HILLSBOROUGH, N.J. — A joint venture between The Hampshire Companies and Harrison Street Real Estate Capital has broken ground on a 903-unit self-storage facility in Hillsborough, located approximately 20 miles north of Trenton. The 120,524-square-foot property is located at 141 US Highway 206. Extra Space Storage will manage the facility upon completion of construction, which is slated for early 2020.
COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.
HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.
CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood. Designed by John Ronan Architects, the project consists of affordable senior apartments paired with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood. Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority. Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.
STAMFORD, CONN. — JLL has arranged a $97.5 million construction loan for the development of the second phase of Atlantic Station, a mixed-use project in Stamford, located approximately 35 miles northeast of New York City. Bank OZK provided the floating-rate loan. The first phase of Atlantic Station was completed in 2018 and comprised 325 rental units, 321 parking spaces and 16,000 square feet of retail space. The second phase will include 325 condominium units, approximately 48,000 square feet of retail space and a 534-space parking garage. Mike Tepedino, Michael Gigliotti and Scott Findlay of JLL arranged the loan on behalf of the developer and borrower, RXR Realty. Construction of Phase II is slated for completion by 2021.
AMESBURY, MASS. — Callahan Construction Managers has broken ground on Maples Crossing, a 410,000-square-foot mixed-use development in Amesbury, located approximately 40 miles north of Boston. Developed by Global Property Development Corp., the 70-acre entertainment and lifestyle center will be anchored by six ice hockey rinks. The Daily News of Newburyport reports that the development costs $70 million and will also include an office building, restaurant and hotel. Andrus Architecture is designing the project, which is slated for completion by the end of 2020.
BOSTON — Choice Hotels International Inc. has opened Cambria Hotel Boston, Downtown-South Boston, a 159-room hotel in the South Boston or “Southie” neighborhood. The hotel features a food and beverage service called Six \ West that serves breakfast, lunch and dinner in a ground-floor restaurant and extends service to a rooftop 4,000-square-foot rooftop lounge. Other amenities include a 2,400-square-foot gym, business meeting space and close access to mass transit lines. City Point Capital is developing the hotel, and Meyer Jabara will manage the property.
DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.
DALLAS — Locally based investment and development firm Leon Capital has begun construction on The Academic, a 365-unit multifamily project located at the former site of the Dallas Independent School District just north of downtown. The community will feature studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet and offering private balconies and patios, stainless steel appliances and full-size washers and dryers. Amenities will include a clubhouse with golf and sports simulators, convenience mart, an executive business center with flexible office space, a resort-style pool and a fitness center. Completion is slated for early 2021.
PLANO, TEXAS — Multifamily development firm Wood Partners has opened Alta 289, a 288-unit community located at 7950 Preston Road in Plano. The property includes one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, a dog park and an open courtyard area. Coworking spaces and a private conference room are also available for resident use.
