NEW YORK CITY — A joint venture between an affiliate of The Carlyle Group and full-service real estate firm Stonehenge NYC has begun renovations of The Ritz Plaza, a 479-unit apartment building located within Times Square in Manhattan, to the tune of $235 million. Deutsche Bank provided the financing for the project, which will fund capital improvements to unit interiors and common areas. Hodges Ward Elliot arranged the funds. Stonehenge has owned and managed the property, which offers studio, one- and two-bedroom units plus amenities like a pool, fitness center and rooftop terrace, since 1996.
NEW YORK CITY — Janus Property Co., a developer and manager of residential and mixed-use properties, has broken ground on the Taystee Lab Building, a 350,000-square-foot life sciences property in West Harlem. The 11-story building, located at the site of the former Taystee bread bakery, will be marketed to firms in the life sciences, technology, academic, and arts sectors. Specific features will include floor plates ranging in size from 36,000 square feet at the base to 15,000 square feet at the penthouse level, floor-to-ceiling glass and 20,000 square feet of outdoor space. Designed by architecture firms LevenBetts and SLCE, the project is expected to be complete by late 2020.
MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.
PORTLAND, MAINE — Huntington, New York-based URS Capital Partners has acquired seven acres within a qualified opportunity zone in Portland, Maine, for the development of a 256-unit multifamily project. Local lender Bar Harbor Bank provided an undisclosed amount of construction financing for the project, the groundbreaking of which is slated to occur this month. Following stabilization of the property, URS plans to hold the asset for 10 years. Opportunity zone legislation provides tax breaks and incentives for developers who deliver affordable housing within economically distressed neighborhoods.
CHARLOTTE, N.C. — Northwood Office has broken ground on an 11-story, 328,000-square-foot office building located at 13146 Ballantyne Corporate Place in Charlotte’s Ballantyne district. The building will offer a 2,500-square-foot fitness center, 10 stories of office space with the top floor featuring a rooftop terrace with tables, seating, a fire pit, audio/visual and provisions for outdoor food and beverage service. Northwood Office also plans to add an apartment tower in collaboration with its affiliate firm Northwood Ravin. The office portion is expected to deliver in early 2021. Ballantyne Corporate Park is a 535-acre master-planned business park that Northwood Investors acquired from The Bissell Cos. Inc. in March 2017 for $1 billion. The new building will join an existing 4 million square feet of office space and 600 hotel rooms within the business park. This is the first new office tower to be built under Northwood’s ownership. Northwood Development will manage the office project, working with architectural firm LS3P Associates and general contractor Rodgers Builders.
MCKINNEY, TEXAS — KWA Construction, a Dallas-based general contractor specializing in multifamily projects, has broken ground on HUB 121 at Craig Ranch, a 286-unit community in McKinney, located north of Dallas. Designed by Domus Studio Group, the property will offer units with high-end appliances, smart devices and ceilings of up to 13 feet. Amenities will include a pool, bocce ball court, coworking office space exclusively for residents, a fitness center and several dog parks. Completion is slated for December 2020.
HOUSTON — Local firm Davis Commercial Development has broken ground on Cypress Preserve Logistics Center, a 560,000-square-foot distribution center in Houston. The 31.9-acre site offers proximity to Interstate 45 and Hardy Tollway. Cypress Preserve Logistics Center will feature two cross-dock buildings that will offer spaces ranging in size from 64,500 to 258,000 square feet. The development will also include two tilt-wall buildings totaling 41,500 square feet. The cross-dock buildings will feature 32-foot clear heights, 165 trailer parking spaces and office space, while the tilt-wall buildings will have 24-foot clear heights, ESFR sprinkler systems and custom office finishes. Delivery is slated for October. Walker Barnett and Ryan Byrd of Colliers International will handle leasing of the development.
ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures have broken ground on Harvest of Roanoke, an 83-unit seniors housing community in Roanoke, located due north of Fort Worth. Situated on 5.2 acres along the Texas 114 Corridor, the developers claim this is the first senior living community to be developed in the area. The community will feature 67 assisted living and 16 memory care apartments in a 67,000-square-foot building. Harvest of Roanoke is scheduled to open in fall 2020. Arrive Architects, Senior by Design and Ridgemont Commercial Construction are also contributing to the project.
SUNNYVALE, CALIF. — HFF has secured $313.8 million in acquisition and construction financing for the development of Catalyst, a fully entitled, four-property office project in Sunnyvale. The borrower, a joint venture between Hearst Properties and Invesco Real Estate, acquired the development site in early May. Brandon Roth, Bruce Ganong, Peter Smyslowski and Bercut Smith of HFF worked on behalf of the borrower to secure the construction loan through ACORE Capital. Catalyst currently consists of a shovel-ready office development site and three existing office buildings, totaling 164,870 square feet, two of which will be demolished and replaced with new Class A office space. Upon completion, the 587,942-square-foot project will comprise three newly built, Class A office buildings with two parking structures and one original Class B office building.
KENT, WASH. — Bridge Development Partners has purchased a 4.7-acre development site, located at 26524 79th Ave. in Kent, from an independent seller for an undisclosed price. Bridge Development plans to construct Bridge Point Kent 100, a 97,522-square-foot industrial facility, on the site. Slated for delivery in first-quarter 2020, the facility will feature 30-foot clear ceiling heights, 14 dock-high doors, two grade-level doors, flexible size configurations and an ESFR sprinkler system. Steve Brunette, Shawn Childs and Andrew Stark of CBRE represented Bridge in the acquisition. Childs and Stark will serve as leasing agents for the property.