Development

EverWest Buys Two-Building Industrial Spec Project in Colorado, Plans Additional Expansion

by Amy Works July 23, 2020

THORNTON, COLO. — EverWest Real Estate Investors, in a joint venture with Invesco, has acquired a two-building speculative industrial project located at 14901 N. Washington St. in Thornton. RE II Industrial II sold the property, which fronts Interstate 25, for an undisclosed price. The acquisition includes an adjacent, pad-ready site where EverWest, serving as developer, plans to build a 121,000-square-foot Class A industrial building. The new facility will complement the existing 219,000 square feet of speculative industrial space at the site, which also includes 46.4 acres of undeveloped land. With the undeveloped land, EverWest has the option to build a second and third phase totaling an additional 590,000 square feet of new industrial space.

July 23, 2020

Development Industrial Texas

Amazon to Open 625,000 SF Fulfillment Center in El Paso, to Create 700 Jobs

by Taylor Williams July 23, 2020

EL PASO, TEXAS — Amazon will open a 625,000-square-foot fulfillment center in El Paso, a move that marks the e-commerce giant’s entrance to that market and that is expected to create about 700 new full-time jobs. Local news station and ABC affiliate KVIA reports that the site will be located along Rojas Drive and Interstate 10 on the city’s east side. Construction is underway, and the facility is expected to open some time in 2021. KVIA also reports that Amazon did not seek any tax breaks or other economic incentives from the City of El Paso.

July 23, 2020

Development Multifamily Texas

Realty Capital, PointOne to Develop 266-Unit Apartment Community Near Fort Worth

by Taylor Williams July 23, 2020

MANSFIELD, TEXAS — Locally based firm Realty Capital Management has partnered with South Florida-based PointOne Holdings to develop Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will be developed on an eight-acre site and will include amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.

July 23, 2020

Civic Development Texas

McCarthy Tops Out 635-Seat Performing Arts Center at Parish Episcopal School in Dallas

by Taylor Williams July 23, 2020

DALLAS — McCarthy Building Cos. has topped out construction of the Noble Performing Arts Center at Parish Episcopal School’s Midway campus in Dallas. The building, which is part of a 55,000-square-foot expansion project at the private school, will house a 515-seat performance hall, a 120-seat black box theater, rehearsal rooms, a film screening room and a dance studio. McCarthy broke ground on the project in November 2019 and expects to complete the project by spring 2021.

July 23, 2020

Development Hospitality Midwest Nebraska

McCarthy Breaks Ground on $23M Boutique Hotel at Nebraska Innovation Campus

by Kristin Harlow July 23, 2020

LINCOLN, NEB. — McCarthy Building Cos. Inc. has broken ground on a six-story boutique hotel at Lincoln’s Nebraska Innovation Campus, an expansive research community designed to facilitate partnerships between the University of Nebraska-Lincoln and private-sector businesses. Developed by Goldenrod Cos., the $23 million project will be a Marriott Tribute hotel with 154 rooms. Marriott Tribute hotels are independent, boutique properties that embrace the character and personality of their surroundings. In this case, the design aesthetic will celebrate the state of Nebraska, the university and its fans. A 10,000-square-foot portion of the hotel’s first level will be designated as educational and amenity spaces for the University of Nebraska’s hospitality, tourism and restaurant management students. Other amenities will include a full-service restaurant, rooftop bar, coffee shop, fitness center and a private dining area on the top floor known as the Founders Room. DLR Group designed the hotel. Completion is slated for fall 2021.

July 23, 2020

Development Texas Top Stories

Tesla Selects Development Site Near Austin for $1B Vehicle Manufacturing Plant

by Katie Sloan July 23, 2020

AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’ The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America. The development site is located in southeast Travis County, five minutes from the Austin International Airport and 15 minutes from Downtown Austin, according to Tesla CEO Elon Musk. The project is set to receive $60 million in tax breaks from the county and a local school district over the next decade, according to reports by the Associated Press. “We’re going to make it a factory that is going to be stunning,” said Musk on the company’s second-quarter earnings call held Wednesday. “It’s right on the Colorado River [with] a boardwalk where there will be a hiking and biking trail. It’s going to be an ecological paradise — birds in the trees, butterflies, fish in the stream — and it will be open to the public as well.” Texas Gov. Greg Abbott echoed Musk’s excitement, noting that Tesla is, “one of …

July 23, 2020

Development Multifamily Texas

Greystar Underway on 2,000-Unit Multifamily Renovation Project at Riata Austin

by Taylor Williams July 22, 2020

AUSTIN, TEXAS — Greystar is underway on a project to renovate some 2,000 units at Riata Austin, the state capital’s largest apartment community that was developed in the late 1990s by a group of investors led by Dallas Cowboys owner Jerry Jones. The project began with upgrades to amenity spaces, including the pool, outdoor dining area, bocce ball court and 11,000-square-foot fitness center. The project team is also underway on work to deliver new amenities such as a music lounge, playground, volleyball court, dog park and the surrounding trail system. Charleston, S.C.-based Greystar expects to compete renovations to amenity and public spaces by the end of the year. Upgrades of unit interiors are being conducted in conjunction with resident move-outs.

July 22, 2020

Development Office Texas

VanTrust Real Estate Breaks Ground on 115,000 SF Spec Office Project in McKinney, Texas

by Taylor Williams July 22, 2020

MCKINNEY, TEXAS — Developer VanTrust Real Estate has broken ground on McKinney Corporate Center II, a 115,000-square-foot speculative office project located north of Dallas. The building will be located within the 2,200-acre Craig Ranch master-planned development, across the street from the campus of Collin College Tech. Amenities will include a tenant lounge, conference center and a tenant patio, as well as grab-and-go food service. Holt Lunsford Commercial is handling leasing of the project, a firm completion date for which has not yet been established. VanTrust completed McKinney Corporate Center I, which is now fully leased, in 2015.

July 22, 2020

Development Florida Multifamily Southeast

Wood Partners Opens 288-Unit Multifamily Community in Metro Tampa

by Alex Tostado July 22, 2020

PINELLAS PARK, FLA. — Wood Partners has opened Alta Gateway, a 288-unit multifamily community in Pinellas Park. The property offers studio through three-bedroom floor plans. Unit interiors include wood-style plank flooring, stainless steel appliances, under-cabinet lighting and kitchen tile backsplashes. Communal amenities include a pool, sundeck, grilling areas, fitness center with virtual training classes, game lounge and a dog park. Alta Gateway is located at 9401 49th St. N., 19 miles west of downtown Tampa.

July 22, 2020

Affordable Housing Development Georgia Multifamily Southeast

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.

July 22, 2020

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