Development

Hines Breaks Ground on 17-Story Office Tower in Bellevue Fully Leased to Amazon

by John Nelson July 9, 2019

BELLEVUE, WASH. — Hines has broken ground on Summit 3, a 17-story office tower located in downtown Bellevue, a suburb of Seattle situated on the shores of Lake Washington. The Houston-based development firm has preleased the Class A, 374,220-square-foot office building to a tenant it did not disclose, but the Puget Sound Business Journal reports that Amazon has leased the entire tower with plans to grow its Bellevue employee base to 2,500 by 2020. The Seattle Times reported last week that the Seattle-based tech giant has also begun the permitting process for a new 43-story tower at 600 108th Ave., about two blocks north of Summit 3. Situated at the corner of 108th Ave. NE and N.E. 4th St., general contractor JTM Construction will build Summit 3 atop an existing subterranean parking garage that spans seven levels. Hines will develop the office space to accommodate high-density tech operations. The property is the third building within The Summit office campus, which includes Café Pogacha and a Bright Horizons childcare facility. Other onsite amenities at the Summit campus include a fitness center, conference center and The Summit Room, which functions as a combination of a lobby, lounge and meeting area. The U.S. …

July 9, 2019

Development Hospitality New York Northeast

Eastern Consolidated Tops Out 531-Room, Dual-Branded Hotel in Manhattan

by Taylor Williams July 8, 2019

NEW YORK CITY — Eastern Consolidated has topped out a 531-room, dual-branded hotel in the Chelsea neighborhood of Manhattan that will include the by Springhill Suites and TownePlace Suites brands. Designed by Gene Kaufman Architects, the 46-story property will ultimately span 178,000 square feet upon completion, which is slated for the end of 2019, according to local media sources. The two hotels will have separate lobbies, but will share a 1,500-square-foot public arcade, fitness center, meeting rooms and dining rooms. The property will also be located near several public transit lines, as well as Madison Square Garden and the Hudson Yards mixed-use development.

July 8, 2019

Development Massachusetts Multifamily Northeast Student Housing

Fountain Residential, HC2 Break Ground on 150-Unit Student Housing Asset Near UMass Amherst

by Taylor Williams July 8, 2019

SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.

July 8, 2019

Development Retail Texas

Fidelis Begins 1.1 MSF Redevelopment of San Jacinto Mall in Metro Houston

by Taylor Williams July 8, 2019

BAYTOWN, TEXAS — Fidelis Realty Partners has begun the redevelopment of the San Jacinto Mall, a 1.1 million-square-foot shopping and dining center that opened in 1981. Fidelis, which acquired the mall in 2015 from Triyar Retail Group, is demolishing one of the anchor stores that was previously occupied by Sears as part of the initial phase of the redevelopment. According to local media sources, Fidelis will ultimately reposition the mall into a 1 million-square-foot, open-air center that will be branded San Jacinto Marketplace.

July 8, 2019

Development Multifamily Seniors Housing Texas

Partnership to Develop 225-Unit Seniors Housing Project Near Austin

by Taylor Williams July 8, 2019

GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.

July 8, 2019

Development Multifamily Seniors Housing Texas

Highridge Costa Opens $21M Affordable Seniors Housing Community in Cibolo, Texas

by Taylor Williams July 8, 2019

CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent occupied.

July 8, 2019

Development Midwest Minnesota Multifamily Seniors Housing

139-Unit Senior Living Community Opens in Stillwater, Minnesota

by Kristin Harlow July 8, 2019

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.

July 8, 2019

Development Indiana Industrial Midwest Self-Storage

U-Haul Transforms Former Kmart Property Into Self-Storage Facility in Indianapolis

by Kristin Harlow July 8, 2019

INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.

July 8, 2019

Development Office Southeast Tennessee

Brasfield & Gorrie Delivers New Headquarters for Mars Petcare Near Nashville

by John Nelson July 8, 2019

FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.

July 8, 2019

Development Loans Multifamily Southeast Virginia

Berkadia Provides $22.6M HUD Construction Loan for Multifamily Community in Fishersville, Virginia

by John Nelson July 8, 2019

FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.

July 8, 2019

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