Development

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton December 12, 2019

PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.

December 12, 2019

Development Office Texas

Zydeco Completes Two Office Buildings Totaling 140,000 SF at Austin’s MetCenter

by Taylor Williams December 12, 2019

AUSTIN, TEXAS — Locally based Zydeco Development has completed two office buildings totaling 140,000 square feet at MetCenter, the developer’s 550-acre business park in Austin. The campus offers outdoor amenities like food trucks with seating areas, ping pong tables, basketball and tennis courts, hiking and biking trails and a disc golf course. Office users at MetCenter include Arrive Logistics, PHRG, Ascension and Kapsch. JLL handles leasing of the property.

December 12, 2019

Development Multifamily Texas

Stillwater Capital Underway on Phase I of 750-Unit Apartment Project in Austin

by Taylor Williams December 12, 2019

AUSTIN, TEXAS — Dallas-based Stillwater Capital is underway on construction of Phase I of a 750-unit apartment project in Austin. The development will feature a mix of studio, one- and two-bedroom units averaging 830 square feet. Amenities will include a pool, fitness center, outdoor grilling area, resident lounges and a clubhouse. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured an overseas institutional family office as Stillwater Capital’s joint venture equity partner for the project.

December 12, 2019

Colorado Development Multifamily Western

Wood Partners Opens 260-Unit Alta Green Mountain Multifamily Asset in Colorado

by Amy Works December 12, 2019

LAKEWOOD, COLO. — Wood Partners has opened Alta Green Mountain, an apartment community in Lakewood. Situated on 12.6 acres at 13055 W. Mississippi Court, the 10-building Alta Green Mountain features 260 units in a mix of one-, two- and three-bedroom floor plans, each with a private balcony. The units offer granite countertops, wood-plank flooring, 42-inch kitchen cabinets, stainless steel appliances and in-unit washers/dryers. Community amenities include keyless entry, a double-height fitness space, co-working spaces, community game room and an outdoor kitchen with a dining area. Additionally, the pet-friendly property features a dog walk and on-site dog run.

December 12, 2019

Development Multifamily Seniors Housing Southeast Virginia

Erickson Living Starts Construction of $300M Seniors Housing Community in Richmond’s Short Pump Area

by Alex Tostado December 11, 2019

RICHMOND, VA. — Erickson Living has started construction of Avery Point, a large-scale continuing care retirement community in the Short Pump area of Richmond. Upon full buildout, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity building in 2022. The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to REBusinessOnline. The newspaper also reported that Erickson bought the 94-acre plot in 2018 for $23.5 million, and that entrance fees will start around $200,000 and be 80 percent refundable.

December 11, 2019

Arkansas Development Industrial Southeast

Timber Company to Invest $90M for Manufacturing Plant in Conway, Arkansas

by Alex Tostado December 11, 2019

CONWAY, ARK. — Structurlam Mass Timber Corp., a British Columbia-based mass timber manufacturer, has unveiled plans for a plant in Conway, approximately 30 miles from Little Rock. The mass timber manufacturer will spend $90 million to purchase, retrofit and equip a former steel plant. Set to open in mid-2021, the plant will create 130 new jobs and will source lumber from nearby Arkansas forestland. Conway is located near multiple transportation corridors, including Interstate 40, U.S. Routes 60 and 64 and Arkansas Highway 365. The Structurlam plant will produce mass timber building products and industrial matting products for the Southern, Central and Eastern United States, including providing building materials for Walmart’s new 350-acre Home Office campus in Bentonville.

December 11, 2019

Development Retail South Carolina Southeast

CBL Properties to Redevelop Coastal Grand Retail Center in Myrtle Beach

by Alex Tostado December 11, 2019

MYRTLE BEACH, S.C. — CBL Properties plans to redevelop Coastal Grand in Myrtle Beach. As part of the redevelopment, the Chattanooga-based shopping center owner will relocate Dick’s Sporting Goods, which will include Golf Galaxy, to a building near Dillard’s and a new 53,000-square-foot Flip N Fly that will occupy Dick’s current space. Flip N Fly will bring a trampoline park as well as other family attractions to Coastal Grand. Construction on the new Dick’s/Golf Galaxy store will begin in early 2020. More information about a grand opening date will be announced as plans are finalized.

December 11, 2019

Development Multifamily New York Northeast Seniors Housing

Terwilliger & Bartone Completes Phase I of 98-Unit Seniors Housing Community on Long Island

by Alex Patton December 11, 2019

HAUPPAUGE, N.Y. — Terwilliger & Bartone Properties has completed Phase I of Cornerstone at Hauppauge, a 98-unit seniors housing project in Hauppauge, located in the central part of Long Island. The community will ultimately offer 68 one-bedroom and 30 two-bedroom units to residents aged 55 and older and a 3,000-square-foot clubhouse with a dining room, library, fitness center and outdoor recreation area. Phase II, which centers on the construction of two-bedroom units, is slated for completion in March 2020.

December 11, 2019

Acquisitions California Development Multifamily Western

Cityview Sells 174-Unit Mira Multifamily Development in Los Angeles for $70.5M

by Amy Works December 11, 2019

LOS ANGELES — Cityview has completed the disposition of Mira, an apartment complex currently under construction in the San Fernando Valley region of Los Angeles. Virtu Investments acquired the property, which is located within an Opportunity Zone, for $70.5 million. Located at 21425 Vanowen St., Mira will feature 174 units in a mix of studio, one- and two-bedroom units spread across five floors over a podium with subterranean and at-grade parking. Community amenities will include a resort-style pool with cabanas; gym with Peloton bikes and yoga studio; outdoor terraces; a virtual reality room; meditation spaces; game and screening rooms; and co-working spaces. Mira’s outdoor space will feature a putting green; garden stretch and workout space; seating and gathering areas; barbecue grills; and a lounge with a fireplace. Designed to quality for LEED Silver certification, the property will have a 35,000-gallon rainwater harvesting system to capture all on-site rainwater and reuse as irrigation for on-site landscaping. The seller originally acquired the site in March 2016. Cityview partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin and Nadia Geller Designs on construction for the project, which is scheduled for completion by the end of the year.

December 11, 2019

Development Multifamily Texas

Novare, Batson-Cook Open 332-Unit SkyHouse at Frisco Station Apartment Community

by Taylor Williams December 11, 2019

FRISCO, TEXAS — Developers Novare Group and Batson-Cook have opened SkyHouse Frisco Station, a 332-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features a 25th-story amenity deck with a pool, outdoor kitchen, lounge seating and TVs. Additional amenities include a 24-hour fitness center, business center with a coffee bar and a conference room.

December 11, 2019

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