include a sauna, fitness and yoga studio, speakeasy with connected sky deck, listening lounge and pet wash station. Construction began in September 2022.

January 14, 2025

Development Georgia Mixed-Use Southeast

Toro Development Breaks Ground on $560M Medley Mixed-Use Campus in Johns Creek, Georgia

by John Nelson January 13, 2025

JOHNS CREEK, GA. — Toro Development has officially broken ground on Medley, a $560 million mixed-use development spanning 43 acres in Johns Creek, an affluent northern suburb of Atlanta. Toro plans to hold a grand opening for the development on Oct. 29, 2026. The project is situated at the corner of McGinnis Ferry Road and Johns Creek Parkway, which formerly housed offices for State Farm Insurance. Plans for Medley call for 150,000 square feet of retail, restaurant and entertainment space; a 175-room hotel; 110,000 square feet of offices; 750 apartments; 133 townhomes built by Empire Communities; and a 25,000-square-foot plaza. Toro obtained construction financing for the project in November and announced a new round of retail leasing at the development in December. Medley represents an important component of the city of Johns Creek’s 192-acre town center vision, according to Toro.

January 13, 2025

Development Industrial Office Southeast Tennessee

FlexEtc Completes 91,380 SF Build-Out for New Co-Warehousing, Coworking Space in Nashville

by John Nelson January 13, 2025

NASHVILLE, TENN. — FlexEtc, a hybrid office and industrial co-warehousing concept with a few locations out West and in Texas, has completed its build-out at 1133 Polk Ave. in Nashville. Architectural firm Ware Malcomb recently completed the design for the 91,380-square-foot tenant improvement project. DWC Construction was the general contractor, and Colliers served as the client manager. Situated outside of the downtown area, FlexEtc Nashville features contemporary warehouse spaces, with modular units ranging from 3,000 to 2,300 square feet that are suitable for uses ranging from logistics to content creation studios. The location also offers coworking features including private and shared offices, a front reception area, conference room, lounge, break room, kitchen, coffee bar and studio space for photographers and podcasters.

January 13, 2025

Development Industrial Texas

Core5 Industrial Partners Underway on 652,103 SF Project in McKinney, Texas

by Taylor Williams January 13, 2025

MCKINNEY, TEXAS — Atlanta-based developer Core5 Industrial Partners is underway on construction of a 652,103-square-foot project near the intersection of U.S. Highways 75 and 380 in the northern Dallas suburb of McKinney. The project, which represents Phase III of a larger development known as Core5 Logistics Center at McKinney, will consist of two buildings totaling 492,368 and 159,735 square feet. Holt Lunsford Commercial has been tapped to lease the project, construction of which is expected to be complete in the third quarter.

January 13, 2025

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