Development

Brookfield Properties Underway on $950M Mixed-Use Development in The Bronx

by Alex Patton December 4, 2019

NEW YORK CITY — Brookfield Properties is underway on construction of Bankside, a $950 million mixed-use development that will be situated on 4.3 acres in the Mott Haven neighborhood of The Bronx. Plans currently call for 1,350 apartments, 30 percent of which will be marketed at affordable rates, a public waterfront park and promenade and 15,000 square feet of retail space. Hill West Architects is designing the project. Construction will be split into two phases, with the first phase delivering 450 apartments that are expected to open by the end of 2021.

December 4, 2019

Development New York Northeast Office

Safehold Inc. Underway on Construction of 670,000 SF Office Building in Manhattan

by Alex Patton December 4, 2019

NEW YORK CITY— Developer Safehold Inc. is underway on construction of a 42-story, 670,000-squre-foot office building in the Park Avenue corridor of Manhattan. Located at 425 Park Avenue in Manhattan, the Class A building will include office space and 18,000 square feet of retail space, the majority of which will be leased to restaurant users. Safehold entered into a joint venture with a sovereign wealth fund in September and now owns approximately 55 percent of the venture.

December 4, 2019

Development Hospitality Louisiana Southeast Top Stories

Carpenter & Co., Woodward to Open 341-Room Four Seasons Hotel in New Orleans

by Kristin Harlow December 4, 2019

NEW ORLEANS — Developers Carpenter & Co. Inc. and Woodward Interests LLC will open a 341-room Four Seasons hotel in New Orleans. The property will also include 92 private residences on the top floors of the building. The project is a redevelopment of the 33-story World Trade Center office building. Completion is slated for late 2020. Two Canal Owner LLC, in which both developers are partners, will own the building. The first Four Seasons in New Orleans, the property will be situated within the central business district. It will be located next to the French Quarter, Warehouse District and the Ernest N. Morial Convention Center and feature views of the Mississippi River. “New Orleans has been a priority market for us for many years and we have been waiting for the right opportunity to make our debut in this dynamic city,” says John Davison, president and CEO of Four Seasons Hotels and Resorts. The hotel will include meeting and event spaces, four food and drink outlets, retail space, spa facilities and a rooftop pool. Mali Carow, a Four Seasons veteran of almost 20 years, will serve as general manager. Founded in 1960, Four Seasons currently operates 117 hotels and resorts …

December 4, 2019

Alabama Development Industrial Southeast

Enviva to Develop $175M Wood Pellet Facility in Livingston, Alabama

by Alex Tostado December 3, 2019

LIVINGSTON, ALA. — Maryland-based Enviva, a producer of wood pellets, has unveiled plans to build a facility in Livingston, 60 miles southwest of Tuscaloosa. The Alabama Department of Environmental Management (ADEM) issued an air construction permit for the facility, which will be located at the Port of Epes Industrial Park and represents an initial investment of $175 million. The facility will produce wood pellets as an energy source and create openings for 85 full-time jobs, with additional jobs anticipated to construct and support the plant. The Livingston facility will be part of Epes’ collection of pellet plants in Mississippi and Alabama. The wood pellets from the Epes plant will be transported via the nearby Tennessee-Tombigbee River to Enviva’s planned deep-water marine terminal in Pascagoula, Miss. and exported then to Europe and Asia. The plant’s planned capacity is expected to be 1.2 million metric tons of wood pellets per year. Enviva expects to be ready for construction in early 2020, subject to final investment approval. Enviva expects to deliver the facility in 15 to 18 months.

December 3, 2019

Development Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Opens 212-Unit Community in Dadeland

by Alex Tostado December 3, 2019

KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland Mall.

