Development

Housing Trust Group to Develop $25M Affordable Housing Community in Miami

by Alex Tostado February 12, 2020

MIAMI — Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying residents will range from $401 to $1,443. The three-story building will feature 11,388 square feet of retail space on the ground level, and its community amenities will include a clubroom with a kitchen and lounge seating, fitness center, business/computer room, community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas. Construction is expected to begin immediately with delivery slated for April 2021, and pre-leasing scheduled to start in the fourth quarter. Modis Architects and HSQ Engineers designed the community, and Gomez Construction Co. is the general contractor. HTG received $14.5 million in 9 percent Low Income Housing Tax Credit equity (LIHTC) provided by City Real Estate Advisors, a $5.5 million loan from KeyBank Real Estate Capital and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March 2019 for $2.8 million.

February 12, 2020

Affordable Housing Development Maryland Multifamily Southeast

Enterprise Community Development to Construct $14M Expansion of Eastern Maryland Affordable Housing Project

by Alex Tostado February 12, 2020

PRINCESS ANNE, MD. — Enterprise Community Development Inc. will construct Phase II of Reserve at Somerset Commons in Princess Anne. Construction on the 54-unit expansion is estimated to cost $14 million. Reserve at Somerset Commons II will offer one-, two-, three- and four-bedroom units across two three-story garden apartment buildings. Of the 54 apartments, 48 will be available to families earning between 30 percent and 60 percent of area median income (AMI) and six will be market-rate. Reserve at Somerset Commons II will complement the existing community by completing the circular drive and adding 108 parking spaces. Residents of Reserve at Somerset Commons II will share existing communal amenities at Phase I, which include a clubhouse, fitness center, great room, outdoor recreational and open space. AGM Financial Services Inc. provided the first mortgage. The Maryland Department of Housing and Community Development, Enterprise Community Investment Inc., Enterprise Community Loan Fund and the Federal Home Loan Bank of Atlanta are providing additional financing. Moseley Architects is serving as the project designer, and the general contractor is Harkins Builders Inc. R Home Property Management LLC is providing property management. Enterprise Community Development expects to complete Phase II this fall. The developer completed Phase I, a 75-unit building, in …

February 12, 2020

Colorado Development Office Retail Western

Shorenstein Properties, Nichols Partnership to Develop One Platte Office/Retail Project in Denver

by Amy Works February 12, 2020

DENVER — A joint venture between Shorenstein Properties and Nichols Partnership has unveiled plans for One Platte, a five-story office and retail development located at 1701 Platte St. in downtown Denver. Situated on 1.5 acres in the Central Platte Valley neighborhood, One Platte will feature a 250,000-square-foot building offering 240,000 square feet of office space and 10,000 square feet of ground-floor retail space. The Beck Group is providing design-build services for the development. The building will feature floor-to-ceiling windows with views of the Rocky Mountains and Denver skyline. Amenities include a lounge, rooftop terrace, event spaces, fitness center, bicycle lockers and a secure underground parking facility. Construction started Feb. 11 on the project, with completion slated for early 2022.

February 12, 2020

Development Hospitality Oregon Western

Hyatt Hotels Opens 220-Room Hyatt Centric Downtown Portland

by Amy Works February 12, 2020

PORTLAND, ORE. — Hyatt Hotels Corp. has opened Hyatt Centric Downtown Portland, located at 601 S.W. 11th Ave. in Portland. The property is the first Centric-branded hotel in the Pacific Northwest. Situated in Portland’s West End district, the hotel features 220 guest rooms, a 24-hour fitness center and three meeting spaces, including the 1,368-square-foot Pettygrove Room and the 428-square-foot technology-driven boardroom. The hotel’s signature restaurant, MASIA, serves Catalan- and Spanish-inspired cuisine. The property also features MASIA Bar, the hotel’s lobby bar, and 180 Xurros, which serves as the hotel’s 24-hour market. Portland-based Mortenson, in partnership with Sera Architects, designed the property.

February 12, 2020

Arizona Development Multifamily Student Housing Western

Trinitas Acquires Student Housing Development Site Near Arizona State University

by Amy Works February 12, 2020

TEMPE, ARIZ. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed student housing community offering studio, one-, two-, three- and four-bedroom units above street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. A joint venture between Trinitas and Harrison Street provided equity financing for the site acquisition. PNC Bank provided construction financing. The project is scheduled for a 2021 opening.

