Development

Telge-290-Logistics-Center-Cypress-Texas

Archway, Ridgeline Complete 207,635 SF Telge 290 Logistics Center in Metro Houston

by Taylor Williams June 10, 2020

CYPRESS, TEXAS — A partnership between Texas-based developer Archway Properties and Atlanta-based Ridgeline Property Group has completed Telge 290 Logistics Center, a 207,635-square-foot industrial project in the northwestern Houston suburb of Cypress. The Class A property offers proximity to U.S. Highway 290, Beltway 8 and Grand Parkway. Building features include 32-foot clear heights, 47 dock-high doors, a 180-foot truck court and an ESFR sprinkler system. Colliers International is marketing the property for lease. Telge 290 Logistics Center is the second collaboration in Texas between the two firms.

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

Development Florida Multifamily Southeast

Legacy Partners, Griffin Capital Break Ground on 228-Unit Multifamily Community in Downtown Tampa

by Alex Tostado June 9, 2020

TAMPA, FLA. — Legacy Partners and Griffin Capital have broken ground on Legacy at Encore, a five-story, 228-unit multifamily community in downtown Tampa. The property will offer studio, one- and two-bedroom floor plans averaging 763 square feet. Unit interiors will feature 10-foot ceiling heights, quartz countertops, stainless steel appliances, contemporary cabinets, a smart home technology package, full-sized washers and dryers, soaking tubs, glass-enclosed showers, walk-in closets and balconies. Communal amenities will include a fitness center with a yoga/spin studio, internet café with computers and coffee bar, heated saltwater pool with cabanas and lounges, outdoor living room, community kitchen with grilling stations, dog run, pet spa, package lockers, bike repair shop and storage space. Dynamik Design is the Legacy at Encore’s architect, and Summit Contracting Group is the general contractor. The developers expect to deliver the first units in September 2021 and fully complete the project in early 2022. Patrick Dufour, Ryan Crowley and Pibu Aulakh of Newmark Knight Frank (NKF) represented Legacy Partners in sourcing equity financing for the development.

June 9, 2020

California Development Multifamily Western

Hines, MetLife Break Ground on 228-Unit The Grant Multifamily Development in Concord, California

by Amy Works June 9, 2020

CONCORD, CALIF. — Hines, along with investment partner MetLife Investment Management, has broken ground on The Grant, a multifamily community in downtown Concord. Comprising two buildings separated by Clayton Road, The Grant will feature a north building office with 139 apartments and ground-floor retail space, as well as a south building with 89 units. The property will feature a mix of studio, one- and two-bedroom layouts ranging in size from 506 square feet to 1,211 square feet. Community amenities will include a swimming pool, roof deck, clubhouse, outdoor fitness area, fire pits, bicycle parking and space for dogs, as well as 328 parking spaces. Completion is slated for third-quarter 2022, with leasing scheduled to begin in April 2022. Development partners include Architects Orange as design and landscape architect, Haven Design Studio for interior design services and Brown Construction as general contractor.

June 9, 2020

Development Office Texas

Cawley Partners to Develop 120,000 SF Office Project in Plano

by Taylor Williams June 9, 2020

PLANO, TEXAS — Locally based firm Cawley Partners will develop The Parkwood, a 120,000-square-foot office building that will be located just off the Dallas North Tollway in Plano. The property will serve as the new headquarters for Oklahoma-based First United Mortgage Corp, which will occupy approximately half the building. Gensler is designing the project, which will also feature a fully equipped fitness center. Construction of the four-story project is scheduled to begin in September and to be complete in the fourth quarter of 2021.

June 9, 2020

Development Industrial Texas

Equity Industrial, Raith Capital Break Ground on 123,966 SF Spec Industrial Project in El Paso

by Taylor Williams June 9, 2020

EL PASO, TEXAS — A partnership between Massachusetts-based Equity Industrial Partners and New York-based Raith Capital Partners has broken ground on a 123,966-square-foot speculative industrial project in El Paso. The property will be located at 9541 Joe Rodriguez Drive near the Zaragoza International Bridge. Building features will include 28-foot clear heights, overflow trailer storage, a fenced truck court and an ESFR sprinkler system. Construction is expected to be complete in December. Loya Wilke Architects is handling design of the project, and Jacob CM is the general contractor. CBRE will market the space for lease.

June 9, 2020

Development Hospitality Midwest Missouri

Midas Hospitality Opens First Aloft Hotel in St. Louis

by Kristin Harlow June 9, 2020

ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total hotel count nationwide to 40. The Aloft brand “caters to today’s modern traveler who craves jet-setting style and a vibrant social scene at an affordable price,” says Midas. The Cortex Innovation Community is a technology and science-driven district in the Midtown neighborhood of St. Louis. It serves as the main location for many of the city’s technology startups.

June 9, 2020

Development Georgia Retail Southeast

Branch Properties to Develop 83,000 SF Publix-Anchored Shopping Center in Metro Atlanta

by Alex Tostado June 8, 2020

TUCKER, GA. — Branch Properties will develop Hugh Howell, an 83,000-square-foot, Publix-anchored shopping center in Tucker. Publix will occupy 48,000 square feet, and Branch Properties will develop an additional 35,000 square feet of space across three buildings and two outparcels. The $19 million project will span 14 acres at the northeast corner of Hugh Howell Road and Mountain Industrial Boulevard, 15 miles northeast of downtown Atlanta. Publix will relocate from an existing site less than one mile away. Phillips Partnership is the architect of the project, and Contineo Group is the civil engineer. Branch Properties has not yet determined a general contractor. Construction is expected to be complete in fall 2021.

June 8, 2020

Development Multifamily Texas

MRE Capital to Redevelop Historic Lubbock Office Tower as Multifamily Community

by Taylor Williams June 8, 2020

LUBBOCK, TEXAS — Kansas-based MRE Capital LLC will redevelop NTS Tower, a historic building in downtown Lubbock that was built in 1955, as a multifamily community that will be branded Metro Tower Lofts. The new property will add a total of 89 residences in studio, one-, two- and three-bedroom floor plans to the local supply. Amenities will include a fitness center and onsite laundry facilities, and the ground floor will house office space. Atlanta-based Monarch Private Capital secured an undisclosed amount of historic tax credit equity for the project. At 274 feet, NTS Tower is currently the tallest building in the city.

June 8, 2020

California Development Multifamily Western

Phoenix Development, Integrity Housing Plan Dutton Flats Affordable Apartments in Santa Rosa, California

by Amy Works June 8, 2020

SANTA ROSA, CALIF. — Phoenix Development Co., in partnership with Irvine, Calif.-based Integrity Housing, has closed financing and started construction on Dutton Flats Apartments in Santa Rosa. Located at 214 W. Third St., Dutton Flats Apartments will feature 40 affordable apartments to serve low-income families with children, along with one manager’s unit. The apartments will feature a great room with an open kitchen, dining and living area, as well as Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Community amenities will include a community room, laundry room, technology center, bike repair area, fitness center, children’s activity room and picnic/barbecue area. The community is located in downtown Santa Rosa and in close proximity to schools and employment. Additionally, the property will feature a bus shelter for ease of transportation to off-site services. Dutton Flats is owned by Dutton Flats LP, consisting of Phoenix Development Co., Integrity Housing and Berkadia. Exchange Bank loaned $13 million for construction, while The Housing Authority of the City of Santa Rosa provided an additional $3.1 million. Precision General Commercial Contractors is building the property, which KTGY Architecture & Planning designed. FPI Management will manage the completed community.

June 8, 2020

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