Development

Wight & Co. Completes Construction of 37,000 SF Recreation Center in Plainfield, Illinois

by Kristin Harlow May 10, 2019

PLAINFIELD, ILL. — Wight & Co. has completed the Prairie Activity and Recreation Center (PARC) for the Plainfield Park District. The 37,000-square-foot building was designed to be both a Passive House U.S.-certified facility and a net-zero energy building. Passive House certification means that building systems, insulation and windows create an air-tight structure that keeps the indoor temperature consistent every day of the year. A net-zero building is one in which the amount of energy used by the building on an annual basis is roughly equal to the amount of renewable energy created onsite. PARC features 28,600 square feet of solar panels. The two-story building includes a 4,000-square-foot fitness center and studio with a full-size basketball court, walking track and a 1,600-square-foot multipurpose room for classes and special events. A preschool suite features four classrooms.

May 10, 2019

International Spy Museum, Washington, D.C.

Civic Development District of Columbia Southeast Top Stories

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

by Jeff Shaw May 10, 2019

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the National Mall and two blocks north of The Wharf. L’Enfant Plaza has its own stop on the Metro rail line. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. In addition to larger exhibition space, the new building also includes dedicated temporary exhibition space; a learning center with workshop spaces; a theater for lectures, films and panel discussions; and adaptable spaces for programs. The rooftop provides nearly 360-degree views of the city, including the Capitol Building and Washington Monument. Indoor event space is encased in floor-to-ceiling windows for private events and public programs. London-based architect Rogers Stirk Harbour + Partners designed the building, …

May 10, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture to Break Ground on 2.5 MSF Mixed-Use Project in Raleigh-Durham, Announces First Wave of Tenants

by Alex Tostado May 9, 2019

CARY, N.C. — A joint venture between Hines, Columbia Development Group LLC and USAA Real Estate will break ground on Phase I of Fenton, a 69-acre, 2.5 million-square-foot mixed-use development in Cary, this summer. The first phase will include a 99,000-square-foot Wegmans grocery store; 263,000 square feet of specialty retail, including a movie theater and food hall; a 146,000-square-foot office loft; 350 apartment units; and a 175-room hotel. Additionally, the first retail tenants have been announced. These include Crawford Brothers Steakhouse, a new concept from five-time James Beard Award semifinalist Scott Crawford; Superica Tex-Mex by nationally renowned restaurateur Ford Fry; and Honeysuckle Gelato. Fenton will be situated along Cary Towne Boulevard near Interstate 40, adjacent to WakeMed Soccer Park and eight miles southwest of downtown Raleigh. Phase I is expected to open in fall 2021.

May 9, 2019

Development Florida Multifamily Seniors Housing Southeast

Solutions Advisors Group to Open $27.5M Seniors Housing Community in Tampa

by Alex Tostado May 9, 2019

TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.

May 9, 2019

Development Georgia Mixed-Use Southeast

Banyan Street Unveils Retail Hub, Central Courtyard at Peachtree Center in Downtown Atlanta

by John Nelson May 9, 2019

ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as well as Time to Escape, a locally owned and operated escape room concept that includes live actors. Amy Fingerhut of CBRE’s Atlanta office is leading The Hub’s retail leasing assignment. The Plaza is the development’s overhauled central courtyard that fronts Peachtree Street and is situated between Peachtree Center’s various towers. Beck Group’s design for the public space includes a central area for live events; custom planters and benches; a reflective pool that can be drained for events; a suspended, illuminated canopy; revamped entrances to the adjacent office towers and existing atrium; and a glass-encased staircase leading to The Hub that features a sloped water fountain on the backside. At a private event held Wednesday, Miami-based Banyan Street officially opened The …

May 9, 2019

Development Office Texas

Bridgeview to Renovate 204,461 SF Office Tower in Dallas

by Taylor Williams May 9, 2019

DALLAS — Bridgeview Real Estate, a privately held developer and owner-operator will implement a multimillion-dollar renovation plan at LBJ Tower, a 10-story, 204,461-square-foot office tower in Dallas. Bridgeview, with help from Stream Realty Partners, will redesign the building’s lobby to feature modern finishes and lounge space, as well as add a 75-person meeting space and a fitness center. The renovation project, which is meant to elevate the building’s appeal to relocating corporate firms, is expected to be complete by the fourth quarter.

May 9, 2019

Development Multifamily New Jersey Northeast

BNE Real Estate Begins Leasing 260-Unit Apartment Community in Jersey City

by Taylor Williams May 9, 2019

JERSEY CITY, N.J. — Locally based developer BNE Real Estate Group, in partnership with Hoboken Brownstone Co. and McKinney Properties, has begun leasing The Enclave, a 260-unit multifamily community in Jersey City, located across the Hudson River from Manhattan. Apartments include studio, one- and two-bedroom units with 9-foot ceilings, quartz countertops, stainless steel appliances, washers and dryers and private balconies in select units. The Enclave offers more than 40,000 square feet of resort-style amenity space, including a pool, private grilling areas and an outdoor bar. The property also features a fitness center, dog run, multiple entertainment lounges, a game room, coworking office space, a conference room and a children’s play area. Residents can also enjoy complimentary shuttle service to nearby public transit lines, as well as access to Amazon package lockers and 24-hour concierge services. Monthly rents start at $2,150 and some units are available for immediate occupancy.

May 9, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Development Michigan Midwest Multifamily Seniors Housing

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

by Kristin Harlow May 9, 2019

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.

May 9, 2019

Acquisitions California Development Mixed-Use Top Stories Western

Joint Venture Acquires Mixed-Use Development Site in Beverly Hills for $130M

by Alex Tostado May 9, 2019

BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …

May 9, 2019

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