February 12, 2020

Colorado Development Multifamily Restaurant Retail Western

Continuum Partners, CIM Group Complete 319-Unit Multifamily Building at Urban Infill Project in Denver

by Amy Works February 12, 2020

DENVER — 9th Avenue (Denver) Land, a joint venture between Continuum Partners and CIM Group, has opened Milo, a market-rate multifamily building at 9+CO, a mixed-use property in Denver. Designed by Shears Adkins Rockmore Architects, Milo features 319 micro, studio, one-, two- and three-bedroom apartments across two buildings. The units range from 370-square-foot micro units with built-in wardrobes and murphy beds to 1,590-square-foot three-bedroom flats. Ground-floor units include walk-up private entrances and two-story townhomes. Additional unit finishes include stainless steel appliances, walk-in closets, in-unit washers/dryers and balconies in select units. Community amenities include co-working office space; roof deck with grills, fire pits and seating; a hot tub; heated lap pool; resident lounge with entertaining kitchen; shuffleboard table; 24-hour fitness center; secured parking garage; bicycle and ski repair center; pet and bicycle wash; and storage units on every floor. Milo is the second market-rate residential building at 9+CO, joining the 275-unit Theo development that opened in May 2018. The 26-acre urban infill project is located at the site of the former University of Colorado Health Sciences Center in Denver. The project will ultimately comprise approximately 2 million square feet of mixed-use space. Currently signed retailers include Fluff Salon, Sweet Combforts, Elevation …

February 12, 2020

Development Illinois Midwest Retail

CMX CinéBistro Set to Open This Week at Wheeling Town Center in Suburban Chicago

by Kristin Harlow February 12, 2020

WHEELING, ILL. — CMX CinéBistro is set to open at Wheeling Town Center on Friday, Feb. 14 in suburban Chicago. The movie theater anchors the retail portion of the mixed-use project. Spanning 40,000 square feet CMX CinéBistro Wheeling will offer a bar and lounge area, seven screens, reclining seats and tables for food and beverage service. After 8 p.m., movie goers must be 21 years of age or older. Previous tenants who have opened at Wheeling Town Center include Starbucks, Inland Bank, AT&T and City Works. The apartments at the project opened in spring 2019 and are more than 70 percent leased.

February 12, 2020

Development Mixed-Use Texas

Winston Hotels Buys 20-Story Office Building in Downtown San Antonio for Mixed-Use Conversion Project

by Taylor Williams February 12, 2020

SAN ANTONIO — Winston Hotels LLC has purchased Riverview Towers, a 20-story- building in downtown San Antonio that previously served as a 298,000-square-foot office property. The new ownership will convert the building into a mixed-use development with 342 hotel rooms, 60,000 square feet of office space and 3,000 square feet of ground-floor retail space. The hotels will carry the dual brands of AC by Marriott and Element by Westin. A timeline for completion was not disclosed. Whit Jordan of CBRE represented Winston Hotels in the acquisition. Bart Wilson of Primera Partners represented the seller.

February 12, 2020

Development Multifamily Texas

Ventures Development, BCDC Break Ground on 270-Unit Multifamily Project in Terrell, Texas

by Taylor Williams February 12, 2020

TERRELL, TEXAS — Ventures Development Group and Batson-Cook Development Co. (BCDC) have broken ground on a 270-unit multifamily project in Terrell, an eastern suburb of Dallas. The property will be situated on 10.8 acres within the Crossroads at Terrell mixed-use development and will feature studio, one-, two- and three-bedroom units. Amenities will include a pool, playground, dog park, fitness center, demonstration kitchen and multiple lounge areas. Hodges Architecture is designing the project, and Construction Enterprises Inc. is serving as general contractor. The opening is slated for the fourth quarter.

February 12, 2020

Civic Development New York Northeast

JLL Completes $38M Iona College Building in New Rochelle, New York

by Alex Patton February 12, 2020

NEW YORK CITY — JLL Project and Development Services has completed construction of Iona College’s new LaPenta School of Business, a 68,000-square-foot building in New Rochelle, a northern suburb of New York City. Development costs were approximately $38 million. The project included a complete renovation of the college’s existing four-story business school and the ground-up construction of a 35,000-square-foot addition. Peter Rader led the JLL project management team. Gensler served as the project architect, and Pavarini North East Construction Co. was the general contractor.

February 12, 2020

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