Development

Housing Trust Group Delivers Phase II of Affordable Housing Complex in Central Florida

by Alex Tostado September 6, 2019

BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.

September 6, 2019

Colorado Development Multifamily Seniors Housing Western

MGL, Solvera Complete Conversion of Historic Building to Affordable Seniors Housing in Denver

by Amy Works September 6, 2019

DENVER — MGL Partners and Solvera Advisors have completed the conversion of the historic Tammen Hall building in Denver into 49 affordable seniors housing units. The eight-story, 52,000-square-foot project is located on the Saint Joseph Hospital campus in Denver’s City Park West neighborhood. All units are reserved for those age 62 and older who earn up to 60 percent of the area median income. The Neenan Company served as the design-build partner. Saint Joseph Hospital sold the building to the developers in 2017, with its parent organization, SCL Health, providing a substantial investment to finance the redevelopment. Denver Economic Development & Opportunity, Colorado Housing and Finance Authority, Midwest Housing Equity Group, Advantage Capital, Citi Community Capital and Denver Housing Authority all provided additional financial support to the project. The redevelopment also benefited from state and federal historic preservation incentive tax credits. “The Tammen Hall redevelopment project is just one example of how we try to use our campus to enhance our community beyond healthcare,” says Saint Joseph Hospital President Jamie Smith. “This solution is the best of all worlds for us because it preserves the neighborhood’s historic character, adds more affordable housing to the community and aligns with our mission.” …

September 6, 2019

Development Midwest Minnesota Multifamily

Kraus-Anderson Begins Office Conversion Project in St. Paul

by Kristin Harlow September 6, 2019

ST. PAUL, MINN. — Kraus-Anderson Development has begun the conversion of the former Capitol Professional Office Building located at 590 Park St. in St. Paul into a 92-unit apartment building. Located near Regions Hospital and the state capitol building, the project is situated within the Capitol Heights neighborhood. Completion is slated for July 2020. Designed by UrbanWorks Architecture, the 590 Park project will offer micro and one-bedroom units. Amenities will include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson will also renovate the adjacent parking structure as part of the project.

September 6, 2019

Development Industrial Michigan Midwest Self-Storage

U-Haul Opens Facility at Former Kmart Store in Flint, Michigan

by Kristin Harlow September 6, 2019

FLINT, MICH. — U-Haul has opened a retail and self-storage facility at 3083 Miller Road in Flint. The site was formerly home to a vacant Kmart store. U-Haul offers a full line of moving supplies, boxes, hitch accessories and bike racks. The store also offers truck and trailer sharing, self-storage and propane. U-Haul acquired the 99,269-square-foot building last October and renovated it to house approximately 800 indoor self-storage units. Originally constructed in 1963, the building had sat vacant since 2016.

September 6, 2019

Acquisitions Development Georgia Industrial Southeast

Ardent Acquires Three Industrial Buildings in Atlanta’s Armour Yards, Plans Conversion to Loft Office Space

by Alex Tostado September 5, 2019

ATLANTA — The Ardent Cos. has acquired three industrial buildings totaling 112,935 square feet within the Armour Yards district in Atlanta. The buyer plans to reposition the space into office loft space. The three buildings are 279 Ottley Drive (49,500 square feet), 221 Armour Drive (47,775 square feet) and 219 Armour Drive (15,660 square feet). The properties are located off Interstates 75 and 85, between Buckhead and Midtown near Sweetwater Brewery. A timeline for the renovations was not disclosed. Michael Anderson of Cresa Global Inc. represented the buyer in the transaction. The seller was DH Pace, parent company of Overhead Door Co. According to Atlanta Business Chronicle, Ardent cquired the buildings for $14.7 million and Overhead Door will vacate the buildings in the fourth quarter of 2019.

September 5, 2019

Development Michigan Midwest Mixed-Use

Bedrock Selects ODA as Architect for Book Tower Rehabilitation in Detroit

by Kristin Harlow September 5, 2019

DETROIT — Bedrock has selected ODA as the design architect for the Book Tower, an adaptive reuse project in Detroit. The project includes a mix of residential, hospitality, retail and office space. The 486,760-square-foot office tower was originally designed by Louis Kemper in 1916 in an Italian Renaissance style. Bedrock acquired the 38-story tower in 2015 and recently completed an extensive exterior restoration, including the replacement of 2,483 windows. ODA plans to add a variety of public amenities, including retail, galleries, restaurants and a café. The project team also includes construction manager Brinker/Christman, civil engineer Giffels Webster, structural engineer Buro Happold, as well as Kraemer Design Group for historic preservation and ARUP for acoustics and security. The building was named after the famous Book Brothers of Detroit. The last tenant, Bookie’s Tavern, closed in early 2009 leaving the entire building vacant.

September 5, 2019

Development Midwest Minnesota Multifamily

Opus, Titan Complete 154-Unit Apartment Project in Rochester, Minnesota

by Kristin Harlow September 5, 2019

ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have completed development of The Maven on Broadway, a 154-unit apartment project in Rochester near the Mayo Clinic. The building offers a mix of floor plans ranging from studios to penthouses, including 20 furnished units. Tenants have access to various amenities, including a pool, clubroom, fitness center, lounge, rooftop deck and dog wash. The property also includes 9,000 square feet of ground-level retail space. The project is part of the city of Rochester’s Destination Medical Center initiative, a public-private partnership to position Rochester as a destination for health and wellness. Opus and Titan were co-developers, while Titan provided construction management. Opus served as design-builder, interior designer, architect and structural engineer of record.

September 5, 2019

Development Michigan Midwest Restaurant Retail

Michigan Ranks Fourth in Nation for Most Craft Breweries, Says CBRE

by Kristin Harlow September 5, 2019

MICHIGAN — Craft beer has become big business in Michigan, especially in the Detroit area, where breweries have expanded by 680,000 square feet since 2010, according to a report from CBRE. In 2017, the craft brewing industry contributed $76.2 billion to the U.S. economy. Of that amount, the total craft beer industry in Michigan contributed nearly $2.5 billion — ninth highest in the nation. In total, the state is home to 330 craft breweries, ranking it fourth in the nation by the number of establishments. From 2008 to 2016, Michigan added 1,600 jobs in breweries, accounting for sector employment growth of more than 760 percent.

September 5, 2019

Development Multifamily Texas

KWA Construction Breaks Ground on $46M Apartment Project in Irving

by John Nelson September 4, 2019

IRVING, TEXAS — Locally based general contractor KWA Construction has broken ground on Legacy Lakeshore, a 293-unit apartment project in Irving. California-based Legacy Partners is developing the $46 million project, which will be situated on 3.4 acres near Lake Carolyn in the city’s Las Colinas district. Units at Legacy Lakeshore will range in size from 580 to 1,945 square feet, and amenities will include a pool, outdoor kitchen areas, fitness center and a spa, as well as paddleboards and kayaks for resident use. Completion is scheduled for July 2021.

September 4, 2019

Development Industrial Office Texas

Talley Riggins Underway on 32,000 SF Office, Warehouse Project Near Fort Worth

by John Nelson September 4, 2019

GRAPEVINE, TEXAS — General contractor Talley Riggins Construction Group is underway on a 32,000-square-foot, build-to-suit office and warehouse project in Grapevine, a suburb of Fort Worth. The space will serve as the new headquarters for HVAC supplier McMillan James Equipment Co. The building features office space for over 100 employees, a covered roof terrace, covered parking and an approximately 10,000 square-foot warehouse. Dallas-based Merriman Anderson Architects served as the architect and interior designer on the project.

September 4, 2019

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