Development

Jefferson County Port Authority Buys 18 Acres in Suburban St. Louis for Future Port Development

by Kristin Harlow September 16, 2024

HERCULANEUM, MO. — The Jefferson County Port Authority (JCPA) has purchased approximately 18 acres along the Mississippi River in Herculaneum, a southern suburb of St. Louis. Riverview Commerce Park LLC (RCP), along with the operations of RCP, sold the acreage in a $20 million transaction. The site will serve as the first publicly owned terminal facility in Jefferson County. The port terminal at RCP is situated below any lock and dam system, providing a direct shot to the Gulf of Mexico. The terminal has more than 3,000 square feet of rail spur, located directly off the Union Pacific Railroad, and is less than two miles from I-55. The port facility and surrounding acreage anchors a broader 300-acre site that received Port District zoning earlier this year, making way for redevelopment as an intermodal transportation hub and industrial park. Under the terms of the deal, the port facility will continue to be operated by RCP in partnership with JCPA. Approximately 1 million tons of freight moved through the port in 2023. In 2022, JCPA received $25 million in funding from the State of Missouri to help support port development. This funding enabled JCPA to enter into this agreement and begin planning …

September 16, 2024

Acquisitions Development Illinois Industrial Midwest Multifamily

SVN Chicago Commercial Arranges Sale of 45,000 SF Industrial Building in Aurora for Multifamily Conversion

by Kristin Harlow September 16, 2024

AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.

September 16, 2024

Development Multifamily New Mexico Western

Presidium, Argosy Open 171-Unit Multifamily Community in Santa Fe, New Mexico

by Amy Works September 16, 2024

SANTA FE, N.M. — A joint venture between Presidium and Argosy Real Estate Partners has opened Presidium Casa Siena, a 160,000-square-foot multifamily property at 5750 Airport Road in Santa Fe. The community features 171 studio, one- and two-bedroom apartments, ranging from 565 square feet to 1,201 square feet, with energy-efficient stainless steel appliances, walk-in showers, garden tubs and upscale finishes. Residences will also offer full-size washers/dryers, under-cabinet lighting, keyless entry doors and built-in USB ports. Community amenities include a club room with coworking and conference spaces; a fitness center; exhibition kitchen and game rooms; a heated, resort-style pool surrounded by grilling and kitchen spaces and two cave lounges within private courtyards; a private dog park with pet spa; mail and package pickup rooms; surface-level parking; electric-vehicle charging stations and carports. The project team includes Humphreys & Partners, Isaacson & Arfman and Pavilion Construction. This is the first joint venture between Presidium and Argosy Real Estate Partners.

September 16, 2024

Development Florida Mixed-Use Multifamily Southeast

Ryan Cos. Completes 502-Unit Renata at Lakewood Ranch Multifamily Community in Bradenton, Florida

by John Nelson September 16, 2024

BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.

September 16, 2024

Development Industrial South Carolina Southeast

GTIS, Collett Break Ground on 933,120 SF Industrial Development in Blacksburg, South Carolina

by John Nelson September 16, 2024

BLACKSBURG, S.C. — GTIS Partners and Collett Industrial have broken ground on Stateline 85, a new, 933,120-square-foot industrial development in Blacksburg. Located near the state border between North and South Carolina, the three-building project will be developed in two phases. The first phase, which is scheduled for completion in summer 2025, will comprise two buildings. Buildings 1 and 2 will span 198,720 and 224,640 square feet, respectively. Building 1 will feature 32-foot clear heights with 171 car parking spaces and 50 trailer parking spaces, and Building 2 will offer 36-foot clear heights with 175 car spaces and 63 trailer spaces. The second phase will include up to 500,000 square feet of leasable space. Drew Coholan, Matt Treble and Fermin Deoca of Cushman & Wakefield will oversee leasing at the development on behalf of the joint venture.

September 16, 2024

Development Georgia Multifamily Southeast

McShane Construction Delivers 288-Unit OSLO Apartment Community in Metro Atlanta

by John Nelson September 16, 2024

FAIRBURN, GA. — McShane Construction Co. has delivered OSLO, a new, 288-unit apartment community in Fairburn, roughly 20 miles southwest of Atlanta. McShane constructed the project on behalf of the developer, South City Partners. In addition to one-, two- and three-bedroom residential units, OSLO features 4,000 square feet of retail space and 7,000 square feet of amenities, including a heated saltwater pool, fitness center, clubroom, pickleball courts, dog park, pet spa and a walking trail. Monthly rental rates begin at $1,569, according to the property website. Dynamik Design served as OSLO’s architect of record.

September 16, 2024

Development Mixed-Use North Carolina Southeast

Trammell Crow Co. to Develop First Phase of 55.5-Acre Iron District Mixed-Use Project in Charlotte

by John Nelson September 13, 2024

CHARLOTTE, N.C. — Trammell Crow Co. (TCC) has been selected as the developer of the first phase of Iron District, a 55.5-acre mixed-use project located in the Uptown and South End neighborhoods of Charlotte. TCC will develop the property on behalf of a subsidiary of Charlotte Pipe and Foundry Co. doing business as Iron District LLC. TCC will also assist in the master planning for the overall development. Upon completion, Phase I of Iron District will feature a 150-room hotel; 500 residential units; 100,000 square feet of retail space; 150,000 square feet of Class A office space; and 1,200 parking spaces. Iron District LLC has also committed to donate roughly four acres of land for the development of a light rail stop as part of the entitlement process. The Iron District project team includes LandDesign, S9 Architecture and Of Place. A development timeline was not disclosed.

September 13, 2024

Development Retail Texas

NewQuest Breaks Ground on 19,000 SF Retail Building in Richmond, Texas

by Taylor Williams September 13, 2024

RICHMOND, TEXAS — Locally based developer NewQuest Properties has broken ground on a 19,000-square-foot, multi-tenant retail building in Richmond, a southwestern suburb of Houston. The building will be part of Phase III of The Grand at Aliana, a 65-acre development. The building is 75 percent preleased to Milano Nails, America’s Best, Five Guys, Dunkin’, Firehouse Subs and Buffalo Wild Wings Go. The stores and restaurants are expected to open next summer. Costco Wholesale anchors Phase III of the development and opened its doors earlier this year.

September 13, 2024

Development Multifamily New York Northeast

Partnership Tops Out 14-Story Mixed-Income Multifamily Project in Brooklyn

by Taylor Williams September 13, 2024

NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has topped out a 14-story, 187-unit mixed-income multifamily project at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. Valued at $143 million, the property will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Completion is slated for fall 2025. Financing for the project consisted of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group.

September 13, 2024

Development Multifamily New Jersey Northeast

Hornrock Properties Begins Leasing 110-Unit Multifamily Project in Old Tappan, New Jersey

by Taylor Williams September 13, 2024

OLD TAPPAN, N.J. — Locally based developer Hornrock Properties has begun leasing Park & Arbor, a 110-unit multifamily project in Old Tappan, located on the New York-New Jersey border. The property houses one-, two- and three-bedroom units and 21,000 square feet of retail and restaurant space. Indoor amenities include a fitness center, café, conference rooms, package lockers, children’s playroom and a clubroom/speakeasy with a bar, arcade, card table and billiards. Outside, residents have access to a pool, grilling and dining areas, multiple gardens/courtyards, putting green, pet walking area and a bocce ball court. Information on starting rents was not disclosed.

September 13, 2024

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