Development

Forum Real Estate Group Purchases Former Kmart in Denver for $10.5M, Plans Multifamily Redevelopment

by Amy Works September 27, 2019

DENVER — Forum Real Estate Group has acquired a retail building, formerly occupied by Kmart, in Denver. J&W Management Corp. sold the asset for $10.5 million. Located at 2150 S. Monaco Parkway, the 110,000-square-foot property has been vacant for nearly seven years. Forum Real Estate is planning a more than 300-unit multifamily redevelopment with the possibly of new retail outparcels at the site. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets Group facilitated the transaction.

September 27, 2019

Development Georgia Multifamily Seniors Housing Southeast

Village Park Breaks Ground on 204-Unit Seniors Housing Community in Atlanta’s Buckhead District

by Alex Tostado September 26, 2019

ATLANTA — Village Park has broken ground on Corso Atlanta, a senior living community in Atlanta’s Buckhead neighborhood. Situated on a nine-acre site, the first phase of development will feature 82 independent living units, 21 independent living homes, 75 assisted units and 26 memory care units. Village Park, the developer and future operator of the facility, plans to partner with local farmers, florists, manicurists and chefs to operate the onsite amenities. The property is located across the street from Northside Medical Center. The development is scheduled for completion in late 2020 or early 2021. The architect is THW Architects, and the general contractor is Gilbane Building Co.

September 26, 2019

Development Multifamily Texas

Oden Hughes Breaks Ground on 287-Unit Multifamily Community in Dallas

by Taylor Williams September 26, 2019

DALLAS — Austin-based developer Oden Hughes has broken ground on Phase I of Lenox Maplewood, a project that will add 275 apartments and 12 townhomes to the Dallas Medical District. Floor plans will include one- and two-bedroom apartments and three-bedroom townhomes. The first units are scheduled to open in late 2020. Oden Hughes has the ability to build at least one more phase, but the timing of any additional phases has not been determined. Zoning on the property allows the developer to build a total of up to 800 units on the site. BGO Architects is handling design of the project.

September 26, 2019

Development Multifamily Student Housing Texas

Parallel Co. Begins Construction on 18-Story Student Housing Tower Near UT Austin

by Taylor Williams September 26, 2019

AUSTIN, TEXAS — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar, rooftop sky lounge, study lounges with conference rooms, fitness center, package room with lockers and a rooftop pool area with outdoor TVs, grills, hot tub and a fire pit. A timeline for delivery was not announced. Parallel recently opened the 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.

September 26, 2019

Development Hospitality Illinois Midwest

Hyatt Launches New Hotel Brand Called Caption

by Kristin Harlow September 26, 2019

CHICAGO — Hyatt Hotels Corp. has launched a new brand within the select-service category called Caption. The brand is designed with communal spaces in mind. Union Square Hospitality Group consulted on the design of a food and beverage concept, which will include a café, market and bar. Guest rooms will average around 270 square feet. “We intend for the Caption by Hyatt brand to be a global growth driver domestically and internationally in dense urban markets, emerging neighborhoods and high foot-traffic areas,” says Jim Chu, global head of development for Hyatt.

September 26, 2019

Development Multifamily Top Stories Washington Western

Joint Venture Breaks Ground on 44-Story Residential Tower in Downtown Seattle

by Alex Tostado September 26, 2019

SEATTLE — A joint venture between Holland Partner Group and North America Sekisui House LLC (NASH) has broken ground on 2019 Boren, a planned 44-story, 410-unit multifamily tower in downtown Seattle. Located at 2019 Boren Ave., the 484-foot tower will also offer three floors of commercial space as well as a ground-floor performing arts hall and art gallery created exclusively for Cornish College of the Arts, located across the street. “This started with a meeting with the leadership of Cornish College of the Arts in May of 2016 to think about what might be possible with this incredible location in the heart of Seattle,” says Tom Parsons, executive managing director of Vancouver, Wash.-based Holland Partner Group. “Cornish is a vital part of our community, and we have really enjoyed being on this journey with them. The groundbreaking is a significant milestone for all of us and we couldn’t be any more excited about what’s to come,” adds Parsons. The building will serve as the gateway to the Cornish College of the Arts campus, according to Raymond Tymas-Jones, president of the college. “The gallery and performing arts space, inside and outside, will create an environment for learning that provides a public …

September 26, 2019

Development Features Multifamily Student Housing

How Developers Implement Seriously Smart Amenities in Student Housing

by Katie Sloan September 26, 2019

Student housing amenities used to have a reputation in the popular press and in most multifamily circles for over-the-top extravagance. “Millennials came into the space when it was an all-out amenities war,” says Madison Meier, vice president of business development at Austin, Texas-based Campus Advantage. “Everyone was on standby wondering, ‘What’s going to be the next big thing? Lazy river? Climbing wall? Golf simulator? It felt like every developer was grasping at straws to find their unique, defining amenity.” A generational changing of the guard, along with rising construction costs, has muted some of those larger-than-life community perks. The New York Times recently interviewed Campus Advantage about this very topic, having caught wind of the company’s promotion of its intangible “success amenities.” The article, published on June 25, says student housing amenities today directly support the gig economy through shared study spaces, sophisticated digital networks and well-planned fitness centers. Mental, social and financial health are the main aspirations of Gen Z, where extravagance takes the form of Peloton bikes and creatively designed, high-tech study nooks that do double duty as flexible social space. Campus Advantage’s success amenities are provided by its Students First residence life program, which preps students to …

September 26, 2019

Development Indiana Midwest Multifamily

Flaherty & Collins Opens $40M Apartment Development in Brownsburg, Indiana

by Kristin Harlow September 25, 2019

BROWNSBURG, IND. — Flaherty & Collins Properties has opened The Arbuckle, a $40 million apartment development at Arbuckle Park in Brownsburg, about 20 miles west of Indianapolis. The property includes 210 rental units, 7,600 square feet of retail space and a 400-space parking garage. Monthly rents range from $975 for studios to $2,698 for two-bedroom townhouses. Amenities include a courtyard, bar area, grilling station, pool, pet spa, fitness center and bike storage. Project partners include CSO Architects, civil engineer Williams Creek and structural engineer Lynch Harrison and Brumleve. Busey Bank provided financing. Flaherty & Collins Construction was the general contractor.

September 25, 2019

Delaware Development Multifamily Northeast Seniors Housing

Acts to Develop $70M Expansion of Seniors Housing Community in Greenville, Delaware

by Alex Patton September 25, 2019

GREENVILLE, DEL. — Acts Retirement-Life Communities will soon begin a $70 million expansion project at Country House, a seniors housing community in Greenville, located southwest of Philadelphia. The project will add 20 cottage homes, 55 apartments and a clubhouse to the community. The first phase of the three-year project, construction of the cottage homes, is scheduled to begin before the end of this month. The second phase of the project includes construction of the apartments and clubhouse, which will include new restaurant venues and a performance center as well as a new fitness and aquatic center. The apartments, which will range in size from 1,400 to 2,200 square feet, will be located within two new wings of the community.

September 25, 2019

Centerpointe-Commerce-Center-Moreno-Valley-CA

California Development Industrial Western

Rockefeller Group, Newcastle Partners Break Ground on 203,944 SF Distribution Center in Inland Empire

by Amy Works September 25, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.

September 25, 2019

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