Development

Futura, Linkvest Receive $52.5M HUD Construction Loan for Multifamily Project in Orlando’s Lake Nona

by Alex Tostado November 9, 2020

ORLANDO, FLA. — Joint venture partners Futura and Linkvest Capital have received a $52.5 million construction loan for the development of Futura at Nona Cove in Orlando. Berkadia originated the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan on behalf of the developers. The community will be situated within Lake Nona, a master-planned community featuring, retail space, office space, multifamily units, single-family homes and hotels. Tavistock Group is the master developer of Lake Nona. The 260-unit property will offer studio through three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a two-story clubroom, fitness center, dog spa and park, coworking space and a pool. Construction at the 17-acre site has begun and the developers expect to deliver the community in the third quarter of 2022.

November 9, 2020

Development Industrial Midwest Missouri

Amazon to Build 1 MSF Fulfillment Center in Republic, Missouri

by Kristin Harlow November 9, 2020

REPUBLIC, MO. — Amazon.com Inc. has unveiled plans to open a fulfillment center in Republic, about 14 miles southwest of Springfield. Construction of the 1 million-square-foot facility is expected to begin in 2021. Upon completion, Amazon expects to create more than 500 full-time jobs. Employees will pick, pack and ship bulky or lager-sized items such as patio furniture, outdoor equipment and rugs. Since 2010, Amazon has created more than 4,500 jobs in Missouri and invested more than $780 million across the state, including infrastructure and compensation to its employees.

November 9, 2020

Development Healthcare Illinois Midwest

McShane Completes Construction of New Facility for Option Care Health in Itasca, Illinois

by Kristin Harlow November 9, 2020

ITASCA, ILL. — McShane Construction Co. has completed a new build-to-suit facility for Option Care Health in Itasca. Quadrangle Development Co. and Janko Group were the developers. The 50,000-square-foot, single-story building houses office space, pharmacy and ambulatory infusion sites. There is also a treatment area, showroom space, pharmacy lab area and conference rooms. The building’s warehouse areas feature two walk-in coolers and freezers, two truck docks and two drive-in doors. Wright Heerema Architects and Whitney Architects made up the project team. JLL represented the tenant.

November 9, 2020

Development Florida Southeast Student Housing

Spectra Breaks Ground on 180-Bed Student Housing Community Near University of West Florida

by John Nelson November 6, 2020

PENSACOLA, FLA. — Spectra Student Living has begun construction on Rhelm, a 180-bed student housing community located a half-mile south of the University of West Florida campus in Pensacola. The property is scheduled for completion in August 2021. The community will feature eight three-story buildings offering 66 units alongside shared amenities including a media production room, computer center, swimming pool and sundeck, private study areas, a gaming area and indoor bike storage. Spectra Student Living is a student housing developer and investor based in Indianapolis. The company’s management division, Spectra Management LLC, operates Rhelm. The property’s leasing office is now open and all units are priced per bed and include most utilities.

November 6, 2020

Development Office Texas

CMS Properties Breaks Ground on 84,000 SF Office Project in Lubbock

by Taylor Williams November 6, 2020

LUBBOCK, TEXAS — Locally based developer CMS Properties Inc. has broken ground on an 84,000-square-foot office project at 5107 82nd St. in Lubbock. The four-story, Class A building will feature 21,000-square-foot floor plates, suites that are divisible to 5,000 square feet and views that overlook Lakeridge Country Club. Coldwell Banker Commercial Capital Advisors is handling leasing for the project, which is expected to be complete in the first quarter of 2021.

November 6, 2020

Development Healthcare Illinois Midwest

Contegra Construction Completes 17,000 SF Medical Facility Near St. Louis

by Kristin Harlow November 6, 2020

EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a 17,000-square-foot medical office building in Edwardsville near St. Louis. Romano Co. was the developer. HSHS Medical Group has leased 13,500 square feet of the single-story facility. The space for HSHS includes 21 exam rooms, three treatment rooms, radiology services, an outpatient physical therapy gym, a conference room, staff break room, doctor’s offices and nurse workstations. An additional 3,500 square feet remains available for lease.

November 6, 2020

Development Hospitality Texas

Satya Breaks Ground on Dual Hyatt-Branded Hotel Totaling 298 Rooms in Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.

November 5, 2020

Development Mixed-Use Multifamily Southeast Virginia

Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia

by John Nelson November 5, 2020

ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club. Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use. The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work. Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.

November 5, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

King Street Breaks Ground on $170M Life Sciences Project in Boston

by Taylor Williams November 5, 2020

BOSTON — Locally based developer King Street Properties has broken ground on 101 Cambridgepark, a $170 million life sciences project located in the Cambridge area of Boston. King Street is partnering with California-based Healthpeak Properties on the 160,000-square-foot project, which will feature both traditional office and laboratory space within a five-story building. The property will also include 3,000 square feet of street-level retail space with outdoor seating. Completion is slated for the third quarter of 2022. Newmark is leasing the project.

November 5, 2020

Development Multifamily New Jersey Northeast

PCD Development Begins Leasing 303-Unit Apartment Community in Bogota, New Jersey

by Taylor Williams November 5, 2020

BOGOTA, N.J. — New Jersey-based PCD Development has begun leasing The Atwater, a 303-unit luxury apartment community located in the Northern New Jersey city of Bogota. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, smart locks, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling areas, an outdoor theater, game room, resident lounge, fitness center, arcade room, business center, coffee bar, Amazon package lockers and a dog park. Rents start at $2,020 per month for a one-bedroom unit.

November 5, 2020

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