Development

Innovo Property Group Completes 210,000 SF Office Project at Mixed-Use Building in Queens

by Alex Patton June 29, 2020

NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.

June 29, 2020

Development New Hampshire Northeast Retail

BJ’s Wholesale Club to Open 90,000 SF Store in Seabrook, New Hampshire

by Alex Patton June 29, 2020

SEABROOK, N.H. — BJ’s Wholesale Club will open a 90,000-square-foot store in Seabrook, approximately 50 miles north of Boston. The newly constructed building will be located on a 20-acre site on the crossroads of Interstate 95 and State Routes 107 and 1. The store will anchor several nearby parcels planned for future commercial development. Slated for delivery in 2021, the new store will be BJ’s seventh in the state. Waterstone Properties owns the development site.

June 29, 2020

Development Georgia Loans Multifamily Southeast

Truist Provides $93.8M Construction Loan for Multifamily Community in Atlanta

by Alex Tostado June 29, 2020

ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.

June 29, 2020

Development Florida Multifamily Seniors Housing Southeast

Atlantic Housing Partners to Open $15M Affordable Seniors Housing Community in Central Florida

by Alex Tostado June 29, 2020

ORANGE CITY, FLA. — Atlantic Housing Partners LLLP will open Parc Hill Senior Living Apartments, an 88-unit affordable seniors housing community in Orange City, later this summer. The $15 million development will have units reserved for residents earning between 40 and 80 percent of the area median income (AMI). The property offers one- and two-bedroom floor plans, and each unit features granite countertops, CleanSteel energy-efficient appliances and screened-in patios. Communal amenities include a clubhouse with dedicated senior resident activities center, Collector’s Edition 1965 Mustang Pool Table, business center, heart-healthy cardio and fitness studio and pedestrian-friendly sidewalks. The community is located at 1010 Skyline Loop, equidistant between Daytona Beach and Orlando. The general contractor was ConcordRents. The project’s financing includes $7.5 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $5.8 million from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. and equity from the developer.

June 29, 2020

Development Office Texas

Granite Properties to Undertake 623,624 SF Office Redevelopment Project in Uptown Dallas

by Taylor Williams June 29, 2020

DALLAS — Granite Properties will redevelop Cedar Maple Plaza, an office complex located at the corner of Cedar Springs Road and Maple Avenue in Uptown Dallas. Granite will rebrand the new 623,624-square-foot mixed-use office property as 23Springs. The locally based developer will demolish three existing buildings on the 2.5-acre site and build a 26-story office tower, two detached buildings that will house 16,000 square feet of restaurant space and a small park. Amenities at 23Springs will include a coffee and wine bar, fitness studio, conference facilities and a tenant lounge with a golf simulator. GFF is the project architect, and DPR is the general contractor. Granite has received all necessary permits and entitlements and expects to begin construction in the first quarter of 2021.

June 29, 2020

Development Hospitality Texas

Songy Highroads, Wampold Complete 335-Room Margaritaville Resort in Conroe, Texas

by Taylor Williams June 29, 2020

CONROE, TEXAS — A joint venture between Atlanta-based Songy Highroads and Louisiana-based Wampold Cos. has completed Margaritaville Lake Resort, a 335-room hotel located on Lake Conroe, about 40 miles north of Houston. The property is situated on 186 acres and is the first Texas resort of the Margaritaville brand, which features activities and amenities with themes from the music of Jimmy Buffett. The resort offers an 18-hole golf course, waterpark with outdoor pools, tennis courts, fitness center, full-service spa and 72,000 square feet of indoor and outdoor meeting space, as well as multiple Buffett-themed bars and restaurants. Guests may also enjoy swimming, boating, fishing and waterskiing lessons.

June 29, 2020

Development Illinois Midwest Multifamily

Vermilion Tops Off Luxury Condo Building in Chicago’s Wicker Park

by Kristin Harlow June 29, 2020

CHICAGO — Vermilion Development has topped off Alcove Wicker Park, a 43-unit, luxury condominium building set to deliver this fall in Chicago’s Wicker Park neighborhood. Hirsch MPG Architecture designed the seven-story building and @properties Developer Services is the sales and marketing firm. Floor plans range from 1,365 to 2,430 square feet, and each condo unit features its own balcony or terrace measuring at least 8 feet. The first condo buyers are expected to take occupancy in early October. Prices range from $600,000 to $1.1 million. The project also features 12 adjacent townhomes that range in size from 2,895 to 3,475 square feet. The for-sale, four-level townhomes range from $1.1 million to $1.4 million. The townhomes are slated for completion in late November and each feature their own bonus room and private roof deck.

June 29, 2020

Development Illinois Midwest Restaurant Retail

Principle Construction Completes Conversion of Auto Dealership into Brewery in Huntley, Illinois

by Kristin Harlow June 29, 2020

HUNTLEY, ILL. — Principle Construction Corp. has completed the conversion of a former Chevrolet auto dealership in Huntley into a brewing facility and full-service restaurant for More Brewing. The property is located at 13980 Automall Drive within metro Chicago. The 25,302-square-foot building includes 11,302 square feet of beer production space and a 14,000-square-foot restaurant with two private dining rooms that will double as barrel-aging rooms. Guests dining at the restaurant will be able to view the brewing area through 12-foot glass walls. The property features four drive-in doors for the distribution of More’s products and 114 car parking spaces for customers and employees. Harris Architects provided architectural services. Dominic Carbonari of JLL provided brokerage services on behalf of More. A timeline for opening was not disclosed.

June 29, 2020

Washington Building Apartments in downtown Tacoma, Wash.

Development Multifamily Washington Western

Unico, Pinnacle Partners Plan 156-Unit Washington Building Apartments Adaptive Reuse Project in Tacoma

by Amy Works June 29, 2020

TACOMA, WASH. — Unico Properties and Pinnacle Partners have unveiled development plans for Washington Building Apartments, an adaptive reuse of the 1925-built historic building in downtown Tacoma. Demolition work is slated to begin in July followed by 21 months of construction, set to start before the end of the year. The 18-story development, scheduled for completion in early summer 2022, will feature 156 vintage apartments and a rooftop amenity deck. The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective Qualified Opportunity Zone Funds (QOZF), which acquired the asset in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partners’ QOZF investors.

June 29, 2020

California Development Mixed-Use Top Stories Western

Anaheim Ducks Owner to Develop $3B ocV!BE Entertainment, Mixed-Use District

by Taylor Williams June 29, 2020

ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …

June 29, 2020

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