DALLAS — Locally based architecture firm “three” has designed an expansion project at Presbyterian Village North, a seniors housing community in Dallas that is owned and operated by Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the core of the campus. The project is expected to be complete by 2021.
STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.
RALEIGH, N.C. — Developer East West Partners and equity partner Northridge Capital LLC have opened Crabtree Terrace in the Brookside Village neighborhood of North Raleigh. Located at 4950 Creedmoor Road, the 173,468-square-foot office and retail project was completed earlier this month and tenants are expected to occupy the building in January 2020. The tenant roster includes coworking company Spaces, JLL, Longleaf Law Partners and Perry’s Steakhouse & Grille. Designed by Gensler and Kimley-Horn, Crabtree Terrace has floor-to-ceiling glass throughout, as well as covered parking. The building offers nearby access to U.S. Routes 50 and 70 and the Capital Area Greenway trail system. In addition to the ground-floor retail, a fitness facility with showers is planned in the building. Brasfield & Gorrie served as general contractor, and CBRE | Raleigh’s Advisory & Transaction Services | Investor Leasing group and Retail Services group are handling the office and retail leasing for Crabtree Terrace.
CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …
OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.
HOUSTON — Houston-based Investment & Development Ventures LLC (IDV) is has acquired land for the development of a new industrial park in Houston. The development spans 214 acres with nearly a mile of frontage along Beltway 8 on the city’s south side. Dave Ramsey and Brad Elmore of Houston-based NewQuest Properties represented the seller in the land disposition.
AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 91-room Hyatt Place in Amarillo. The hotel is located in the city’s medical district and is part of the company’s hotel campus that also features a 90-room Tru by Hilton and a 90-room Aloft by Marriott. The Tru by Hilton hotel opened in August 2018, and construction of the Aloft hotel is scheduled to begin in mid-2020.
WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.
CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …
COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …
