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DevelopmentMultifamilySoutheastTennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

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Clay-Road-Business-Park-Sunnyvale-Texas
DevelopmentIndustrialLoansTexas

CapRock Partners Begins Development of 483,128 SF Industrial Project in Sunnyvale, Texas

by Taylor Williams

SUNNYVALE, TEXAS — California-based development and investment firm CapRock Partners has broken ground on Clay Road Business Park, a 483,128-square-foot industrial project in Sunnyvale, an eastern suburb of Dallas. Clay Road Business Park will consist of three shallow-bay buildings that will total 124,140, 155,802 and 203,186 square feet. Buildings will feature 32- to 36-foot clear heights, 81 dock-high doors, six grade-level doors and parking for 517 cars and 67 trailers. Greg Brown, Greg Napper, Peter Thompson, Kyle White and Nick Englhard of JLL arranged an undisclosed amount of construction financing for the project through an unnamed regional bank. The loan carried a floating interest rate and a 3.5-year term with two one-year extension options.

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DevelopmentIndustrialTexas

Partners Development Breaks Ground on 108,750 SF Industrial Project in Buda, Texas

by Taylor Williams

BUDA, TEXAS — Partners Development, a division of Partners Real Estate, has broken ground on a 108,750-square-foot industrial project in Buda, a southern suburb of Austin. The project represents Phase I of a larger, 23-acre development that will be known as Onion Creek Trade Center (formerly known as South Austin Commerce Center) and will span 216,750 square feet across eight freestanding buildings. Buildings will range in size from 16,875 to 36,000 square feet and will feature 25-foot clear heights, grade-level loading and dedicated office space. Completion is slated for the fourth quarter. Method is the project architect, and Kimley-Horn is the civil engineer. Partners is also the leasing agent.

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The-Hillburn-Phoenix-AZ
ArizonaBuild-to-RentDevelopmentSingle-Family RentalWestern

Partnership Delivers 283-Unit Build-to-Rent Community in North Phoenix

by Amy Works

PHOENIX — Mark-Taylor Residential, Scottsdale, Ariz.-based Sunbelt Holdings and Boston-based Rockpoint have developed The Hillburn, a build-to-rent multifamily community in North Phoenix. Located at 2550 W. North Foothills, the community is minutes from the Norterra shopping and dining district and near the Taiwan Semiconductor Manufacturing Co. facility. The Hillburn features 283 three-bedroom townhomes, ranging from 1,729 square feet to 2,291 square feet, and two-, three- and four-bedroom single-family detached homes, ranging from 1,323 square feet to 2,338 square feet. Each residence offers two-car garages with electric vehicle charging, covered patios, porches and private backyards. The floor plans feature expansive living areas, modern kitchens with oversized islands, spa-inspired bathrooms, smart-home technology and premium finishes throughout. Community amenities include a 6,200-square-foot clubhouse with a pool, fitness center, golf simulator and a complimentary coffee bar. Additional amenities include a dog walking path, park, children’s playground, pickleball court and basketball court.

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DevelopmentIllinoisIndustrialMidwest

Opus Completes 52,172 SF Build-to-Suit Facility for Elgin Recycling in Gilberts, Illinois

by Kristin Harlow

GILBERTS, ILL. — Opus has completed construction on a 52,174-square-foot build-to-suit facility for Elgin Recycling at 58 Center Drive in Gilberts, a far northwest suburb of Chicago. Situated in the Turnberry Lakes Business Park, the facility is blocks away from Elgin Recycling’s headquarters and serves as one of its four Chicago-area recycling scrap yards. Elgin Recycling is a family-owned operation that processes ferrous and non-ferrous metals, exotic alloys and electronics. The new Gilberts location processes recycled electronics from public drop-off facilities, breaking them down into components that are transported to downstream recyclers. The facility, which will be fully operational in July, features a clear height of 28 feet, six dock doors, two drive-in doors and up to 58 vehicle parking stalls. Opus served as the design-builder and worked in partnership with Architects Plus Design Studio PLLC, Structural Enginuity Inc. and Spaceco.

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New-Braunfels-Town-Center-at-Creekside
DevelopmentRestaurantRetailTexas

NewQuest Underway on 100,000 SF Retail Expansion Project in New Braunfels, Texas

by Taylor Williams

NEW BRAUNFELS, TEXAS — Houston-based development and brokerage firm NewQuest is underway on construction of a 100,000-square-foot retail expansion project in New Braunfels, a northeastern suburb of San Antonio. The expansion of New Braunfels Town Center at Creekside, which is part of the 400-acre Creekside Town Center master-planned development, involves construction of new single-tenant buildings for EöS Fitness, Chick-fil-A, Portillo’s and Chase Bank. The project will also feature a roughly 10,000-square-foot multi-tenant building that is fully preleased to Chipotle Mexican Grill, CAVA, Potbelly, Blo Dry Bar and Menchie’s Frozen Yogurt. A tentative completion date was not announced.

