Development

CA Senior Living Starts Construction of 192-Unit Seniors Housing Community Near Cleveland

by Taylor Williams February 28, 2019

MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.

February 28, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Evergreen Completes $2M Renovation of Affordable Community in Racine, Wisconsin

by Taylor Williams February 28, 2019

RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).

February 28, 2019

California Development Multifamily Student Housing Western

UC Davis, University Student Living Break Ground on 3,300-Bed Residential Complex

by Amy Works February 27, 2019

DAVIS, CALIF. — A public-private partnership between the University of California, Davis and University Student Living has broken ground on a student housing complex that will add 3,300 beds to the university’s West Village neighborhood. The first 1,000 beds of the project are expected for completion in fall 2020. The joint venture recently announced the closing of $575 million in financing, which comes from the proceeds of a tax-exempt bond sale. The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. University Student Living is the student housing arm of The Michaels Organization, a residential real estate firm with full-service capabilities in development, property management, finance and construction.

February 27, 2019

California Development Industrial Western

Dermody Properties Buys 19-Acre Inland Empire Site to Develop 411,330 SF Distribution Facility

by Amy Works February 27, 2019

RIALTO, CALIF. — Dermody Properties has acquired a 19-acre site in Rialto for the development of LogistiCenter at Rialto I. Terms of the transaction were not released. The 411,330-square-foot distribution facility will feature 36-foot clear heights, a 185-foot concrete truck court, 49 dock-high doors, 77 truck trailer spots and 245 auto parking stalls. Dermody Properties selected HPA as the architect and Fullmer Construction as the general contractor for the project. The company plans to begin construction soon on the property, with delivery slated for December. The facility is situated within Renaissance Rialto Business Park, which is home to Amazon, Target, Under Armour, Ozburn-Hessey Logistics, Niagara Bottling, Medlin Industries, Monster Energy, Distribution Alternatives and Lifetime Brands. Darla Longo and Barbara Perrier of CBRE represented all parties in the sale. Dan De La Paz, David Consani and Jim Koenig, also of CBRE, will be the leasing brokers for the project.

February 27, 2019

Arizona Development Office Western

George Oliver Plans 181,188 SF Office Redevelopment in Phoenix’s Uptown District

by Amy Works February 27, 2019

PHOENIX — George Oliver has unveiled plans for its redevelopment of CASA, an office building in Phoenix’s Uptown neighborhood. The company plans to implement a $17 million renovation to re-establish CASA from a 1989-built project, previously known as Catalina Terraces, into a modern Class A office space focused on community, health and wellness. Renovations will keep the 181,188-square-foot building’s Spanish architectural roots, including natural wood elements and smooth stucco finishes, as well as updated modern lobbies, updated restrooms, an exterior facelift and new landscaping. Tenant amenities will include a tenant lounge and café operated by Kaleidoscope Juice and a training center with the ability to host approximately 60 guests. The property will feature two centralized courtyards with water features and seating, as well as an on-site co-working facility operated by the ownership accommodating users ranging from one to 10 desks. CASA will also include a wellness center with a yoga room, new fitness center with showers, on-site meditation room, salon with hair stylist and dog park. The ownership also plans to include a two-story dining experience with dedicated food truck parking, climate-controlled space, a shaded outdoor dining area, and outdoor games and lounge space. Phoenix-based George Oliver purchased the CASA …

February 27, 2019

Arizona Development Multifamily Seniors Housing Western

Weitz, LCS Start Construction of 101-Unit Expansion at Seniors Housing Community in Arizona

by Amy Works February 27, 2019

PHOENIX — Owner-Operator Life Care Services (an LCS Company) and general contractor The Weitz Company have started construction of a four-story independent living expansion at Sagewood, a continuing care retirement community in Phoenix. This is the largest expansion at the property since it opened in 2010.The 280,000-square-foot project includes 101 new units, 23,000 square feet of common space and a 156-stall underground parking garage. The independent living units will feature both one- and two-bedroom floor plans with a living room and full-size kitchen. New amenities will include an 18-hole putting course, chapel, top-floor lounge and guest suites. This phase of construction will also deliver new administration offices for the Sagewood operations staff; renovations to the existing Canyon Café and Palo Verde kitchen and dining hall; and a new dining venue. Designed by architect Todd & Associates, this phase of construction is scheduled for completion by the end of 2020. This will be the 14th project Weitz has built at Sagewood since originally constructing the 85-acre community, and the fourth since the start of 2017.

February 27, 2019

Development Mixed-Use Southeast Tennessee

Joint Venture Announces Mixed-Use Project Adjacent to FedEx Logistics’ Planned Global Headquarters in Downtown Memphis

by John Nelson February 27, 2019

MEMPHIS, TENN. — A joint venture between Somera Road Inc. and Orgel Family LP has announced plans for The Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent to FedEx Logistics’ planned global headquarters. The Clipper will feature a 250,000-square-foot, eight-story office building, 50,000 square feet of ground-level retail space and a 250-room hotel that will be built in partnership with Nashville-based Senate Hospitality. The hotel will feature a rooftop deck and conference center. Cushman & Wakefield/Commercial Advisors will manage commercial leasing services of The Clipper.

February 27, 2019

Development Mixed-Use Multifamily Southeast Virginia

Mill Creek Residential Breaks Ground on Mixed-Use Development in Northern Virginia

by John Nelson February 27, 2019

FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …

February 27, 2019

Development Florida Hospitality Loans Southeast

Meridian Capital Arranges $41.8M Construction Loan for Dual Hotel Project in Orlando

by John Nelson February 27, 2019

ORLANDO, FLA. — Meridian Capital Group has arranged $41.8 million in construction financing to AD1 Global for a two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and Element Hotel. Located at 5730 Central Florida Parkway on the corner of International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will have 144 rooms. A balance sheet lender provided the 36-month loan that features a LIBOR-based floating interest rate, two one-year extension options and full-term, interest-only payments. Shared amenities will include a saltwater swimming pool, laundry and valet services and fitness and business centers. The property will be located approximately one mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe It or Not and Epcot. A timeline for construction was not released. Noam Kaminetzky of Meridian Capital Group represented the borrower in the transaction.

February 27, 2019

Acquisitions Development Georgia Multifamily Office Southeast

Alliance Residential Buys Vacant Office Park in Metro Atlanta, Plans Multifamily Community

by John Nelson February 27, 2019

NORCROSS, GA. — Alliance Residential has acquired the former WestRock office campus in the northeastern Atlanta suburb of Norcross. The vacant site has eight office buildings, of which two will be preserved and transformed into 90 residential units and coworking space in Alliance Residential’s planned Broadstone Norcross apartment community. Alliance Residential will construct two four-story buildings that will house 200 rental units. The project will also include a half-acre park. The 12-acre site is located at 504 Thrasher St., two blocks south of downtown Norcross and about 19 miles northeast of downtown Atlanta. The community is expected to be open to residents in 2020.

February 27, 2019

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