Development

McCord Nears Completion of 251-Unit Apartment Community in Houston’s Generation Park

by Taylor Williams November 1, 2019

HOUSTON — McCord Development is nearing completion of 255 Assay, a 251-unit apartment community located within the Generation Park master-planned development in northeast Houston. Designed by Houston-based Steinberg Dickey Collaborative and Memphis-based LRK, the property features one-, two-, three- and four-bedroom units ranging in size from 600 to 2,651 square feet. Residences feature stainless steel appliances, individual washers and dryers, oversized sinks, quartz countertops and remote-controlled ceiling fans. Amenities include a 75-foot pool, outdoor yoga yard, business center with a conference room, outdoor grilling and entertainment areas, a fitness center and a dog park. The official opening is slated for December.

November 1, 2019

Development Kentucky Mixed-Use Southeast

Churchill Downs Plans $300M Expansion, Including New Hotel and More Seating

by Alex Tostado October 31, 2019

LOUISVILLE, KY. — Churchill Downs Inc. will invest $300 million to add 5,500 reserved seats, a 156-room hotel and 900 historical racing machines at Churchill Downs, home of the annual Kentucky Derby horse race in Louisville. A historical racing machine is an electronic gambling system that allows players to bet on horse races or dog races that have already been run. The seven-story hotel will include 900 historical racing machines, a 27,000-square-foot ballroom, dining room overlooking the track, 92 trackside suites, four trackside presidential suites and multiple dining options. The project is expected to create 600 construction jobs and 300 permanent jobs upon completion. Churchill Downs Inc. expects the expansion to be complete in November 2021.

October 31, 2019

Development Multifamily South Carolina Southeast Student Housing

Greystar, University of South Carolina to Break Ground on $210M Student Housing Community in Columbia

by Alex Tostado October 31, 2019

COLUMBIA, S.C. — A public-private partnership between Greystar and the University of South Carolina (USC) is set to break ground on Campus Village. The multiphase redevelopment will be located on the current site of Cliff Apartments at the northeast corner of Sumter and Whaley streets in Columbia. The partnership will begin construction on the $210 million first phase of development in February 2020 with completion scheduled for fall 2022. When complete, the living-learning community will feature 1,800 beds, an academic support space, dining hall, campus safety office, sundry store and coffee shop. Under the development agreement, Campus Village will be owned by the university and maintained by Greystar under a management contract. USC will manage and provide housing operations and student support at Campus Village.

October 31, 2019

California Development Loans Multifamily Seniors Housing Western

Parkview Financial Provides $28M Construction Loan for Age-Restricted Apartment Project in California

by Amy Works October 31, 2019

NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.

October 31, 2019

Development Midwest Minnesota Office

Ryan Cos., Excelsior Group Break Ground on 11-Story Spec Office Building in St. Louis Park, Minnesota

by Kristin Harlow October 31, 2019

ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.

October 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

Development Multifamily Texas

NRP, Willton Break Ground on 368-Unit Multifamily Project in Austin’s Tech Ridge Area

by Taylor Williams October 31, 2019

AUSTIN, TEXAS — A joint venture between multifamily developer The NRP Group and New York-based Willton Investment Group has broken ground on Lucent, a 368-unit multifamily project in Austin’s Tech Ridge neighborhood. Nearby employers include Dell, General Motors, Applied Materials, Samsung and Apple. The community will consist of 16 residential buildings that feature one-, two- and three-bedroom units with attached garages and a standalone clubhouse. Amenities will include a resort-style pool with a sundeck, fire pits, a fitness center, bike storage and package concierge services. BMO Harris provided construction financing for the project, which is expected to be complete in early 2021.

October 31, 2019

Development Multifamily Texas

SWBC Begins Construction on 300-Unit Apartment Community in Grand Prairie

by Taylor Williams October 31, 2019

GRAND PRAIRIE, TEXAS — SWBC Real Estate LLC, in partnership with International Capital LLC, has begun construction on The Royalton at Grand Prairie, a 300-unit multifamily community situated along President George Bush Turnpike and Interstate 20 in Grand Prairie. Located roughly midway between Dallas and Fort Worth, the property will feature one-, two- and three-bedroom units averaging 886 square feet. Residences will be equipped with hardwood-style floors, granite countertops, stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center a with spin and yoga studio, dog park, package lockers and outdoor grilling and gathering areas.. The general contractor for the project is Galaxy Builders; the architect is Cross Architects and the engineering firm is G&A Consultants. Bank of Texas provided financing for the project, which has a construction timeline of 20 months.

October 31, 2019

Development Multifamily New York Northeast

RXR Realty Underway on 352-Unit Multifamily, Retail Development in New Rochelle, New York

by Alex Patton October 31, 2019

NEW ROCHELLE, N.Y. — RXR Realty is underway on 26 South Division Street, a 352-unit multifamily development in New Rochelle, a northern suburb of New York City. The property will include approximately 12,000 square feet of ground-floor retail space. The multifamily component will offer one-, two- and three-bedroom apartments with a valet parking garage, lounge, co-working space and a speakeasy. The property is slated to open in late 2021.

October 31, 2019

Development Northeast Pennsylvania Retail

Primark to Open 34,200 SF Store at Fashion District Philadelphia

by Alex Patton October 31, 2019

PHILADELPHIA — Fast fashion retailer Primark will open a 34,200-square-foot store to anchor the west end of Fashion District Philadelphia, an apparel-focused mall redevelopment located in the Center City area of Philadelphia. Cosmetic retailer Sephora and apparel retailers Forever 21 and Kate Spade New York Outlet also recently signed new leases at the retail center. PREIT and Macerich developed Fashion District Philadelphia, which opened in September.

October 31, 2019

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