Development

Merritt Properties Signs Tenant to 137,350 SF Lease Within Industrial Park in Northern Virginia

by Alex Tostado March 13, 2020

MANASSAS, VA. — Merritt Properties has signed an undisclosed e-retailer to a full-building, 137,350-square-foot lease within I-66 Business Park, a six-building property in Manassas. Merritt expects to deliver the property in April and the tenant expects to move in this summer. Tony Russo and Diane Drobia of CBRE represented the developer and the full-building user in the lease transaction. When complete, the six buildings on the property will range in size from 30,600 to 137,350 square feet. Michael Larkin of Merritt says the company will begin construction on the sixth and final building in April and expect to deliver it in the third quarter of this year. The building will span 97,200 square feet. At full build-out, I-66 Business Park will comprise 596,900 square feet. To date, the property is 83 percent leased to 11 tenants. The buildings offer 18- to 32-foot clear heights. Each property is rear loaded and provides dock and drive-in capabilities. Situated along Interstate 66, I-66 Business Park is located 28 miles west of Washington, D.C.

March 13, 2020

Development Illinois Midwest Multifamily

NHP Foundation Reopens Chicago’s Historic Mark Twain Property

by Kristin Harlow March 13, 2020

CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …

March 13, 2020

Development Mixed-Use Texas

High Street Residential to Develop 280,000 SF Mixed-Use Project in East Austin

by Taylor Williams March 13, 2020

AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., will develop The Block Yard, a 280,000-square-foot mixed-use project in Austin. Designed by JHP Architecture, the transit-oriented development will be situated on four acres at 2900 E. Martin Luther King Blvd, adjacent to the Capital Metro MLK Light-Rail Station and just two miles north of downtown. Plans for the project currently call for 302 residential units, 63,800 square feet of office space and 4,200 square feet of ground-floor retail space. Construction of the office and residential components is expected to be complete in July 2021 and January 2022, respectively. LEVY Architects has been tapped to design the commercial component and project interiors, and CBRE will handle leasing of the commercial space.

March 13, 2020

Development Retail Texas

Brosco Group Breaks Ground on 21,000 SF Retail Project in Mesquite, Texas

by Taylor Williams March 13, 2020

MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.

March 13, 2020

Development Massachusetts Multifamily Northeast

Greystar Underway on 126-Unit Multifamily Project in Boston’s Bay Village Neighborhood

by Alex Patton March 13, 2020

BOSTON — Greystar Real Estate Partners is underway on a 126-unit multifamily project in the Bay Village neighborhood of Boston. The 150,000-square-fooot, 19-story building will be located at 212 Stuart St., a site that was previously a vacant lot. The project will also include two townhouses and retail space on the ground level. Sasaki is serving as the project architect, and Höweler + Yoon is the design architect. Construction is slated for completion in early 2022.

March 13, 2020

Development Healthcare Massachusetts Northeast Office

DWS Group Completes 20,000 SF Expansion of Medical Office Building in Boston

by Alex Patton March 13, 2020

BOSTON — DWS Group has completed a 20,000-square-foot expansion of 50 and 60 Staniford Street, two adjacent medical office buildings totaling 193,230 square feet in the West End neighborhood of Boston. The project involved construction of additional lobby space between the two buildings, effectively enlarging and connecting the first floors. Margulies Perruzzi served as the project architect, and Lee Kennedy Co. was the general contractor.

March 13, 2020

Development District of Columbia Office Southeast

Novel Coworking Opens 190,385 SF Office Building in D.C.’s Dupont Circle District

by Alex Tostado March 12, 2020

WASHINGTON, D.C. — Novel Coworking has opened Novel Coworking Dupont Circle, a 12-story, 190,385-square-foot office building in northwest Washington, D.C. The company acquired the building, situated at 1201 Connecticut Ave. NW, in July 2019. The space can accommodate one- to 200-person teams. Situated two blocks from Dupont Circle, the building was originally developed in 1940. Memberships start at $199 per month, private offices start at $575 per month and office suites start at $399 per employee a month. Chicago-based Novel Coworking operates 37 locations nationwide.

March 12, 2020

Development Hospitality Kentucky Southeast

Hilton Breaks Ground on New Hotel Near Churchill Downs in Louisville, First for Tempo Brand

by Alex Tostado March 12, 2020

LOUISVILLE, KY. — Hilton Hotels has broken ground on Tempo by Hilton Louisville NuLu, a 130-room, six-story hotel in Louisville’s NuLu neighborhood. The property is situated at 710 E. Jefferson St., two miles east of downtown Louisville and six miles north of Churchill Downs, site of the annual Kentucky Derby. Hilton, and co-owners First Hospitality and Weyland Ventures, expect the hotel to open in time for the 2021 Kentucky Derby. Tempo by Hilton will offer a rooftop bar, fitness center, meeting space, complimentary coffee service and public greenspaces. Hilton has more than 30 confirmed deals for the Tempo brand in cities including New York City, Maui, Boston and Washington, D.C.

March 12, 2020

Development Florida Multifamily Seniors Housing Southeast

Wendover Housing Partners Plans to Develop $15.9M Affordable Seniors Housing Community Near Orlando

by Alex Tostado March 12, 2020

SANFORD, FLA. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rental rates for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in LIHTC (Low-Income Housing Tax Credits) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy is the general contractor. Wendover expects construction to take 10 months.

March 12, 2020

Development Mixed-Use Texas

Namhawk to Develop $300M Carrollton Gateway Mixed-Use Project in Metro Dallas

by Taylor Williams March 12, 2020

CARROLLTON, TEXAS — Locally based developer Namhawk LLC will develop Carrollton Gateway, a $300 million mixed-use project that will be located adjacent to Interstate 35 in the northern Dallas suburb of Carrollton. The first phase of the transit-oriented development calls for a 325-unit multifamily property with a fitness center, pool and coworking and meeting spaces. Phase II will feature a 150,000-square-foot office building. Namhawk is also planning a hotel as part of the project. Namhawk has selected The Ratliff Group to provide construction and program management services for the project. A construction timeline has not yet been released.

March 12, 2020

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