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Development

Affordable HousingDevelopmentMichiganMidwestMultifamily

Annex Group to Build $82M Affordable Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — The Annex Group has unveiled plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will include one-, two- and three-bedroom floor plans for residents who earn at or below 70 percent of the area median income. Amenities will include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million in permanent mortgage dollars and $15 million of soft debt, Grow America provided $22.5 million in Low-Income Housing Tax Credits equity and Ann Arbor Housing Commission provided $3 million of soft debt. An official groundbreaking will be announced in the coming days. Completion is slated for fall 2026. The project marks Annex Group’s third community in Michigan.

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DevelopmentIndustrialMidwestWisconsin

Crow Holdings Expands Scope of $75M Air Cargo Project at Milwaukee Airport

by Kristin Harlow

MILWAUKEE — Crow Holdings has expanded the scope of its South Cargo Logistics Hub project at the Milwaukee Mitchell International Airport in Wisconsin. The development is a public-private partnership whereby most of the $75 million in capital cost and resources necessary to complete the project will come from private sources. The developer signed a ground lease with the county. At the end of the term, the county will have the option for all improvements to become its property. Crow has expanded the size of the new facility by nearly 50,000 square feet for a total of 337,000 square feet, which is consistent with the 2022 Airport Master Plan prepared by Milwaukee County. Crow will also deliver a new garage for the Milwaukee County Highway department. The project scope has also grown to include large-scale repairs to the roughly 16 acres of public taxiway area directly adjacent to the project. This added work will enable modern wide-body cargo traffic to operate in this part of the airport on a consistent basis for the first time, according to a release. The increased size will facilitate the simultaneous parking of up to five Boeing 777-8F, or equivalent, plane parking positions along with a …

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DevelopmentIndianaMidwestMultifamily

MBG Underway on Construction of 250-Unit Luxury Apartment Community in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — MBG is underway on the construction of The James at Chatham Hills in Westfield, about 30 miles north of Indianapolis. Mia Rose Holdings is developing the 250-unit luxury apartment project. Completion is slated for May 2025. The project marks the first multifamily development for MBG’s new Indianapolis office. Located on a 21-acre site within the Chatham Hills planned residential and recreational development, The James at Chatham Hills will feature eight two- and three-story buildings with 124 one bedrooms, 114 two bedrooms and 12 three-bedroom units. Amenities will include access to a nature trail and lake recreation, a pool, pickleball courts, golf simulator, fitness facility and conference spaces. The project team includes architect Rosemann & Associates, civil engineer V3 Cos. and mechanical, electrical and plumbing engineer Engenuity.

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DevelopmentHealthcareIllinoisMidwest

Joint Venture to Convert 43,000 SF Former Fitness Facility in Suburban Chicago into Cardiovascular Center

by Kristin Harlow

NAPERVILLE, ILL. — A joint venture between Capital Healthcare Properties and HSG Medical has entered the permitting phase of a project to create a specialized cardiovascular center in the Chicago suburb of Naperville. The outpatient ambulatory surgery treatment center (ASTC) will be built for a Chicago-area healthcare system. The ASTC will transform a former 43,000-square-foot fitness facility at 1836 Freedom Drive. The joint venture has been coordinating with consultants, the health system and the city for over a year. The original design and use of the building as a fitness center, including 25-foot ceiling heights and minimal columns, promotes an efficient and flexible floor plan to maximize the space for a complex healthcare build-out, according to the development team. The building, constructed in 2008, sits on a five-acre lot and offers more than 200 parking spaces. Construction is set to commence this quarter, with the first patients expected to be seen in the new facility in 2026. The project team includes architects Antunovich Associates and HDR, civil engineer V3 Cos., mechanical, electrical and plumbing engineer IMEG, landscape architect Hitchcock Design Group and general contractor Boldt. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.5 million sale of the …

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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DevelopmentIndustrialSelf-StorageTexas

MYCON Breaks Ground on 1,600-Unit U-Haul Self-Storage Facility in Haltom City, Texas

by Taylor Williams

HALTOM CITY, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 1,600-unit self-storage facility for U-Haul in Haltom City, located north of Fort Worth. The facility will consist of a 28,866-square-foot pre-engineered metal building designated for U-Box storage, a 81,978-square-foot self-storage building and five drive-up storage buildings totaling 15,500 square feet. The project marks MYCON’s eighth collaboration with U-Haul and follows the groundbreaking of an 800-unit facility in Denton. Completion is slated for a March 2025 completion.

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Build-to-RentDevelopmentSingle-Family RentalTexas

Tricon Residential Completes 155-Unit Build-to-Rent Project in Leander, Texas

by Taylor Williams

LEANDER, TEXAS — Tricon Residential, a subsidiary of Blackstone, has completed a 155-unit build-to-rent-residential project in the northern Austin suburb of Leander. Tricon Bryson features three- to four-bedroom homes with six different configurations that are furnished with stainless steel appliances, granite countertops, two-car garages and fully fenced backyards. Amenities include a pool, playground, dog park and a fishing pond. Tricon developed the property in partnership with HHS Residential, a division of Plano-based Highland Homes. Rents start at $2,169 per month for a three-bedroom home.

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2-20and2-21malt
DevelopmentMultifamilyNew YorkNortheast

TF Cornerstone Begins Leasing 1,386-Unit Residential Development in Queens

by Taylor Williams

NEW YORK CITY — New York City-based developer TF Cornerstone has begun leasing Malt Drive, a 1,386-unit apartment complex in the Long Island City neighborhood of Queens. The site is located within the 30-acre Hunter’s Point South mixed-use development along a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The two-building development houses studio, one- and two-bedroom units and includes 25,000 square feet of retail space and a 3.5-acre public park. The South building at 2-20 Malt Drive rises 33 stories and features 575 units. The adjacent North building comprises 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing and will be leased at 130 percent of the area median income. Amenities include coworking space, children’s playrooms, lounges, fitness centers, shared laundry rooms, roof decks with barbecue grills, sundecks and courtyards. SLCE Architects designed the project. Rents start at $3,600 per month for a studio apartment.

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DevelopmentNortheastOfficePennsylvania

Entrepreneur Opens 22,774 SF Creative Workspace in Philadelphia

by Taylor Williams

PHILADELPHIA — Entrepreneur Justin Meshberg has opened Silk Screen Studios, a 22,774-square-foot creative workspace in Philadelphia. The space is located within the former Process Screen Manufacturing building in the city’s Fishtown neighborhood and houses 57 workstations. Space range in size from 200 to 600 square feet and are equipped with high-speed internet, in-unit climate control options and app-controlled entrances. Members also have access to a bike room, package room and kitchenettes on each floor.

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DevelopmentMidwestMultifamilyOhio

Vista Residential Partners Breaks Ground on 308-Unit Multifamily Property in Newark, Ohio

by Kristin Harlow

NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.

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