Development

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow June 7, 2019

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

June 7, 2019

Development Loans Office Top Stories Washington Western

Capstone Partners Receives $154.7M Construction Financing for Office Building in Metro Seattle

by Amy Works June 7, 2019

REDMOND, WASH. — Capstone Partners has received $154.7 million in construction financing for One Esterra Park, a transit-oriented office development in Redmond, approximately 15 miles east of Seattle. The investment banking firm plans to break ground sometime this month. The Class A project is the next phase of the 3 million-square-foot Esterra Park live-work-play master-planned community. One Esterra Park will rise six stories and total 245,000 square feet. Being built to LEED Silver standards, the property will feature average floor plates of 40,000 square feet, robust amounts of power and mechanical infrastructure and collaborative common areas. The 2.2-acre site is immediately adjacent to Microsoft’s world headquarters and near many of the area’s large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp, providing connectivity to major area thoroughfares, including Interstates 405 and 90. Capstone expects One Esterra Park to be ready for occupancy in late 2020. Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson of HFF arranged the debt and equity for the project. US Bank provided the construction loan while a private equity investor …

June 7, 2019

Development Indiana Midwest Office

Browning Breaks Ground on New Headquarters for First Internet Bank in Fishers, Indiana

by Kristin Harlow June 6, 2019

FISHERS, IND. — Browning has broken ground on a new corporate headquarters for First Internet Bank in downtown Fishers. The bank’s existing office is located about two miles east of the new site. Plans call for a six-story, 168,000-square-foot building with ground-floor retail space. It is the first building to be constructed within a mixed-use development along 116th Street in the Nickel Plate District. Completion is slated for fall 2021. Envoy Cos. is serving as the owner’s representative.

June 6, 2019

Development Midwest Minnesota Multifamily

Ackerberg Begins Development of 54-Unit Micro Apartment Community in Minneapolis

by Kristin Harlow June 6, 2019

MINNEAPOLIS — Ackerberg has begun development of MN46, a 54-unit micro apartment community in Minneapolis. The project is a joint venture with Left Lane Corp., Hayes Harlow, Twin Cities Home Rental and Trew Capital. Units will range from 390 to 410 square feet for studios, 420 to 650 square feet for one-bedroom units and 760 to 905 square feet for two-bedroom units. The property will also feature 1,835 square feet of first-floor retail space. Amenities will include a fifth-floor community room, patio, bike lobby, package room and covered parking. Completion is slated for May 2020. Collage Architects and Yellow Tree Construction Services make up the project team. Monthly rents will start in the low $1,000s. “We continue to remain very bullish on micro units as a niche,” says Sean Sweeney, founder of Hayes Harlow. “The lack of new apartment product in the area was also a big factor in our decision to develop this site.” The name of the property stems from its location at the intersection of Minnehaha Avenue and 46th Street.

June 6, 2019

Development Multifamily Texas

Oden Hughes Begins Work on 380-Unit Multifamily Project in Greater Houston

by Taylor Williams June 6, 2019

CLEAR LAKE, TEXAS — Austin-based Oden Hughes LLC has begun construction on a multifamily project in Clear Lake that will deliver 360 apartments and 20 townhomes. Located southeast of Houston, the community will be situated on 21 acres near an array of employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port Houston Bayport Terminal. Floor plans for the apartments will consist of one-, two- and three-bedroom units, with rents ranging between $1,100 and $2,300 per month. Amenities will include a pool with cold spas, jogging trails, playground, dog walking area and coworking space. The community is scheduled to open in mid-2020.

June 6, 2019

Development Multifamily ORIX Texas

Bright Realty Breaks Ground on 312-Unit Apartment Project in Lewisville

by Taylor Williams June 6, 2019

LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Phase II of Discovery at The Realm, a project that will expand the residential component within the company’s The Realm at Castle Hills mixed-use development by 312 apartments. Located in the northern Dallas suburb of Lewisville, Discovery at The Realm currently spans 423 units. With this phase, Bright Realty will also deliver new amenities, such as a dog park, a second fitness center and outdoor seating areas, as well as additional restaurant and retail space. The developer expects to deliver the first units in late 2020. 505Design is the architect for Phase II, and Andres Construction is the general contractor. First United Bank & Trust Co. and ORIX Public Finance LLC provided financing for the project.

June 6, 2019

Development Massachusetts Northeast Office

Fallon Breaks Ground on 310,000 SF Office Project for MassMutual in Boston’s Seaport District

by Taylor Williams June 6, 2019

BOSTON — The Fallon Co., a locally based developer, has broken ground on a 310,000-square-foot office building for Massachusetts Mutual Life Insurance Co. (MassMutual) in Boston’s Seaport District. The build-to-suit property will be located within the $4 billion Fan Pier mixed-use development and is expected to be complete by late 2021. Approximately 1,000 employees will work at the 17-story building, which will serve as a hub for the company’s digital and technology divisions. MassMutual also plans to add about 1,500 jobs at its headquarters in Springfield, Mass., by the end of 2021.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Northeast Office Pennsylvania Top Stories

Discovery Labs to Develop $500M Coworking Campus in Metro Philadelphia

by Alex Tostado June 6, 2019

KING OF PRUSSIA, PA. — The Discovery Labs has unveiled plans for a $500 million healthcare, life sciences and technology coworking campus at the 1 million-square-foot GlaxoSmithKline (GSK) Upper West Merion campus and the 640,000-square-foot Innovation at Renaissance Campus. The two campuses, which are located across the street from each other in the Philadelphia suburb of King of Prussia, will be known as The Discovery Labs. The collaborative lab, office and lifestyle space, will span 1.6 million square feet. The Discovery Labs called the campus the “world’s largest coworking community” in a press release. “The Discovery Labs is 20 times larger than the average coworking space, and provides the mission critical infrastructure needed to operate healthcare, life sciences and technology-enabled companies,” says Audrey Greenberg, chief financial officer of The Discovery Labs. “The size of each Discovery Labs enables enterprise level companies to work side by side with startup and emerging companies and enjoy the benefits of the coworking phenomenon.” IQ Connect, Discovery Labs’ 100,000-square-foot incubator project developed in partnership with The Pennsylvania Biotechnology Center, will sit at the center of the campus. The purpose of IQ Connect is to “bring together researchers, entrepreneurs and product development startups, along with human …

June 6, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

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