Development

Dekel Capital Arranges $59M Construction Loan for Mixed-Use Project in Thousand Oaks

by Amy Works April 23, 2020

THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.

April 23, 2020

Development Illinois Midwest Multifamily

Habitat, P3 Markets Secure First Round of Financing for $35M Mixed-Income Project in Chicago

by Kristin Harlow April 23, 2020

CHICAGO — The Habitat Co. has secured financing for the first phase of 43 Green, a $35 million mixed-income project in Chicago’s Grand Boulevard neighborhood. Habitat will develop the transit-oriented development in partnership with P3 Markets. Having received approval for low-income housing tax credits, Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project. Upon completion, 43 Green is expected to include three buildings centered around the 43rd Street Green Line stop. Each building is slated to include mixed-income apartments and street-level retail space. Phase I will feature 91 units and 7,500 square feet of retail. The developers expect to break ground in 2021.

April 23, 2020

Development Features Multifamily

NMHC Survey: Multifamily Construction Slows Significantly Due to Coronavirus Issues

by Kristin Harlow April 23, 2020

WASHINGTON, D.C. — As a result of the COVID-19 pandemic, 56 percent of apartment developers reported construction delays, according to a survey by the National Multifamily Housing Council (NMHC). Of those reporting delays, 70 percent said they were experiencing delays in construction starts, an 11 percent increase from a NMHC survey conducted the end of March. NMHC’s construction survey gauges the magnitude of the disruption caused by the COVID-19 outbreak on multifamily construction. The survey found that 77 percent of respondents are experiencing issues with permitting; 28 percent suffer a lack of materials that is impacting construction operations; and 44 percent indicate that labor restraints related to the virus outbreak are affecting construction operations. To further illustrate that point, construction starts across all sectors plunged 20 percent by project value year over year in March, according to ConstructConnect, a provider of preconstruction software for general contractors, subcontractors and manufacturers. All types of residential starts were down 9.7 percent. From February to March of this year, housing construction starts plummeted 22 percent, according to the U.S. Census Bureau. Multifamily starts were down 32 percent. As more multifamily projects are delayed, there is potential for the COVID-19 pandemic to further exacerbate the …

April 23, 2020

Development Massachusetts Multifamily Northeast

Austin Street, Dinosaur Capital Complete 68-Unit Multifamily Building in Metro Boston

by Alex Patton April 22, 2020

NEWTON, MASS. — A joint venture between Austin Street Partners, Dinosaur Capital Partners and Oaktree Development has completed construction of 28 Austin Street, a 68-unit multifamily building in Newton, a western suburb of Boston. The property features 33 one- and 35 two-bedroom apartments, including 23 workforce housing units that are reserved for renters earning less than 80 percent of the area median income. Leasing has begun and many tenants have already moved in. Eastern Bank provided $25.7 million in construction and permanent financing for the project. Stantec and GreenStaxx designed the project. NEI General Contracting constructed the building.

April 22, 2020

Development Massachusetts Northeast Retail

Verc Enterprises Opens 3,825 SF Gas Station, Convenience Store in Webster, Massachusetts

by Alex Patton April 22, 2020

WEBSTER, MASS. — Gas station and convenience store operator Verc Enterprises Inc. has opened a 3,825-square-foot store in Webster, located approximately 15 miles south of Worcester. Located at 137 E. Main St., the site offers Gulf gasoline and a car wash and also houses a Dunkin’ on the premises. Verc now owns and operates 34 gas stations and convenient stores with location across central Massachusetts and New Hampshire.

April 22, 2020

Development Florida Office Southeast

Skanska to Construct $42M Mixed-Use Building for University of South Florida in Tampa

by Alex Tostado April 22, 2020

TAMPA, FLA. — Skanska USA will construct a three-story, 120,000-square-foot office and research lab for the University of South Florida (USF) in Tampa. The $42 million project is situated within USF’s Research Park, which is located at 3802 Spectrum Blvd. on the southern end of campus and 10 miles north of downtown Tampa. The building will also offer ground-floor retail and restaurant options. Completion is slated for fall 2021. Gensler designed the building, which will expand the park’s capacity by 30 percent.

April 22, 2020

Civic Development Idaho Western

Granite Awarded $245M Contract to Pour Concrete at Naval Spent Fuel Handling Facility in Idaho

by Amy Works April 22, 2020

IDAHO FALLS, IDAHO — Granite has been awarded a $245 million subcontract by Fluor Marine Propulsion for the concrete placement construction of the Naval Spent Fuel Handling Facility near Idaho Falls. The work includes providing all labor, equipment and materials in order to backfill the excavation site from all bedrock up to the elevation that will support super-structure foundations. The backfill will include approximately 10 million pounds of rebar and 300,000 cubic yards of concrete materials. Construction is underway and the concrete placement phase is slated for completion by summer 2021.

April 22, 2020

California Civic Development Western

Meridian Development Completes Fire Station, Two Parks at Millenia Mixed-Use Project in Chula Vista

by Amy Works April 22, 2020

CHULA VISTA, CALIF. — Meridian Development has completed a $15 million infrastructure improvements program at Millenia, a 210-acre, mixed-use urban village in Chula Vista. Meridian is developing the infrastructure projects for property owner Stratford Land. The facilities include a fire station and two neighborhood parks. The Millenia Fire Station, which will be known as Chula Vista Fire Station #10, is located at the corner of Millenia Avenue and Stylus Street. The two-story, 12,500-square-foot building features three double-deep drive-through apparatus bays and accommodations for a 12-person crew. Jeff Katz Architecture designed the green-built and solar-powered fire station. EC Constructors built the property under a design-build process, with Meridian Development serving as general contractor. The infrastructure improvements also include the 1.5-acre Orion Park and the 1.9-acre Stylus Park, both of which are located along the Chula Vista Regional Trail. MIG Inc. designed Orion Park, which features two playgrounds, a dog park, shaded picnic tables, a comfort station, lawn areas and large plazas. Spurlock Landscape Architects designed Strata Park, which features an outdoor game area, fitness training circuit, interactive play area, community plaza, barbecue and picnic areas, and restrooms. Strata Park also offers a 23-plot community garden, open to all Chula Vista residents, …

April 22, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow April 22, 2020

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

April 22, 2020

Development Georgia Multifamily Southeast

Kaufman Capital, Atlantic Residential to Reposition Metro Atlanta Shopping Center into $50M Multifamily Community

by Alex Tostado April 21, 2020

DORAVILLE, GA. — Kaufman Capital Partners and Atlantic Residential will redevelop Village at Tilly Mill, a shopping center in Doraville, into a 320-unit, $50 million multifamily community. The property will offer studio to three-bedroom floor plans, including some units reserved for City of Doraville police staff at a discounted rate. The yet-to-be-named property will be situated at 6259 Peachtree Industrial Blvd., 18 miles northeast of downtown Atlanta. The City of Doraville approved $19 million in incentives for the developers. Due to the COVID-19 crisis, the timeline for completion has been extended to March 2023.

April 21, 2020

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