LAKEWOOD RANCH, FLA. — LandSouth Construction has broken ground on Summerhouse Apartments, a planned 257-unit, five-building community in Lakewood Ranch. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, pool and dog fountains. The five-acre plot is situated at 11716 18th Place, 48 miles south of downtown Tampa. LIV Development is developing the asset, which is expected to deliver in winter 2022.
CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.
COLUMBUS, OHIO — CRG is developing the Cubes at Rickenbacker, a 320,000-square-foot speculative distribution warehouse in Columbus, on behalf of an affiliate of Lexington Realty Trust. Contegra Construction Co. is the general contractor. Completion is slated for the fourth quarter of this year. Situated in the Rickenbacker submarket of Columbus, the project is four miles from the Rickenbacker International Airport. The development will feature a clear height of 36 feet, 32 dock doors, two drive-in doors, a trailer lot and parking for 132 cars. Jeff Lyons and Joseph Kimener of CBRE will serve as leasing agents.
O’FALLON, ILL. — GBT Realty Corp. will develop Shoppes at Richland Creek, a 53,000-square-foot retail center in O’Fallon, an eastern suburb of St. Louis. In March, GBT purchased the 17-acre site from Vantage Credit Union for an undisclosed price. Shoppes at Richland Creek is approximately 70 percent pre-leased to tenants such as Smoothie King, Chicken Salad Chick, Pacific Dental, Five Guys Burgers + Fries, Taco Bell, Burger King, Popeyes and Tidal Wave Luxury Car Wash. Completion is slated for summer 2021. “The area’s growing population and solid workforce, combined with the city’s willingness to assist us in the development process, made this site — and this community — the ideal place for GBT’s next shopping center,” says Jeff Pape, managing director with GBT. O’Fallon has experienced significant growth over the past two decades with nearly 2,000 new homes and over $400 million in residential and commercial development, according to GBT. Tennessee-based GBT currently has more than $1 billion of commercial development totaling 5 million square feet in the pipeline or under construction.
NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has broken ground on a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the nearly 10,000-square-foot dispensary will serve as a flagship location for the brand. The design ensures all points of sale are six feet apart in order to accommodate social distancing. In addition to the retail space up front, there will be back office space and a vault for inventory storage. A timeline for completion was not disclosed. Greenhouse currently operates four dispensaries in Illinois. CFC, a division of Mosaic Construction, is a cannabis design-build firm based in Northbrook.
AUSTIN, TEXAS — Marketplace Real Estate Group and joint venture partner Presidium Group have unveiled the full plans for Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021. Velocity will be built in phases over 10 to 15 years. Ultimately it will feature an H-E-B grocery store; a total of 2,683 multifamily units; 2.9 million square feet of office space comprising two corporate campuses, along with traditional office properties; 585,000 square feet of flex industrial and creative office space; 310,000 square feet of retail, restaurants and a movie theater; and three hotels. The various assets will surround a seven-acre central park. Financing is in place to move forward with the project’s roads and the first apartment complex, Presidium Velocity, which will take approximately 18 months to build. Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone, meaning businesses operating within the site can be exempt from paying taxes on inventory that leaves the state of Texas within 175 days. …
PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.
MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.
HOUSTON — Hines and 2ML Real Estate Interests plan to co-develop Levit Green, a mixed-use development in Houston that will span 52 acres. Situated adjacent to Texas Medical Center, the project will feature life science research facilities, office space, residences, retail space, restaurants, outdoor amenities and green space. Both Hines and 2ML are based in Houston. Hines is a private owner and developer, and 2ML was formerly known as The Grocers Supply Co. but sold off its grocery wholesale business and rebranded in 2014 to focus on its real estate assets. Joe Levit, founder of Grocers Supply, was an initial landowner for a portion of the Levit Green site. The co-developers hope that the project will prove to be a hub for the growing life sciences sector in Houston. Located three miles outside of the city’s central business district, the site has immediate access to State Highway 288, METRORail, METRO bus, bike trails and the planned TMC3 medical research campus. No construction timeline was given.
COLUMBUS, OHIO — Industry Columbus, a 236-unit luxury apartment complex in downtown Columbus, is set to open later this month. Charles Street Development Corp. is the developer. The project is the first and only community in downtown Columbus to feature a rooftop swimming pool and hot tub, onsite dog park and full floor of coworking space. Located at 230 E. Long St., the community features studios, one- and two-bedroom units, as well as private townhomes. Additional amenities include a pet washing station, sports bar and lounge, private event space, outdoor courtyard and fitness center. Monthly rents start at $1,095. Residents can currently earn $3,000 toward rent by moving in before Aug. 15. Village Green is the property manager. Denver-based Charles Street maintains a regional office in Ohio.