Development

Nitya Capital, Tema Development to Build 32-Story Apartment High-Rise in Houston

by Taylor Williams December 18, 2019

HOUSTON — A partnership between two locally based developers, Nitya Capital and Tema Development, will build Two Hermann Place, a 32-story multifamily high-rise building that will be located in Houston’s Museum District. The property will offer 295 units in 13 different floor plans that will feature quartz countertops and backsplashes, walk-in closets and smart thermostats. The average unit size will be 1,076 square feet. Amenities will include a pool with cabanas, sky lounge, café bar, dog park and a fitness center. The groundbreaking is scheduled for the first quarter of 2020, and completion is slated for winter 2022.

December 18, 2019

Development Office Texas

Shorenstein Breaks Ground on 210,500 SF Office Building in Austin’s Mueller Business District

by Taylor Williams December 18, 2019

AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.

December 18, 2019

Development Mixed-Use Texas Top Stories

Loews Hotel, New Convention Center to Anchor $810M Development in Arlington, Texas

by Kristin Harlow December 18, 2019

ARLINGTON, TEXAS — The Arlington City Council has approved an $810 million expansion of the city’s Entertainment District. The project is a continuation of the public-private partnership between the city, the Texas Rangers baseball team, Loews Hotels & Co. and The Cordish Cos. At the forefront of the expansion is a $550 million, 888-room Loews hotel with 1,500 parking spaces. The hotel will be connected to the new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor space. Other components of the project include a 280-unit apartment building with 100,000 square feet of retail, entertainment and coworking space operated by Spark; a 200,000-square-foot office building; and a new public garage with 1,900 parking spaces. The expansion is the next phase of a greater $4 billion vision by the development partners that began with the $250 million Texas Live! entertainment center, which opened in August 2018, and Live! By Loews Hotel, which opened in August 2019. Paired with the Rangers’ new Globe Life Field set to open in March 2020, the total investment of new development by the partnership totals more than $2.25 billion. “As an owner and operator, Loews Hotels has the advantage of deciding when …

December 18, 2019

Development Hospitality Southeast Tennessee

Safe Harbor Opens $82M Margaritaville Hotel Nashville in Downtown’s SoBro District

by Alex Tostado December 17, 2019

NASHVILLE, TENN. — Developer Safe Harbor Development LLC has opened the $82 million Margaritaville Hotel Nashville, a 12-story hotel featuring 166 guestrooms, as well as 52 suites. Davidson Hotels & Resorts manages the hotel, which is located at 425 5th Ave. S. in downtown Nashville’s SoBro (South of Broadway) district. Margaritaville Hotel Nashville is adjacent to the Country Music Hall of Fame, Bridgestone Arena, Music City Center and Honky Tonk Highway. Amenities include a rooftop pool, sundeck, fire pits, live entertainment, a fitness center, and two Margaritaville-branded restaurants: FINS Bar and JWB Grill. The hotel also includes nearly 11,000 square feet of indoor and outdoor customizable event space, as well as Radio Margaritaville’s Nashville studio.

December 17, 2019

Development Hospitality Retail South Carolina Southeast

Capital Square, Method to Develop Hotel, Stores in Downtown Charleston

by Alex Tostado December 17, 2019

CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.

December 17, 2019

Development Industrial Northeast Pennsylvania Self-Storage

Metro Storage, FRC Open 785-Unit Self-Storage Facility in Line Lexington, Pennsylvania

by Alex Patton December 17, 2019

LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.

December 17, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 86-Unit Community in Exton, Pennsylvania

by Alex Patton December 17, 2019

EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.

December 17, 2019

Development New York Northeast Retail

Lidl Opens 36,000 SF Grocery Store on Long Island

by Alex Patton December 17, 2019

WEST BABYLON, N.Y. — German grocer Lidl has opened a 36,000-square-foot store at Hubbards Commons, a 65,970-square-foot shopping center in West Babylon on the western part of Long Island. Lidl will offer produce, meat, freshly baked goods and an array of household products. Hubbards Commons is located along Sunrise Highway, which connects Long Island to New York City. The property is now 98 percent leased to tenants including Walgreens, Orangetheory Fitness and Subway. ShopOne is the landlord of Hubbards Commons.

December 17, 2019

Colorado Development Loans Multifamily Western

Saunders Commercial Receives $43.2M in Construction Financing for Ten West Greeley Apartments in Colorado

by Amy Works December 17, 2019

GREELEY, COLO. — Saunders Commercial Development has received $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a Class A multifamily property being developed at 6600 Eighth St. in Greeley. JLL worked on behalf of the developer to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group. Leon McBroom and Eric Tupler of JLL Capital Markets debt placement team secured the financing for the developer. Situated on 10.15 acres, the three-story Ten West Greeley will feature 264 garden-style apartments averaging 882 square feet. Units will include stainless steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. Slated for completion in 2021, the property will feature 64 garages as well as 408 surface parking spaces. Community amenities will include a resort-style pool, outdoor fire pit, lounge area, clubhouse, entertainment area, fitness center, wet bar and dog wash.

December 17, 2019

California Development Multifamily Western

Wood Partners Breaks Ground on 372-Unit Alta Buena Vista Multifamily Property in California

by Amy Works December 17, 2019

ALAMEDA, CALIF. — Wood Partners has broken ground on Alta Buena Vista, an apartment community located at 1501 Buena Vista Ave. in Alameda. Situated on the northern waterfront, the 10-acre community will mix the existing six-acre historic 1920s-era Del Monte Warehouse with new apartments and retail spaces. BAR Architects designed the project. Slated to open in early 2022, Alta Buena Vista will offer 372 apartments in a mix of studio, one- and two-bedroom floor plans, as well as two- and three-bedroom townhomes. Additionally, the property will feature a fitness center, resident lounge, multiple roof decks and 11,000 square feet of ground-floor retail space.

December 17, 2019

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