GLENDALE, ARIZ. — Scottsdale, Ariz.-based Diversified Partners has broken ground for En Fuego, a retail, office and flex development located at 91st and Glendale avenues in Glendale. The first phase of En Fuego will include retail pads ranging in size from 3,000 square feet to 15,600 square feet. Starbucks Coffee, Raising Cane’s Chicken Fingers, Barro’s Pizza, Biscuits Café and Jack in the Box have pre-leased space at the property. The second phase of development will include 8.32 acres of office, flex or entertainment space.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to Chicago-based development firm CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care units. The property is situated at 601 N. Parham Road, 10 miles west of downtown Richmond. David Smith of Cushman & Wakefield | Thalhimer represented the buyer, which will also operate the property, in the transaction. Temple Beth El was formed in November 1931 and is located in downtown Richmond.
NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.
DENVER — The Opus Group has purchased a 1.65-acre land parcel at 19th and Clay streets in Denver for the development of an apartment property. The Nichols Partnership sold the property for an undisclosed price. The vacant lot and parking garage are located adjacent to the Broncos stadium redevelopment in the city’s Jefferson Park neighborhood. The current plans for the multifamily property include a 12-story building offering 277 apartments in a mix of studio, one- and two-bedroom units, averaging 763 square feet, and three levels of structured parking with 288 parking spaces. Planned amenities include premium finishes and unobstructed mountain and city views. Newmark Knight Frank (NKF) Multifamily arranged the sale, construction financing and joint venture equity for the project’s development. Chris Cowan, Bryon Stevenson and Mackenzie Walker of NKF Multifamily handled the transaction.
CHICAGO — Sheba Medical Center will anchor a global health and wellness innovation hub in Phase I of a 100-acre mixed-use project to be developed on the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. GRIT, a joint venture comprised of Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper and Kramer, Loop Capital and McLaurin Development, is developing the project in partnership with Kaleidoscope Health Ventures. Known as the ARC Innovation Center, the building will include wet labs, incubators and other life sciences offices and commercial facilities. The entire project will include multifamily, affordable housing, retail, senior living, community space and a proposed new Metra station. Construction on Phase I is expected to begin in 2021.
HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …
Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida
VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.
TUCKER, GA. — Sugar Bowl Bakery will open a manufacturing facility in Tucker. The family-owned bakery expects to create 400 jobs and invest $37 million over the next five years. The property is situated at 3301 Montreal Industrial Way, 15 miles northeast of downtown Atlanta. The new positions available will include bakery management, production, quality assurance, maintenance, warehousing and sanitation. Further details about the facility were not disclosed. The Ly family founded Sugar Bowl Bakery in 1984 in San Francisco. The Tucker facility is the company’s first location on the East Coast.
MANASSAS, VA. — Merritt Properties has signed an undisclosed e-retailer to a full-building, 137,350-square-foot lease within I-66 Business Park, a six-building property in Manassas. Merritt expects to deliver the property in April and the tenant expects to move in this summer. Tony Russo and Diane Drobia of CBRE represented the developer and the full-building user in the lease transaction. When complete, the six buildings on the property will range in size from 30,600 to 137,350 square feet. Michael Larkin of Merritt says the company will begin construction on the sixth and final building in April and expect to deliver it in the third quarter of this year. The building will span 97,200 square feet. At full build-out, I-66 Business Park will comprise 596,900 square feet. To date, the property is 83 percent leased to 11 tenants. The buildings offer 18- to 32-foot clear heights. Each property is rear loaded and provides dock and drive-in capabilities. Situated along Interstate 66, I-66 Business Park is located 28 miles west of Washington, D.C.
CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …