Development

Public-Private Partnership Breaks Ground on $36M Alameda Point Senior Apartments in Bay Area

by Amy Works July 15, 2019

ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …

July 15, 2019

Development Midwest Minnesota Multifamily

Kraus-Anderson Breaks Ground on 341-Unit Apartment Building With Wells Fargo Bank Branch in Minneapolis

by Kristin Harlow July 15, 2019

MINNEAPOLIS — Kraus-Anderson has broken ground on a 16-story, 341-unit apartment building in Minneapolis that will house a new Wells Fargo bank branch. The existing bank branch will remain in operation throughout construction, but will eventually be demolished in order to make way for the apartment project, known as The Larking. The new bank, slated for completion in spring 2020, will span 3,500 square feet. The apartments are expected to open in early 2022. Amenities at The Larking will include a fitness center, golf simulator, sauna, game room, rooftop pool, outdoor courtyard, package lockers and work-from-home suites. Plans also call for 12,900 square feet of street-level retail space. Saturday Properties will manage the apartments. ESG Architects designed the project.

July 15, 2019

Affordable Housing Development Indiana Midwest Multifamily

32-Unit Affordable Housing Project Under Development in Lafayette, Indiana

by Kristin Harlow July 15, 2019

LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.

July 15, 2019

California Development Hospitality Top Stories Western

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

by Taylor Williams July 15, 2019

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space. “Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.” Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West …

July 15, 2019

Development Industrial Northeast Pennsylvania

CRG to Develop 311,920 SF Speculative Warehouse in York, Pennsylvania

by Alex Patton July 12, 2019

YORK, PA. — National real estate development and investment firm CRG will develop The Cubes at York, a 311,920-square-foot speculative distribution warehouse in York. The location is near the I-81/I-78 Industrial Corridor, just south of Harrisburg, and will be one of seven North American industrial properties in “The Cubes” brand that is owned and developed by CRG. Construction is expected to begin during fourth-quarter 2019. Clayco will be the design-builder on the project and its subsidiary, the Lamar Johnson Collective, is the architect.

July 12, 2019

Development Georgia Industrial Southeast

Seefried Industrial to Build 700,000 SF Amazon Fulfillment Center in Metro Atlanta

by Alex Tostado July 12, 2019

STONE MOUNTAIN, GA. — Seefried Industrial Properties will develop a 700,000-square-foot Amazon fulfillment center in Stone Mountain on the Gwinnett-DeKalb county line. Previously dubbed “Project Rocket,” the center will house 1,000 Amazon employees, who will pick, pack and ship customer orders. Jobs will include human resources, operations management, safety, security, finance and information technology. According to the Atlanta Journal-Constitution, Amazon could spend up to $200 million on the project. A timeline for completion was not disclosed.

July 12, 2019

Development Georgia Industrial Southeast

Kroger, Ocado to Bring $55M Customer Fulfillment Center to Metro Atlanta

by Alex Tostado July 12, 2019

FOREST PARK, GA. — The Kroger Co. and Ocado, an online grocery retailer based in the United Kingdom, will build a $55 million customer fulfillment center in Forest Park that will create 400 jobs. According to Georgia’s governor’s office, the two companies could invest upwards of $121 million in the center. The announcement of the center, which will be an automated warehouse facility with digital and robotic capabilities, comes on the heels of Kroger and Ocado breaking ground on their first fulfillment center in Monroe, Ohio. The two companies have committed to build 20 centers across the country. This is the second announced center in the Southeast, following a center in Central Florida. The Forest Park customer fulfillment center will be located at 2000 Anvil Block Road within the Gillem Logistics Center and will occupy 375,000 square feet. Kroger already occupies a 1.3 million-square-foot warehouse within the same industrial park. A ground breaking is scheduled for later this year with completion slated for 2021.

July 12, 2019

Development Leasing Activity Office Texas

Endurance Builders Completes Renovation of Two Houston Office Buildings Totaling 880,000 SF

by Taylor Williams July 12, 2019

HOUSTON — General contractor Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 square feet in Houston. Ziegler Cooper Architects handled the design of the renovation program, which delivered new amenities such as a coffee bar, tenant lounge, fitness center and conference centers. Additionally, law firm McKinney Taylor PC has signed a 10,000-square-foot lease at Three Riverway and will move in this summer, and Commonwealth Projects LLC relocated to a 10,616-square-foot space at One Riverway earlier this year. CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.

July 12, 2019

Development Hospitality Texas

Greysteel Arranges Construction Financing for 71-Room Hotel Project in Austin

by Taylor Williams July 12, 2019

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of 2020.

July 12, 2019

Development Illinois Midwest Mixed-Use

Wight & Co. to Lead Design of Former AT&T Headquarters Redevelopment in Suburban Chicago

by Kristin Harlow July 12, 2019

HOFFMAN ESTATES, ILL. — Somerset Development has selected Wight & Co. to provide design services for Bell Works Chicagoland, a redevelopment project transforming the former 1.6 million-square-foot AT&T corporate campus in Hoffman Estates into a mixed-use complex. Plans call for office, coworking, retail and community space. Wight & Co. will serve as the project’s master architect, redesigning its shell and core, public spaces and individual tenant spaces. Wight plans to transform the 67,000-square-foot solarium that served as the AT&T food service area into an event center. Other plans include an 80,000-square-foot conference center and a 29,000-square-foot fitness center. Somerset refers to the project as a “metroburb” and has completed one such project in Monmouth, N.J. The AT&T headquarters, built as the Ameritech Center in 1990, was originally designed by Wight & Co. principal Dirk Lohan.

July 12, 2019

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