Development

Peak Campus, Blue Vista Buy Student Housing Development Site Near the University of Washington

by Amy Works January 13, 2020

SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.

January 13, 2020

Development Michigan Midwest Multifamily

City Club Apartments Begins Redevelopment of 18-Story Multifamily Building in Detroit

by Kristin Harlow January 13, 2020

DETROIT — City Club Apartments has broken ground on the redevelopment of the formerly named Elmwood Park Plaza, an 18-story apartment building in Detroit built in the early 1970s. Located at 750 Chene St. in the newly renamed Rivertown District, the redevelopment will comprise 202 apartment and penthouse units, 20 percent of which will be affordable for existing residents. The project will feature green space, a new HVAC system and new efficiency windows. Amenities will include a lobby lounge, clubroom, fitness center, outdoor park, beach volleyball court, dog park and an 18th-floor sky lounge. The property will be named City Club Apartments Lafayette Park. Existing residents can stay in place during the redevelopment. New residents are expected to begin moving into the redeveloped units in March. City Club Apartments is an owner, developer and manager of apartments with approximately 10,000 units within 30 communities.

January 13, 2020

Development Healthcare New York Northeast Office

University of Rochester Plans $240 Million Orthopedics Campus in Rochester, New York

by Alex Patton January 13, 2020

ROCHESTER, N.Y. — The University of Rochester (UR) plans to develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility would be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, plans to sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, housing services such as diagnosis and treatment of bone, spine, muscle and joint conditions as well as sports medicine, injury prevention and other wellness services. The Orthopaedics & Physical Performance Center could cost up to $240 million, which will be paid for through a combination of philanthropy, UR funds and borrowing. Trustees have approved $11 million for project design. If approvals and construction proceed as expected, the campus could be completed by 2023.

January 13, 2020

Development Northeast Office Pennsylvania

Center City Investment to Develop 296,000 SF Spec Office Building in Allentown

by Alex Patton January 13, 2020

ALLENTOWN, PA. — Center City Investment Corp. will develop 1 Center Square, a 296,000-square-foot Class A office building in the City Center business district of Allentown, located approximately 60 miles north of Philadelphia. The 16-story office building will be built with a speculative corporate headquarters anchor tenant in mind and will feature open floorplans and theater-style auditoriums. JDavis Architects is designing 1 Center Square and Gensler is the interior designer. North Star Construction Management is the general contractor. Construction is slated to begin this fall, with initial occupancy scheduled for 2022. The project is estimated to cost $100 million.

January 13, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

California Development Mixed-Use Top Stories Western

Hines, USAA, Philena Break Ground on 807,000 SF West Edge Mixed-Use Project in Los Angeles

by Alex Patton January 10, 2020

LOS ANGELES — A partnership between Hines Interests Limited Partnership, USAA Real Estate and Philena Properties has broken ground on West Edge, an 807,000-square-foot mixed-use project in West Los Angeles. Upon full build-out, the development will feature 200,000 square feet of office space, 90,000 square feet of retail space, 600 multifamily units and a half-acre open-air plaza. The project is scheduled for completion in 2022. West Edge’s eight floors of office space will be designed specifically for media and technology users. The office portion will feature 11-foot floor-to-ceiling windows and outdoor terraces on five of the floors. A 36,000-square-foot grocery store will anchor the retail space, with other tenants including a 16,000-square-foot fitness center, 18,000 square feet for multiple restaurants and bars, and 20,000 square feet for other retail. The 600 luxury apartments will feature a private fitness center, resort-style pool, yoga area, library, private test kitchen, rooftop sports bar, movie screening area and a lounge. Situated in the West Los Angeles neighborhood, the site will offer immediate access to the Bundy Station metro station, which connects to the Downtown, Culver City and Santa Monica districts. The Martin Family has owned the site for more than 40 years, and the …

January 10, 2020

Development Massachusetts Northeast Retail

Ascend Mass to Open 16,000 SF Cannabis Dispensary in Boston

by Alex Patton January 10, 2020

BOSTON — Ascend Mass, a subsidiary of Ascend Wellness Holdings, will open a 16,000-square-foot cannabis dispensary in downtown Boston. Located at 272 Friend St. near Faneuil Hall and TD Garden, the store will be the largest cannabis dispensary to open on the East Coast. Ascend Wellness operates cannabis stores in Illinois and Michigan, and the Boston store will be its first in Massachusetts. The Andrus Group designed the building, which is slated to open in late 2020.

January 10, 2020

Affordable Housing Connecticut Development Loans Multifamily Northeast

KeyBank Provides $26.7M in Financing for Affordable Housing Project in Hartford

by Alex Patton January 10, 2020

HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …

January 10, 2020

Development Leasing Activity North Carolina Retail Southeast

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

by Alex Tostado January 10, 2020

FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.

January 10, 2020

Development Multifamily Texas

Atlantic | Pacific Delivers 96-Unit Multifamily Community in San Antonio

by John Nelson January 10, 2020

SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the company is planning to break ground on a fifth project early this year. The company’s operating division, Atlantic | Pacific Management, will manage The Bristol.

January 10, 2020

Newer Posts

Older Posts