Development

Stonebridge, Montgomery County Break Ground on 530,000 SF Mixed-Use Tower in Downtown Bethesda

by Alex Tostado July 23, 2019

BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. Pickard Chilton designed the building, and Cooper Carry is the architect of record. The development team is expecting the tower to earn LEED Platinum certification and will include modern mechanical systems, secured bicycle storage, electric vehicle charging stations, bio-retention basins on the roof terrace and glass elements throughout the entire office area. Other amenities will include a fitness and business center on the 18th floor, as well as a restaurant available to the public.

July 23, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $45.5M Construction Loan for Affordable Housing Project in Aurora, Colorado

by Amy Works July 23, 2019

AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …

July 23, 2019

Development Industrial Nevada Western

Alston Construction Completes 213,000 SF Centennial Commerce Center in North Las Vegas

by Amy Works July 23, 2019

NORTH LAS VEGAS, NEV. — Alston Construction, as general contractor, has completed Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the facility features 213,000 square feet of speculative industrial space. Centennial Commerce Center features cross-dock industrial warehouse space, 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the property was designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial LLC owns Centennial Commerce Center.

July 23, 2019

Development Illinois Midwest Multifamily Student Housing

$100M Academic, Housing Complex Opens at University of Illinois Chicago Campus

by Kristin Harlow July 23, 2019

CHICAGO — A $100 million academic building and residence hall has opened at the University of Illinois at Chicago (UIC) known as the Academic and Residential Complex. The property is home to a two-story, 54,000-square-foot academic building as well as a 10-story residence hall featuring 548 beds. The complex features 16,000 square feet of shared spaces, including study lounges on each floor, a fitness center, laundry facility and 10th-floor sky lounge. A 1,600-square-foot retail area includes a Starbucks. The facility was the result of a public-private partnership with developer American Campus Communities. Most of the financing for the project came from a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit organization. Chicago-based SCB Architects designed the facility. Thornton Tomasetti provided structural engineering services.

July 23, 2019

San Francisco Flower Mart Redevelopment Rendering

California Development Mixed-Use Office Retail Top Stories Western

San Francisco Planning Commission Approves 2.3 MSF Flower Mart Redevelopment Project

by Jeff Shaw July 23, 2019

SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …

July 23, 2019

Development Florida Multifamily Seniors Housing Southeast

Suffolk Breaks Ground on Seniors Housing Community in South Florida

by Alex Tostado July 22, 2019

ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer 2020.

July 22, 2019

Development Retail Texas

NewQuest Properties Breaks Ground on 143-Acre Entertainment Retail Project in Waco

by Taylor Williams July 22, 2019

WACO, TEXAS — Houston-based NewQuest Properties has broken ground on Cottonwood Creek Market, a 143-acre entertainment retail project in Waco. Located at the intersection of Interstate 35 and Loop 340, the development will span 285,000 square feet. A 14-screen Cinemark theater will anchor the project, and NewQuest is in talks to add a bowling and family dining concept, as well as a national retailer in golf entertainment. The opening is scheduled for spring 2020.

July 22, 2019

Development Massachusetts Mixed-Use Northeast

Fortis to Undertake Residential, Retail Redevelopment Project in Boston

by Alex Patton July 22, 2019

BOSTON — Fortis Property Group, a New York City-based developer, will undertake a redevelopment project in downtown Boston that will convert the Dock Square Garage into a residential and retail property. Current plans call for 210 condominium units and 8,000 square feet of ground-floor retail space. Fortis will build a six-story vertical addition for the residential component and will renovate and upgrade the existing retail space. Stantec Architects is handling design. Completion is slated for 2023.

July 22, 2019

Development New Jersey Northeast Office

Keeler Markwood to Develop Medical Office Building in White Plains, New York

by Alex Patton July 22, 2019

WHITE PLAINS, N.Y. — Locally based developer Keeler Markwood Group will build a new medical office building in downtown White Plains, about 25 miles north of Manhattan. The building will be situated in close proximity to White Plains Hospital and its future outpatient care facility. JLL will handle leasing of the property, which is expected to be complete in 2023. A groundbreaking date has not yet been established.

July 22, 2019

Development Hawaii Mixed-Use Multifamily Retail Seniors Housing Western

Highridge Costa to Break Ground on Multifamily Phase of Kulana Hale Project in Hawaii

by Amy Works July 22, 2019

KAPOLEI, HAWAII — Highridge Costa will hold a groundbreaking ceremony on Aug. 28 for the second phase of the $130 million Kulana Hale mixed-use affordable seniors housing and multifamily apartment project located at 1020 Wakea St. in Kapolei. Kulana Hale Phase II will feature a 13-story tower with 2,300 square feet of ground-floor retail space and 143 affordable apartments for low-income families. The second-phase tower will be built over a two-level concrete podium structure that will connect to the 154-unit first phase seniors housing tower to form a larger parking structure and podium deck. The third phase will include single-story retail space. Los Angeles-based Highridge Costa and Honolulu-based Coastal Rim Properties, owned by Franco Mola, are developing Kulana Hale jointly with support from nonprofit Hawaiian Community Development Board. SVA Architects designed the project, which Hawaiian Dredging Construction Co. is building. The development’s second phase will be financed with a combination of tax-exempt bonds, tax credit equity and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corp. Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.

July 22, 2019

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