Development

Realm Group Acquires High-Rise Multifamily Development Site in Downtown Los Angeles

by Amy Works June 10, 2019

LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.

June 10, 2019

Development Multifamily New York Northeast

Ares, Douglaston to Develop 931-Unit Residential Tower at Manhattan’s Hudson Yards

by Taylor Williams June 10, 2019

NEW YORK CITY — A joint venture between Ares Corp. and Douglaston Development will develop 601 West 29th Street, a 931-unit residential tower that will be located at the intersection of Manhattan’s Hudson Yards and West Chelsea neighborhoods. The property, which will span a full city block and rise 58 stories, will comprise 697 market-rate units and 234 affordable units, as well as 186 parking spaces and 15,000 square feet of ground-floor retail space. Amenities will include a pool, fitness center, outdoor terraces, resident lounges and pet care services. A syndicate of banks led by HSBC and including Bank of China and Raymond James Bank provided construction financing. Greystone arranged the debt. Demolition work on the site is underway and completion is slated for late 2022.

June 10, 2019

Development Multifamily New York Northeast

RDC Completes $560M Apartment Redevelopment Project in Queens

by Taylor Williams June 10, 2019

NEW YORK CITY — RDC Development has completed its redevelopment of Ocean Bay Apartments, a project valued at $560 million. Ocean Bay, which houses 1,395 units and nearly 4,000 residents, was damaged in a storm and forced to undergo a two-year rehabilitation project that featured renovated kitchens, bathrooms and bedrooms. The rehab project also saw the replacement of roofs, as well as upgrades to elevators, utility systems and public hallways. RDC financed the redevelopment through HUD’s Rental Assistance Demonstration (RAD) program, which stipulates that the refreshed units remain affordable to low-income households.

June 10, 2019

Development Georgia Retail Southeast

Adams & Co. to Break Ground on Publix at Mixed-Use Development in Metro Atlanta

by Alex Tostado June 7, 2019

SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.

June 7, 2019

California Development Multifamily Western

Pathfinder Partners Completes 41-Unit Creekside Apartments in Metro San Diego

by Amy Works June 7, 2019

VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.

June 7, 2019

California Development Multifamily Seniors Housing Western

Silverado Prepares to Open $12M Memory Care Community in Orange County

by Amy Works June 7, 2019

BREA, CALIF. — Silverado plans to open Silverado Brea, located approximately 20 miles southeast of Los Angeles, by the end of summer 2019. The nearly 34,000-square-foot, two-story community joins nearby Silverado communities in Tustin, Costa Mesa and San Juan Capistrano. The number of units in the community was not disclosed. The $12 million development sits on 1.15 acres.

June 7, 2019

Development Industrial Texas

City of Mesquite Approves Zoning for $71M Industrial Park

by Taylor Williams June 7, 2019

MESQUITE, TEXAS — The City of Mesquite, located east of Dallas, has approved a change in zoning for the development of Urban District 30, an 80-acre industrial park that will be located near Interstate 30 and Republic Parkway. The project, which will be built on spec by Urban Logistics Realty, will ultimately encompass more than 979,000 square feet of industrial space across five buildings. The developer also expects that the project, which carries a $71 million price tag, will generate more than 500 new jobs in Mesquite. Discussions for economic incentives between the developer and the city’s economic development department are still ongoing, but both sides hope to be able to break ground before the end of the year.

June 7, 2019

Development Multifamily Texas

CWS Apartment Homes to Open New Community in Downtown Austin on June 15

by Taylor Williams June 7, 2019

AUSTIN, TEXAS — CWS Apartment Homes, a locally based multifamily developer and manager, will open The Clark, a new community located in downtown Austin, on June 15. Situated near an array of dining, shopping and entertainment venues, The Clark offers amenities including a pool, 24-hour fitness center with virtual classes, sky lounge, an outdoor kitchen and grill areas and a dog park with a grooming station. Units feature quartz countertops, marble tile backsplashes and smart front door locks and thermostats that can be controlled via smartphone. Oden Hughes Taylor Construction LLC served as the general contractor.

June 7, 2019

Development New York Northeast Office Retail

Cornell Tops Out 72,000 SF Retail, Office Building in Brooklyn

by Taylor Williams June 7, 2019

NEW YORK CITY — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.

June 7, 2019

Development Multifamily New Jersey Northeast Seniors Housing

Walters Completes 91-Unit Seniors Housing Community in Seaside Heights, New Jersey

by Taylor Williams June 7, 2019

SEASIDE HEIGHTS, N.J. — Locally based developer Walters has completed Cornerstone at Seaside Heights, a 91-unit seniors housing community on the Jersey Shore. Apartments at the income-restricted community range from $995 per month for a one-bedroom unit and $1,250 per month for a two-bedroom apartment. In addition to quick access to the beach and boardwalk, residents can also enjoy a fitness center, clubroom, outdoor decks and other common gathering areas. An open house for the property will be held Saturday, June 15.

June 7, 2019

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