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Development

Garfield-Terrace-II-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Pennrose Underway on $57M Affordable Housing Development in Phoenix

by Amy Works

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.  Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.  Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …

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1578-Lexington-Ave.-Manhattan
CivicDevelopmentHospitalityNew YorkNortheast

Slate, Evenhar Break Ground on Medical Office, Civic Facility in Upper Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between Slate Property Group and Evenhar Development Corp. has broken ground on a medical office and civic facility at 1578 Lexington Ave. in Upper Manhattan’s Carnegie Hill neighborhood. Designed by Kutnicki Bernstein Architects, the 13-story building will feature 150,000 square feet of medical office space that will be occupied by providers within the Mount Sinai Health System. In addition, the facility will feature an employee daycare center, an 18,978-square-foot community hub that will be operated by Children’s Aid and a new facility for Life Changers Church. Financing for the project includes a $119 million construction loan from J.P. Morgan and a $40 million preferred equity investment by GoldenTree Asset Management. Occupancy is slated for spring 2028.

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DevelopmentMidwestMinnesotaOffice

Opus Breaks Ground on 115,000 SF Spec Office Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Opus has broken ground on Arcadia, a 115,000-square-foot speculative office building at 5100 Eden Ave. in the Minneapolis suburb of Edina. The building will also serve as the developer’s headquarters. Arcadia is located in Edina’s Grandview District on the site of the former Eden 100 building. The development will include a six-story, multi-tenant office building with amenities such as a lobby with fireplace, gathering spaces, conference rooms, an employee training room, private tenant clubroom, workout facility and outdoor terrace. Opus is the developer and design-builder and will occupy Arcadia’s top floor, taking approximately 28,000 square feet. Joe Conzemius, Larissa Bodine, Anne Rinde and Elle Westphal of CBRE are marketing the remaining space for lease. ESG Architecture & Design is the architect of record.

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The-Vail-West-Caldwell
DevelopmentMultifamilyNew JerseyNortheast

Accordia Receives Approval for 92-Unit Multifamily Project in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — New Jersey-based developer Accordia has received final site plan approval for The Vail, a 92-unit multifamily project that will be located in West Caldwell, about 25 miles outside of New York City. Accordia has closed on the land at 780 Passaic Ave. and plans to break ground on the project in the first quarter of next year. Plans for The Vail call for a mix of studio, one- and two-bedroom units that will feature individual washers and dryers in all units and private balconies in select residences. Amenities will include a fitness center, community room and coworking spaces. Accordia tapped local firm Minno & Wasko Architects and Planners for the design of The Vail.

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DevelopmentLoansMultifamilyNew YorkNortheast

PGIM Provides $19.2M Mezzanine Loan for Long Island Multifamily Project

by Taylor Williams

PATCHOGUE, N.Y. — PGIM has provided a $19.2 million mezzanine loan for the construction of Carriage House, a 262-unit multifamily project that will be located in the Long Island community of Patchogue. Carriage House will be a two-building development in which 20 percent of the units will be reserved as affordable housing. Information on floor plans and amenities was not disclosed. The development will also include the construction of a 30,000-square-foot riverwalk and park area. The borrower is a partnership between Asia Capital Real Estate and Nord Development.

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OpenAI-Data-Center_Abilene-Texas
Data CentersDevelopmentIndustrialNew MexicoOhioTexasTop Stories

OpenAI, Partners Announce Five New Data Centers as Part of $500B Stargate Project

by Hayden Spiess

SAN FRANCISCO — OpenAI, along with Oracle Corp. (NYSE: ORCL) and SoftBank, has announced plans for the development of five new data centers in the United States. The new projects are part of the $500 billion Stargate initiative to expand American data center infrastructure, which was announced in January at the White House.  Together with the flagship site in Abilene, Texas, the new data centers will bring Stargate to more than $400 billion in investment and almost 7 gigawatts (GW) of planned capacity over the next three years.  OpenAI and Oracle will partner on three of the facilities — located in Shackelford County, Texas; Doña Ana County, New Mexico; and an additional site at an undisclosed location in the Midwest — which represent a $300 billion agreement between the companies.  According to OpenAI, these projects are expected to create more than 25,000 onsite jobs and thousands of additional jobs throughout the country. Together, the facilities will offer up to 4.5 GW of capacity.  A partnership between SoftBank and OpenAI will develop the other two data centers, which will have the capacity to scale to 1.5 GW over the next 18 months. One of the sites is located in Lordstown, Ohio, with …

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Valley-Ranch-Convention-Center-New-Caney
CivicDevelopmentTexas

EMCID Begins Vertical Construction of 210,000 SF Convention Center at Valley Ranch in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) has begun vertical construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch.

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DevelopmentHospitalityTexas

Extended Stay America Opens 124-Room Hotel in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Extended Stay America has opened a 124-room hotel in Kyle, located roughly midway between Austin and San Antonio. Extended Stay will operate the hotel under its Premier Suites brand. Houston-based Provident Realty Advisors developed the four-story hotel, which offers complimentary breakfast, onsite guest laundry services, a 24-hour fitness room and additional vending options in the lobby.

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Brownsville-Arts-Center-&-Apartments
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Breaks Ground on $254M Affordable Housing Project Near Downtown Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.

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Serenity-Apts-LA-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

Partnership Opens 50-Unit Affordable Seniors Housing Development in Los Angeles

by Amy Works

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles.  John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager.  The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease.  Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage.  In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project. 

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