Development

Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project

by Kristin Harlow September 9, 2020

MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million. The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald. No further approvals are needed and construction is expected to begin within the year. Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal. Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that …

September 9, 2020

Development Industrial Texas

Hunt Southwest Breaks Ground on 1 MSF Spec Industrial Project Near Port Houston

by Taylor Williams September 8, 2020

HOUSTON — Dallas-based developer Hunt Southwest has broken ground on Cedar Port Trade Center, a 1 million-square-foot speculative industrial project that will be located at the intersection of FM 1405 and Borusan Road in Houston. The property will be located within TGS Cedar Port Industrial Park near Port Houston on the city’s southeast side. Building features will include 40-foot clear heights, LED warehouse lighting, an ESFR sprinkler system and ample car and trailer parking space. The site includes an additional 25 acres for future expansion or parking needs. Powers Brown is the project architect, and E.E. Reed Construction is the general contractor. CBRE is the leasing agency. Completion is scheduled for March 2021. Other major industrial users within TGS Cedar Port Industrial Park include Walmart and IKEA.

September 8, 2020

Development Multifamily Seniors Housing Texas

Greystar Underway on 180-Unit Active Adult Multifamily Community in Fort Worth

by Taylor Williams September 8, 2020

FORT WORTH, TEXAS — Greystar is underway on development of Album Keller Ranch, a 180-unit active adult apartment community that will be located at 5640 Keller Ranch Road in Fort Worth. The property will offer one- and two-bedroom residences with granite countertops, stainless steel appliances, tile backsplashes, walk-in closets and private balconies and pet yards in select units. Amenities will include an outdoor space with a lounge, kitchen, pool, dog park and walking paths, as well as an indoor fitness center, TV lounge, game room and a media room. Charleston, S.C.-based Greystar expects to open the community in spring 2021.

September 8, 2020

Development Multifamily Texas

Wood Partners Opens 338-Unit Alta Med Main Apartment Community in Houston’s Texas Medical Center

by Taylor Williams September 8, 2020

HOUSTON — Multifamily developer Wood Partners has opened Alta Med Main, a 338-unit apartment community located within the Texas Medical Center in Houston. The property features one- and two-bedroom units and amenities such as a pool, business center, dog park, sky lounge with a kitchen area, fitness center with a yoga studio and a package handling room. Leasing is underway, and the first move-ins began earlier this month. Rents start at $1,275 per month for a one-bedroom unit and $2,415 per month for a two-bedroom unit.

September 8, 2020

Development Loans New York Northeast Office

SL Green Completes $600M Refinancing for Office Redevelopment Project in Manhattan

by Taylor Williams September 8, 2020

NEW YORK CITY — Developer SL Green Realty Corp. has completed the $600 million refinancing of 410 Tenth Avenue, an office redevelopment project that will add 636,000 square feet of office space to the local supply. Amazon and First Republic Bank will anchor the 20-story property, which was originally built in 1927 as the Master Printers Building. The loan takes out $465 million in construction financing that SL Green received in 2019 and will fund all future development costs. Completion of 410 Tenth Avenue is slated for the third quarter of 2021.

September 8, 2020

Development Florida Multifamily Southeast

Estate Cos., Merrimac to Construct 340-Unit Apartment Complex in South Florida

by Alex Tostado September 8, 2020

DANIA BEACH, FLA. — The Estate Cos. and Merrimac Ventures will develop Soleste Cityline, a planned 340-unit apartment complex that will also feature 12,800 square feet of retail space in Dania Beach. The Broward County asset will be situated at 4 N. Federal Highway, 26 miles north of downtown Miami. The property will offer studio to three-bedroom units ranging from 600 to 1,200 square feet. Communal amenities will include a pool, pool deck, fitness center, grilling area, clubroom and private event spaces. The eight-story building will also feature 545 parking spaces. Merrimac will retain the retail space while Estate Cos. will manage the multifamily portion of the property. Merrimac sold the 2.5-acre plot to 4 North Federal Holdings LLC, an affiliate of Estate Cos. and Merrimac, for $8 million. Synovus Financial Corp. provided the partners with $4.7 million in acquisition financing. The developers expect to break ground in the fourth quarter of this year. The design team and timeline for completion were not disclosed.

September 8, 2020

Development Georgia Industrial Southeast

CenterPoint Properties to Develop 650,000 SF Industrial Facility Near Port of Savannah

by Alex Tostado September 8, 2020

SAVANNAH, GA. — CenterPoint Properties plans to develop a 650,000-square-foot industrial facility near the Port of Savannah. The Oak Brook, Ill.-based company recently acquired 73 acres on the 2100-2200 block of Ga. Highway 307, which is three miles from the port and five miles from Savannah/Hilton Head International Airport. A timeline for construction was not disclosed.

September 8, 2020

Development Massachusetts Northeast Retail

Crosspoint Associates Acquires Land in Metro Boston for Retail Expansion Project

by Taylor Williams September 8, 2020

FRAMINGHAM, MASS. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru area. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig Barker of Boston Real Estate Advisors represented Crosspoint Associates.

September 8, 2020

Development Maryland Multifamily Seniors Housing Southeast

Cadence Living, Flournoy Break Ground on Seniors Housing Complex in Suburban Maryland

by Alex Tostado September 8, 2020

OLNEY, MD. — Cadence Living and Flournoy Development Group have broken ground on Cadence Olney, a 107-unit seniors housing community in Olney. The community is situated on 37 acres that includes 31 acres of forest preserve that will serve as a natural amenity for residents. The property will include a three-story building housing independent living and assisted living units and a two-story building for memory care residences. The property is situated 19 miles north of downtown Washington, D.C.

September 8, 2020

Development Michigan Midwest Multifamily

Watermark Residential to Develop 320-Unit Multifamily Community in Grand Rapids

by Kristin Harlow September 8, 2020

GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.

September 8, 2020

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