Development

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

Civic Development Midwest Wisconsin

Gilbane Smith to Serve as Contractor for Wisconsin Center Expansion

by Kristin Harlow January 14, 2020

MILWAUKEE — Wisconsin Center District has selected Gilbane Building Co. and CD Smith (Gilbane Smith) to serve as construction manager for the expansion of the Wisconsin Center convention hall. Gilbane Smith and the architecture team of tvsdesign and EUA will immediately begin working together to formulate the design and determine a cost estimate for the project. However, the Milwaukee Business Journal estimates project costs at $300 million. Renderings are expected early in the second quarter. The Wisconsin Center District Board is expected to vote on a financing package for the project at a meeting on Thursday, April 2. The district owner’s representative is CAA/ICON. Wisconsin Center District is a government body created in 1994 to fund, build and operate the Wisconsin Center.

January 14, 2020

Civic Development Michigan Midwest

University of Michigan Student Center Reopens Following $85.2M Renovation

by Kristin Harlow January 14, 2020

ANN ARBOR, MICH. — Michigan Union at the University of Michigan has reopened following an 18-month, $85.2 million renovation. The project included electrical, mechanical and plumbing system improvements; elevator replacements and upgrades; replacement of the roof and windows; and restroom upgrades. The building now features more social space, meeting options and a newly created IdeaHub. Project architects included Integrated Design Solutions, Workshop Architects and Hartman Cox Architects. Walbridge Aldinger served as construction manager and contracted Full Spectrum Stained Glass to complete a preservation of the century-old windows. Originally built in 1919, the building spans 250,000 square feet. There are more than 44,000 enrolled students at the university.

January 14, 2020

Affordable Housing Development Illinois Midwest Multifamily

McShane Breaks Ground on 72-Unit Affordable Housing Project in Maywood, Illinois

by Kristin Harlow January 14, 2020

MAYWOOD, ILL. — McShane Construction Co. has broken ground on a 72-unit affordable housing project on behalf of developer Interfaith Housing Development Corp. in Maywood, about 11 miles west of Chicago. Situated on South Fifth Avenue, the property will be known as Fifth Avenue Apartments. Plans also call for 4,000 square feet of retail space on the ground floor. Designed to achieve National Green Building Standard’s Bronze Level, the property will include a high-performance HVAC system, efficient insulation and LED lighting. Completion is slated for February 2021. HED is the project architect.

January 14, 2020

Development Georgia Industrial Southeast

Walmart Opens $90M Meat Processing Plant in South Georgia

by Alex Tostado January 13, 2020

THOMASVILLE, GA. — Walmart has opened a 201,000-square-foot meat processing facility at 121 Roseway Drive in Thomasville, 15 miles north of the Georgia-Florida border. The Thomasville Times-Enterprise reported the facility cost $90 million to develop. The plant will house more than 200 employees who will distribute a selection of Angus beef cuts, such as steaks and roasts, from the new supply chain to 500 Walmart stores in the Southeast. Construction of the property began in August 2018. In conjunction with the opening of the facility, Bentonville, Ark.-based Walmart has awarded a $7,500 grant to Georgia Wildlife Federation, a $2,500 grant to the Thomasville Police Force and a $2,500 in grant to Second Harvest of South Georgia. Walmart employs more than 62,000 associates across Georgia’s 211 retail units and seven distribution centers.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Alabama Development Industrial Loans Self-Storage Southeast

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

Development Hospitality Loans Utah Western

Portman Holdings, DDRM Begin Construction of 26-Story Hyatt Regency Salt Lake City

by Amy Works January 13, 2020

SALT LAKE CITY — Atlanta-based Portman Holdings, Irvins, Utah-based DDRM and city officials broke ground for Hyatt Regency Salt Lake City on Friday, Jan. 10. The developers received $377 million in financing for the project, located at the northwest corner of 200 S and West Temple in Salt Lake City. Situated adjacent to the Salt Palace Convention Center, the 26-story Hyatt Regency Salt Lake City will feature 700 guest rooms, approximately 60,000 square feet of meeting space, two restaurants, a lounge, outdoor pool, business center, fitness center and 7,500-square-foot outdoor event terrace. Completion for the 686,784-square-foot hotel is slated for October 2022. Minneapolis-based Piper Sandler Cos. (PSC) served as sole capital arranger for the financing. The private financing sources include non-recourse construction debt and limited partner equity. Additionally, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represented the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel.

January 13, 2020

Development Multifamily Student Housing Washington Western

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

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