Development

Madison Capital Breaks Ground on Apartment Complex Within Opportunity Zone in Downtown Charleston

by Alex Tostado July 19, 2019

CHARLESTON, S.C. — Madison Capital Group has broken ground on 577 Meeting Street, a 118-unit apartment complex within an Opportunity Zone in downtown Charleston. Madison Capital expects the project to deliver in early 2021. 577 Meeting Street will offer studio and one-bedroom floor plans. Patterson Real Estate Advisory Group arranged construction financing through CIBC Bank USA on behalf of Madison Capital, which is also raising equity for the project through a single-asset Opportunity Zone Fund. This is Madison Capital’s eighth multifamily development in Charleston.

July 19, 2019

Development Maryland Southeast

Senior Helpers Breaks Ground on Retro Town Center Near Baltimore Catered Toward Seniors

by Alex Tostado July 19, 2019

PERRY HALL, MD. — Senior Helpers has broken ground on Town Square, an 11,000-square-foot center in Perry Hall that will cater toward seniors in the area. Senior Helpers, a provider of in-home senior services, plans to open Town Square this fall. Town Square, situated at 9708 Belair Road, 15 miles northwest of downtown Baltimore, will offer seniors an interactive environment set in the 1950s. This is the first of several planned centers around the country. Each new Town Square will feature an interactive midcentury “town” that includes 13 distinctive storefronts and experiences that evoke the age when most members were young adults. These experiences include a 1950s-era diner, vintage car, movie theater, library, game room and garden shop, all arranged around a green central park. Each Town Square is designed to accommodate 100 guests per day. The first Town Square will be open to seniors in the Baltimore metro area and surrounding communities.

July 19, 2019

Development Industrial Midwest Self-Storage Wisconsin

I|C Construction to Break Ground on 800-Unit Self-Storage Facility in Wisconsin

by Kristin Harlow July 19, 2019

PLEASANT PRAIRIE, WIS. — I|C Construction is set to break ground on an 800-unit, 127,156-square-foot self-storage facility in Pleasant Prairie. Bruno and Lori Hanney purchased the 5.4-acre site at 9001 Wilmot Road for the development of the project. Upon completion, Extra Space Storage Inc. will manage the property. The facility will offer drive-in access, climate-controlled units, surveillance cameras, access codes and LED lighting. In.studio Architecture designed the project, which is slated for completion in January 2020.

July 19, 2019

Development Illinois Industrial Midwest

CHI Purchases 42-Acre Site in Elgin, Plans 638,000 SF Spec Industrial Development

by Kristin Harlow July 19, 2019

ELGIN, ILL. — Crow Holdings Industrial (CHI), in partnership with the California State Teachers’ Retirement System (CalSTRS), has purchased a 42-acre site at 2600 Mason Road in Elgin. The developer plans to break ground this month on Park 90 Elgin, a three-building speculative industrial development spanning 638,000 square feet. Building A will span 155,000 square feet, Building B will total 106,000 square feet and Building C will measure 377,000 square feet. Buildings A and B will include a clear height of 32 feet, while Building C will feature a clear height of 36 feet. Brian Kling and Reed Adler of Colliers International represented CHI in the land sale. The duo has also been retained to complete the lease-up of Park 90 Elgin.

July 19, 2019

Development Multifamily New Jersey Northeast

PCD Capital, Saber Real Estate to Develop 421-Unit Apartment Project in New Jersey

by Taylor Williams July 19, 2019

BOGOTA, N.J. — A subsidiary of New Jersey-based PCD Capital LLC and New York-based Saber Real Estate Advisors LLC will develop a 421-unit multifamily project in Bogota, located across the Hudson River from Harlem. The property will be situated on 13 acres and feature an 8,000-square-foot clubhouse with a fitness center and media room, as well as outdoor amenities such as a pool, dog park and outdoor grilling area. The building will also house 8,000 square feet of retail space. M&T Bank and BBVA USA provided a $60 million construction loan for the project. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged the financing. A construction timeline has yet to be established.

July 19, 2019

Development Hospitality New York Northeast

Sam Chang Breaks Ground on 200-Room Hotel in Manhattan

by Taylor Williams July 19, 2019

NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September 2021.

July 19, 2019

Development Retail Top Stories

Joint Venture Revives Toys ‘R’ Us Brand, to Open Two New Stores Before Christmas

by Jeff Shaw July 19, 2019

PARSIPPANY, N.J., AND SAN FRANCISCO — One of the recently fallen retail giants is poised to make a return less than two years after its demise. Tru Kids Brands, the Parsippany-based parent company of Toys ‘R’ Us, and b8ta, a San Francisco-based experiential retail firm, have announced plans to bring back Toys ‘R’ Us stores to the United States. The retailer announced in March 2018 that it was declaring bankruptcy and would start an “orderly wind down” and close its 735 remaining stores. Now, 16 months later, the Tru Kids-b8ta joint venture is hoping to bring the 71-year-old brand back with more small-format, experience-based retail spaces. Plans call for the first two stores — located in The Galleria in Houston and Westfield Garden State Plaza in Paramus, New Jersey — to open before the holiday season. “With a 70-year heritage, the Toys ‘R’ Us brand is beloved by kids and families around the world, and continues to play a leading role in the hearts and minds of today’s consumers,” says Richard Barry, CEO of Tru Kids Brands and interim co-CEO of the new Toys ‘R’ Us joint venture. “We have an incredible opportunity to entirely reimagine the Toys ‘R’ Us …

July 19, 2019

Development Florida Loans Multifamily Southeast

Madison Realty Capital Provides $225M Construction Loan for Residential High-Rise in Boca Raton

by Alex Tostado July 18, 2019

BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.

July 18, 2019

Development Mixed-Use Texas

i3 Interests Breaks Ground on 24-Acre Mixed-Use Project in Metro Houston

by Taylor Williams July 18, 2019

CYPRESS, TEXAS — i3 Interests, an investment and development firm active in Louisiana, Texas and Florida, has broken ground on Telge Crossing, a mixed-use project that will be situated on 24 acres in the Houston suburb of Cypress. Project plans currently call for 15,000 square feet of retail space, 12,000 square feet of medical office space, several pad sites and a 303-unit apartment community. EDGE Realty is marketing the retail component of the project for lease, and Transwestern has been tapped to lease the medical office building. Arch-Con Corp. is the general contractor for the retail and medical office components, and Identity Architects is handling design. Domain Builders is handling the multifamily component, with W Partnership providing design services.

July 18, 2019

Development Multifamily New York Northeast

Mill Creek Begins Leasing 192-Unit Apartment Community on Long Island

by Taylor Williams July 18, 2019

MINEOLA, N.Y. — Mill Creek Residential has begun leasing Modera Metro Mineola, a 192-unit apartment community on Long Island. The transit-served property offers studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes and key fob entry systems. Indoor amenities include two 24-hour fitness centers with yoga and Pilates studios, two indoor clubhouses with lounges, TVs and resident kitchens, a business center with a conference room, a coffee bar, pet spa and package concierge service. Outdoor amenities include a pool, sun deck, grilling area and kitchen and a lounge. The first units are expected to be available for occupancy in the coming weeks.

July 18, 2019

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