December 3, 2019

Development Industrial North Carolina Southeast

Duke Realty Breaks Ground on 166,000 SF Industrial Building Near Raleigh

by Alex Tostado December 3, 2019

GARNER, N.C. — Duke Realty Corp. has broken ground on Greenfield North 1201 a speculative 165,921-square-foot bulk warehouse in Garner. Located at 1201 N. Greenfield Parkway in the Greenfield North Business Park, the warehouse will be seven miles southeast of Raleigh. The new industrial building will feature 32-foot clear height and an early suppression, fast response fire protection system; 2,400-amp electrical service; a 120-foot truck court; and parking for 96 trailers and 129 automobiles. Duke Realty expects to complete Greenfield North 1201 in July 2020. Greenfield North Business Park is a master-planned industrial campus located at the interchange of Interstate 40, U.S. Route 70 and the proposed extension of Interstate 40. The rail-served industrial park is near Raleigh-Durham International Airport and the I-440 Beltline. Current park tenants include Atlantic Tire Distributors, Crown Equipment Corp., Mattress Firm, the North Carolina Department of Transportation, Mohawk Industries, Butterball and Golden State Foods.

December 3, 2019

Development Healthcare Michigan Midwest

Harrison Street to Develop 205,659 SF Medical Building in Partnership with Michigan State’s College of Human Medicine

by Kristin Harlow December 3, 2019

GRAND RAPIDS, MICH. — Harrison Street Social Infrastructure Fund, in partnership with Michigan State University (MSU), has unveiled plans to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park. The park is a research and clinical facility at the university’s health campus in Grand Rapids. The public-private development partnership also includes Murphy Development Group, Walsh Investors and Rockford Construction. Under the arrangement, MSU will retain long-term ownership of the land. The 205,659-square-foot building will be dedicated to research and healthcare innovation as well as the advancement of MSU’s artificial intelligence, bioinformatics and biostatistics departments. MSU, Spectrum Health and BAMF Health will occupy space. Completion is slated for fall 2021.

December 3, 2019

Development Mixed-Use New Hampshire Northeast

Tuscan Brands Breaks Ground on 2.8 MSF Tuscan Village Mixed-Use Development in Salem, New Hampshire

by Alex Patton December 3, 2019

SALEM, N.H. — Tuscan Brands has broken ground on construction of Tuscan Village, a 2.8 million-square-foot mixed-use project in Salem, located approximately 30 miles north of Boston. Tuscan Village will comprise 1 million square feet of office space, 800,000 square feet of retail space, 900 residential units for rent and for sale, two hotels, an entertainment district and a medical services facility. Outdoor apparel and equipment retailer L.L. Bean signed a 15,000-square-foot retail lease for a lakefront property on the development’s 6-acre lake that will allow customers to test out kayaks and other water sports equipment on-site. Completion is slated for fall 2020.

December 3, 2019

Development Multifamily New York Northeast Seniors Housing

Engel Burman Opens 102-Unit Seniors Housing Community on Long Island

by Alex Patton December 3, 2019

JERICHO, N.Y. — Jericho-based developer Engel Burman has opened Encore Luxury Living, a 102-unit seniors housing community in the Long Island hamlet of Jericho. The 160,000-square-foot property offers active adult living with 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet, and rents start at $8,400 per month. Encore will share a campus with Engel Burman’s existing 200,000-square-foot assisted living community, The Bristal at Jericho.

December 3, 2019

Acquisitions Development Multifamily Northeast Pennsylvania

NKF Brokers $8.9M Sale of Multifamily Development Site in Metro Philadelphia

by Alex Patton December 3, 2019

BALA CYNWYD, PA. — Newmark Knight Frank (NKF) has brokered the $8.9 million sale of 130 Monument Road, a 5.2-acre development site in Bala Cynwyd, a northwestern suburb of Philadelphia. The site is zoned and approved for the development of 205 multifamily units with a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and a leasing office. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF represented the seller, Roseland Residential Trust, in the transaction. Woodfield Development of Chevy Chase was the buyer. Further details and the schedule of the construction were undisclosed.

December 3, 2019

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