Development

Chess Builders Begins Leasing 25-Story Apartment Tower in The Bronx

by Taylor Williams August 19, 2020

NEW YORK CITY — Locally based developer Chess Builders has begun leasing The Arches, a 25-story multifamily tower located at 224-228 E. 135th St. in the Mott Haven neighborhood of The Bronx. The property features 430 apartments in studio, one- and two-bedroom formats that feature home automation, individual washers and dryers and private balconies in select units. Amenities include a screening room, coffee bar, office workspace, library lounge, fitness center, kids room and a rooftop terrace. Local brokerage firm EXR is leading the leasing effort.

August 19, 2020

Development Office Texas

Kaizen to Develop 200,000 SF Spec Office Project at District 121 in McKinney

by Taylor Williams August 19, 2020

MCKINNEY, TEXAS — Kaizen Development Partners, in a public-private partnership with the McKinney Economic Development Corp., will develop a 200,000-square-foot speculative office project within the District 121 mixed-use development in the northern Dallas suburb of McKinney. Construction of the eight-story, Class A building is expected to begin in the first quarter of 2021 and to be complete in the second quarter of 2022. Perkins & Will is designing the project, and JLL is handling leasing.

August 19, 2020

Development Florida Hospitality Southeast

Moss Construction Breaks Ground on 167-Room J.W. Marriott Hotel Near Tampa

by Alex Tostado August 18, 2020

CLEARWATER, FLA. — Moss Construction has broken ground on J.W. Marriott Clearwater Beach, a 167-room beachfront hotel that will also feature 31 residential units in Clearwater. The 391,059-square-foot building will feature a pool on the 11th floor, bar, spa, meeting rooms, ballrooms, fitness center, a beachfront restaurant and about 250 feet of private beach. Baker Barrios designed the project, which is situated on Clearwater Beach at 691 S. Gulfview Blvd., 25 miles west of downtown Tampa. Kiran Patel is the developer. A timeline for completion was not disclosed.

August 18, 2020

Development Multifamily Southeast Virginia

Capital Square Begins Construction on Multifamily Development in Richmond

by Alex Tostado August 18, 2020

RICHMOND, VA. — Capital Square’s development division has begun construction on Scott’s Collection I, a five-story, 80-unit multifamily community in Richmond’s Scott’s Addition neighborhood. The property will offer private balconies, a lobby and up to 70 parking spaces. Scott’s Collection I is the first of three developments that Capital Square is planning for the site, which is situated within an Opportunity Zone. A timeline for completion was not disclosed. The design team includes 510 Architects and Urban Core Construction. Greystar Property Management will manage Scott’s Collection I. Funding came through Capital Square’s CSRA Opportunity Zone Fund I LLC, which launched in July 2019, and M&T Bank provided construction financing.

August 18, 2020

KDC plans to bring more than 1 million square feet of build-to-suit office space to Peña Station NEXT outside of Denver International Airport.

Colorado Development Office Western

KDC to Develop 1 MSF of Office Space at Peña Station NEXT Near Denver International Airport

by Amy Works August 18, 2020

DENVER — KDC has entered into a partnership with master developer L.C. Fulenwider to develop build-to-suit office space at Peña Station NEXT, a mixed-use community near Denver International Airport. L.C. Fulenwider and Denver International Airport’s real estate division are co-developing Peña Station NEXT, a master-planned, transit-oriented, mixed-use community. The development is 12 minutes by train to Denver International Airport and less than 30 minutes to downtown Denver. The KDC partnership will add more than 1 million square feet of office space to Peña Station NEXT, which features 218 multifamily housing units and a 226-room Hyatt Place Hotel. An additional 600 multifamily units with ground-floor retail space are currently being planned. KDC plans to market the build-to-suit sites with Tom Lee and David Hart of Newmark Knight Frank. Additionally, the company will work with HKS Architects on master planning and building design.

August 18, 2020

Development New York Northeast Office

Steiner Studios Plans $320M Film, TV Production Hub in Brooklyn

by Taylor Williams August 18, 2020

NEW YORK CITY — Steiner Studios, a locally based soundstage operator, has announced plans for a 500,000-square-foot film and TV production hub within Sunset Park in Brooklyn. The project will generate $320 million in private investment and create 2,200 permanent industry jobs, according to Steiner. The New York City Economic Development Corp. and the Mayor’s Office of Media & Entertainment are partnering with Steiner Studios on the project, which is also expected to create about 1,800 temporary construction jobs. The development team will renovate two historic buildings, deliver a new parking facility and establish eight new soundstages as part of construction. A timeline for groundbreaking and completion was not released.

August 18, 2020

Company News Development Office Washington Western

Amazon to Create 3,500 New Jobs by Expanding Six US Tech Hubs

by Amy Works August 18, 2020

SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …

August 18, 2020

Development Multifamily New Jersey Northeast

BNE Real Estate Completes 228-Unit Multifamily Project in Teaneck, New Jersey

by Taylor Williams August 18, 2020

TEANECK, N.J. — New Jersey-based developer BNE Real Estate Group has completed One500, a 228-unit community located at 1500 Teaneck Road, about 20 miles west of New York City. Designed by Minno & Wasko Architects & Planners, the property features studio, one- and two-bedroom units with rents starting at $1,965 per month. Amenities include 24-hour concierge service, Amazon package service and onsite maintenance. Residents also have access to a social lounge, business lounge, coffee bar, billiards, party room, children’s playroom and a fitness center.

August 18, 2020

Development Indiana Midwest Multifamily Student Housing

City of Whiting, Calumet College of St. Joseph Open 32-Unit Apartment Property in Indiana

by Amy Works August 18, 2020

WHITING, IND. — The City of Whiting and Calumet College of St. Joseph (CCSJ) have opened the Illiana, a residential property located at 1200 119th St. in Whiting. The development, which is a public-private partnership between the two parties, offers proximity to CCSJ, downtown Whiting shopping and restaurants, as well as Lake Michigan. The Illiana features 32 units in three floor plans. Each unit offers granite countertops, nine-foot ceilings, kitchen islands, private balconies, two bedrooms and two bathrooms. The five-story building also offers 3,600 square feet of ground-level retail space. CCSJ has master-leased 12 units for three years at The Illiana as part of an initiative to provide housing opportunities for students. Holladay Properties, a full-scale land development, design/build and fully integrated real estate company, developed the property.

August 18, 2020

Acquisitions Arizona Development Industrial Top Stories Western

Merit Partners-Led JV Buys 611 Acres in Metro Phoenix to Develop $1.5B Industrial Park

by John Nelson August 18, 2020

GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …

August 18, 2020

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