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DevelopmentGeorgiaHospitalityMixed-UseSoutheast

Virgin Hotels to Anchor $5B Centennial Yards Development in Downtown Atlanta

by John Nelson

ATLANTA — Los Angeles-based CIM Group and affiliate Centennial Yards Co. have announced that Virgin Hotels is coming to Centennial Yards, the $5 billion mixed-use district underway in downtown Atlanta. Drew Co. is co-developing the 261-room hotel, which is set to open in 2027 between Mercedes-Benz Stadium and State Farm Arena. The hotel will anchor the “Entertainment District” of the 50-acre project that will also include a 5,300-seat Live Nation venue and the interactive Cosm attraction announced in 2024. The hotel will include the Virgin brand’s signature “Chambers” room concept with a penthouse suite and “Richard’s Flat” on the upper floors. The hotel will also feature meeting space, a pool deck and a Chops Lobster Bar on the ground level, as well as bars in the lobby, pool deck area and rooftop, plus a seasonal patio bar. Other recently announced concepts coming to Centennial Yards include Shake Shack, The Irish Exit, Khao Thai Isan, The Busy Bee Café and Zephyr Southern Brasserie.

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The-360-The-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

JLL Arranges $130M Construction Loan for Bronx Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged a $130 million construction loan for The 360, a 304-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The 360 will be a 13-story building with 228 market-rate and 76 affordable units that will come in studio, one- and two-bedroom floor plans. Amenities will include a rooftop lounge, fitness center with a yoga studio, coworking spaces and 24-hour concierge services, and The 360 will also house 47,892 square feet of retail space that is preleased to Food Bazaar. Lauren Kaufman and Nicco Lupo of JLL arranged the loan through PCCP on behalf of the developer, a partnership between Shorewood Real Estate Group and Bogopa Enterprises. Construction is slated for a 2028 completion.

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Chandler-Bay-Chandler-AZ
ArizonaDevelopmentIndustrialWestern

Partnership Breaks Ground on $25.3M Industrial Project in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — IndiCap and VAC Development have partnered with Mar-Gulf Management, the international real estate subsidiary of Kuwait Financial Centre K.P.S.C., and MDI Capital, the subsidiary of of Mar-Gulf, to break ground on Chandler Bay, a Class A, shallow-bay industrial project in Chandler. Located at 1820 E. Germann Road, the 110,481-square-foot facility will feature a clear height of 28 feet and column spacing of 50-foot by 56-foot and 60-foot by 56-foot. The multi-tenant property will offer 12 truck well dock doors, 15 grade-level drive-in doors and 5,000 amps power capacity. Additionally, the building will include an ESFR sprinkler system with electric pump, 120-foot to 145-foot truck court depths and parking for 221 vehicles. Tenant suites will be designed around 9,000-square-foot bay sizes with three speculative office suites ranging from approximately 1,700 square feet to 2,200 square feet delivered during shell construction. Each suite will include expandable 400-amp power service, LED warehouse lighting and fully air-conditioned warehouse space. Once completed in December 2026, Chandler Bay is expected to be the only shallow-bay industrial project in the area capable of accommodating tenants seeking approximately 17,000 square feet, according to the development team. The project team includes Berkeley Partners as senior lender, Deutsch …

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DevelopmentHospitalityIndianaMidwest

Hilton to Open 800-Room Signia Hotel in Indianapolis in February 2027

by Kristin Harlow

INDIANAPOLIS — The 800-room Signia by Hilton Indianapolis hotel is now available for reservations beginning Feb. 1, 2027. The project marks the city’s tallest hotel and the Indiana Convention Center’s newest headquarters hotel, according to Hilton. It will also be the first property in both the Midwest and Indiana for the “approachable luxury brand.” The City of Indianapolis will own the hotel, with operations led by the Capital Improvement Board of Managers of Marion County, a municipal corporation of Marion County. The hotel will be located along the Georgia Street pedestrian promenade in the Wholesale District, with direct access via skywalk to the Indiana Convention Center. The property will offer convenient access to Lucas Oil Stadium and Gainbridge Fieldhouse. Designed by Ratio Design, the property will include 70 suites ranging from 450 to 1,900 square feet. The interiors, designed by Rottet Studio Architecture and Design, will abstractly reference Indianapolis’s connection to car culture and the luxury of auto racing. The property will also feature a public art collection curated by Art Strategies. Guests will enjoy seven chef-driven dining and bar concepts, including a lobby bar, an all-day restaurant focused on elevated comfort fare and a 38th-floor bar and lounge. Additional …

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