Development

General Contractor Summit Opens New Headquarters in Chicago’s Fulton Market

by Kristin Harlow June 18, 2020

CHICAGO — Summit Design + Build LLC has completed the construction of 1040 W. Fulton, a five-story, 42,000-square-foot office building in Chicago’s Fulton Market district. Floors four and five will serve as the new headquarters for Summit. The project also features ground-floor retail space, a green roof and basement parking. Summit used heavy timber construction for the project. The building is the first multi-story mass timber building in the city of Chicago in 50 years, according to Summit. The project team included Hartshorne Plunkard Architecture, Eastlake Studio, Carr Realty Advisors, IMEG Corp., Weaver Consultants Group and WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Chicago Commercial are the building’s leasing agents. First Bank of Highland Park provided construction financing.

June 18, 2020

Development Illinois Industrial Midwest

Meridian Design Build Completes Construction of 358,879 SF Spec Industrial Building in Chicago

by Kristin Harlow June 18, 2020

CHICAGO — Meridian Design Build has completed construction of a 358,879-square-foot speculative industrial building in the city of Chicago. NorthPoint Development was the developer. The new facility sits on a 31.2-cre site. StudioNorth Architecture and Jacob & Hefner Associates made up the project team. Meridian and NorthPoint worked together to maximize participation by businesses owned by minorities and women for the project. The new building is the first within NorthPoint’s $164 million, 200-acre Avenue O Industrial Park. The park is a redevelopment of the Republic Steel site that has been vacant for more than two decades. Plans call for 2.3 million square feet of industrial development.

June 18, 2020

The-Square-Industrious-Salt-Lake-City-UT

Development Office Utah Western

Hines, Industrious to Open Coworking Space at Kearns Building in Salt Lake City

by Amy Works June 18, 2020

SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …

June 18, 2020

Development New Mexico Office Western

Goodman Realty to Develop 28,000 SF Office Building at Winrock Town Center in Albuquerque

by Amy Works June 18, 2020

ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.

June 18, 2020

Development Hospitality North Carolina Southeast Top Stories

White Lodging, Crescent Communities Top-Out 22-Story JW Marriott in Charlotte

by Alex Tostado June 18, 2020

CHARLOTTE, N.C. — White Lodging Services Corp. and Charlotte-based Crescent Communities have topped out the first JW Marriott in the Carolinas. The planned 381-room hotel is 22 stories and is located at 600 S. College St. in Uptown Charlotte. The hotel will be part of the Ally Charlotte Center a 742,000-square-foot mixed-use development featuring more than 30,000 square feet of retail space, a 12,000-square-foot public plaza and a 1,436-space parking garage. Ally Financial will occupy 400,000 square feet of office space and anchor the property, with move-in scheduled for second-quarter 2021. The hotel was first announced in November 2018, and the developers expect to deliver the JW Marriott in the first half of 2021. “The construction has remained on track as we adjusted to appropriately respond to the COVID-19 pandemic,” says Terry Dammeyer, president and CEO of investments and development at Merriville, Ind.-based White Lodging. The hotel will feature 34 suites, 15,000 square feet of event space, a pool, fitness center, spa, ballroom, rooftop terrace, Italian steakhouse and oyster bar. Guests rooms will include floor-to-ceiling windows, marble showers and 24-hour room service. In conjunction with the topping out, David Malmberg has been named general manager of the hotel upon opening. …

June 18, 2020

Development Multifamily New Jersey Northeast

KRE Group Opens 200-Unit Multifamily Community in Bayonne, New Jersey

by Alex Patton June 17, 2020

BAYONNE, N.J. — KRE Group has opened Bay 151, a 200-unit multifamily community in Bayonne. Located at 151 Centre St., Bay 151 offers studio, one-, two- and three-bedroom floor plans and 10,000 square feet of retail space. The three-building community features 15,000 square feet of indoor and outdoor amenities, including a fitness center, an outdoor deck with dining areas, grilling stations and a swimming pool. Residents also have access to a library and coworking space, a business center and a billiards room with club seating. The property offers convenient access to the Hudson-Bergen transit station. Hudson Projects designed the property.

June 17, 2020

Development Office Texas

Worth & Associates Breaks Ground on 135,000 SF Office Park in San Antonio

by John Nelson June 17, 2020

SAN ANTONIO — Worth & Associates has broken ground on Walker Ranch Business Park, a two-building, 135,000-square-foot office park in San Antonio. The site is located on 10.8 acres at the corner of Wurzbach Parkway and West Avenue in the city’s North Central submarket. Walker Ranch will comprise a 58,000-square-foot, two-story office building with 10-foot ceilings, two conference rooms, break rooms and a courtyard. The second building will span 78,000 square feet of flex office space with 26-foot clear heights, skylights and outdoor break areas and porches. Worth & Associates plans to deliver the flex building in first-quarter 2021 and the office building in second-quarter 2021. Shawn Gulley represented Worth & Associates in the land purchase internally, and Eldon Roalson of Roalson Interests Inc. represented the seller, Coker United Methodist Church. The project team includes Joeris General Contractors and architect Chesney Morales.

June 17, 2020

Development Self-Storage Texas

Brookwood Properties to Open Three-Story Self-Storage Facility in San Antonio

by John Nelson June 17, 2020

SAN ANTONIO — Brookwood Properties LLC plans to open a three-story self-storage facility located at 4618 San Pedro Ave. in San Antonio this month. The property will span 119,000 square feet and feature 900 controlled-climate units. New York-based self-storage REIT Life Storage will operate the facility. Baton Rouge, La.-based Brookwood Properties broke ground on the building in June 2019. The project team includes Baton Rouge-based general contractor Rosehill Construction and Wichita, Kan.-based architect Kaufman Design Group. The project is the 51st facility in the Brookwood Properties portfolio.

June 17, 2020

Development Florida Loans Multifamily Southeast

Berkadia Arranges $97M Construction Loan for Apartment Complex Near Miami

by Alex Tostado June 17, 2020

SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.

June 17, 2020

Development Mixed-Use North Carolina Southeast

Third & Urban, Angelo Gordon to Develop $80M Adaptive Reuse Project in West Charlotte

by Alex Tostado June 17, 2020

CHARLOTTE, N.C. — Third & Urban has partnered with Angelo Gordon to develop Lower Tuck, an $80 million, 260,000-square-foot mixed-use project in Charlotte’s west side. Atlanta-based Third & Urban will transform the existing four-building property into office, showroom and retail space. The property is located along Tuckaseegee Road (where the project named is derived) between Jay and Gesco streets, two miles west of downtown Charlotte. Cadence Bank has provided a $48 million construction loan to the developers. Charley Leavitt, Barry Fabyan and Alexandra Mann of JLL will handle leasing efforts for the space. The design team includes Smith Dalia Architects, civil engineer LandDesign and general contractor Gay Construction. The development team expects to begin construction this summer with initial units being delivered in summer 2021.

June 17, 2020

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