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133-E.-55th-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheast

JLL Arranges $52M Construction Loan for Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged a $52 million construction loan for a multifamily project located at 133 E. 55th St. in Manhattan’s Midtown East neighborhood. The project currently rises 12 stories and will reach 21 stories upon completion, which is scheduled for winter 2025. Designed by Zproekt Architecture, the building will house one-, two- and three-bedroom units as well as one three-bedroom duplex penthouse. Amenities will include a spa complex with a sauna, steam room and plunge pool, as well as a fitness center, package room and an outdoor recreation area. Locally based bridge lender Emerald Creek Capital provided the loan to the developer, a joint venture between Rybak Development and BK Developers. Robert Tonnessen and Aaron Neidermayer led the tranasaction for JLL.

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DevelopmentMassachusettsNortheastOffice

Vantage Builders Completes 10,000 SF Headquarters Expansion Project for NEOLab in Andover, Massachusetts

by Taylor Williams

ANDOVER, MASS. — Locally based general contractor and construction management firm Vantage Builders has completed a 10,000-square-foot headquarters expansion project for NEOLab in Andover, a northern suburb of Boston. The orthodontic laboratory operator essentially doubled its footprint across the first and second floors of the building at 3 Riverside Drive. Maugel DeStefano Architects designed the project, which delivered two 3D metal printing laboratories, an open office layout, new education space, lunchroom and a renovated warehouse and storage area.

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80-Clarkson-NYC
DevelopmentLoansMultifamilyNew YorkTop Stories

Joint Venture Receives $985M Financing for 100-Unit Luxury Condo Towers in New York City 

by Hayden Spiess

NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River.  In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …

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CivicDevelopmentTexas

Leyendecker Begins Renovation, Expansion of Cotulla High School Campus

by Taylor Williams

COTULLA, TEXAS — General contractor Leyendecker Construction has begun the renovation and expansion of the high school campus of the Independent School District (ISD) of Cotulla, which is located about 90 miles southwest of San Antonio. Designed by Pfluger Architects, the project will be executed in two phases and will bring the total square footage of the campus, which was originally built in 1957, to 137,000 square feet. Completion is slated for late 2026. The project is being financed by a $65 million bond that was approved in May 2022. The Cotulla ISD serves about 1,200 students, and roughly 400 pupils attend the high school.

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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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The-Hartby-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Property Resources Corp. Begins Leasing 205-Unit Multifamily Adaptive Reuse Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and are now being leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Leasing of market-rate units will begin later this summer, and move-ins will commence this fall.

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DevelopmentSouth CarolinaSoutheastStudent Housing

Holder Properties, USC Foundations to Begin Leasing 940-Bed Student Housing Community in Columbia

by John Nelson

COLUMBIA, S.C. — Construction is underway and leasing will begin next month on Gateway 737, a 940-bed student housing development located on the University of South Carolina campus in Columbia. The project is being developed by a public-private partnership between Holder Properties and the University of South Carolina Foundations and is expected for completion in August 2025. Gateway 737 is the second community developed by the partnership. The community will include 12,500 square feet of retail space, a three-story meeting and event space and dedicated parking spaces. Shared amenities will include a rooftop lounge, two-story fitness center, resort-style swimming pool, tech lounge and a game room. The community will offer fully furnished units in studio, two-, three- and four-bedroom configurations.

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Palladium-San-Antonio
DevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $75M Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $75 million multifamily project in San Antonio. The development will be situated on an 18-acre site on the city’s south side and will feature 288 units in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubroom with a mini kitchen. Cross Architects designed the community, and Brownstone Group is the general contractor. Palladium has partnered with the San Antonio Housing Trust Public Facility Corp. (SAHTPFC), which issued $35 million in tax-exempt bonds to finance the project. PNC Bank provided $33 million in equity and more than $30 million in long-term debt. The Texas Department of Housing and Community Affairs provided $36 million of 4 percent Low-Income Housing Tax Credits. Preleasing is set to begin in winter 2025.

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Broadway-Logistics-Center-Denver-CO.jpg
ColoradoDevelopmentIndustrialWestern

Lovett Industrial Completes 201,329 SF Broadway Logistics Center in Denver

by Amy Works

DENVER — Houston-based Lovett Industrial has completed construction of Broadway Logistics Center, a speculative Class A industrial building in central Denver. Located at 6795 Broadway, the 201,329-square-foot, front-park, rear-load industrial facility features a 2,250-square-foot Class A office build-out, 32-foot clear heights, six-inch reinforced concrete slab, 204 auto parking stalls, 57 dock-high doors, 130-foot truck courts and 50 trailer parks. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield in Denver are marketing the facility for lease. The asset can be leased to a single tenant or multiple tenants with divisibility down to 22,360 square feet.

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DevelopmentMultifamilyTexas

Pacific Elm, Mintwood Near Completion of 291-Unit Peridot Apartments in Downtown Dallas

by Taylor Williams

DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate is nearing completion of Peridot, a 291-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, game lounge and a pickleball court. Santander Tower also houses a boutique hotel and Class A offices. Rents start at roughly $2,400 per month, according to Apartments.com.

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