Development

City of Troy Planning Commission Approves 9,844 SF Retail Center

by Kristin Harlow January 28, 2019

TROY, MICH. — The City of Troy Planning Commission has approved the final site plan for a new 9,844-square-foot retail center at the southeast corner of Tower Drive and Crooks Road. Plans call for three fast-casual restaurants and an additional commercial tenant. A new pedestrian path along Crooks Road will connect the retail center to the existing sidewalk and to the 901 Tower office building. Construction is expected to begin as early as this summer. No further site plan approvals, other than building permits, are required. NORR Architects, Engineers and Planners designed the property. Dominion Real Estate Advisors will market the property for lease.

January 28, 2019

California Development Multifamily Student Housing Western

California State University Board Grants Final Approval for $164 Million Residence Hall

by Amy Works January 28, 2019

SACRAMENTO, CALIF. — The trustees of California State University have given final approval for a $164 million student housing community to be built on the university’s Sacramento campus. A public-private partnership between the university, Greystar and the university’s nonprofit affiliate, University Enterprises Inc., will develop the community. The 360,000-square-foot development will offer 1,100 beds in studio, two- and four-bedroom, apartment-style units. The property will also feature a clubhouse, café, fitness center, community room, outdoor pool, sand volleyball court, bocce court, barbecues and 546 surface-level parking spaces. The development team is scheduled to break ground on the project in May, with completion set for summer 2021. The first phase of the project, which includes relocating the Dan McAuliffe Memorial Ballparks to a new location, is currently underway. Steinberg Hart architects designed the project, which Sundt Construction will build.

January 28, 2019

Development Mixed-Use Southeast Virginia

Summit Pointe Realty Begins Phase II of $300M Mixed-Use Project in Hampton Roads

by Alex Tostado January 25, 2019

CHESAPEAKE, VA. — Summit Pointe Realty LLC has begun Phase II of Summit Pointe, a $300 million mixed-use development in the Hampton Roads town of Chesapeake. The second phase will break ground in February and consist of Helix, a 133-unit multifamily complex; ground-floor retail space; and a six-story, 150,000-square-foot office building. The price to develop Phase II is estimated at between $150 million and $175 million. Helix is slated for completion in early 2020. The office building is slated for completion in early 2020 as well. Summit Pointe is currently zoned for 1,400 multifamily residences, 1 million square feet of office space, 500,000 square feet of retail space and about 250,000 square feet of hospitality and conference space. The project team includes apartment management firm Drucker + Falk, architect Saunders + Crouse Architects, general contractor Clancy & Theys and property management and leasing firm Colliers International. Phase I of Summit Pointe features the headquarters office tower for Dollar Tree Inc. With the consolidation of the Family Dollar employees from Matthews, N.C., in June 2019, the Dollar Tree campus will have the capacity for serving 2,300 employees.

January 25, 2019

Development Maryland Multifamily Seniors Housing Southeast

Erickson Living to Convert Former Marriott Corporate Office in Maryland to 775,000 SF Seniors Housing Community

by Alex Tostado January 25, 2019

BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.

January 25, 2019

Development Industrial Texas

Majestic Realty Breaks Ground on 423,280 SF Spec Industrial Project in Laredo

by Taylor Williams January 25, 2019

LAREDO, TEXAS — California-based Majestic Realty Co. has broken ground on a 423,280-square-foot speculative industrial project within Port Grande Logistics Port in the south Texas city of Laredo. The development follows a 200,000-square-foot lease with Source Logistics, a third-party logistics firm, which brought the property’s first building to full occupancy. The new building will feature 32-foot clear heights, 120 dock-high doors, 242 trailer parking spaces and 208 automobile parking spaces. Completion is scheduled for the fourth quarter. Majestic acquired the 2,000-acre Port Grande Logistics Port from a subsidiary of Mercedes-Benz in 2015.

January 25, 2019

Development Healthcare Texas

UTHealth to Open $125M Mental Health Hospital at Texas Medical Center in Houston

by Taylor Williams January 25, 2019

HOUSTON — The University of Texas Health Science Center at Houston (UTHealth) will open a $125 million, 240-bed mental health hospital within Texas Medical Center in Houston. Designed by Chicago-based Perkins+Will, the facility will be the largest behavioral health academic center in the nation and the first mental health hospital built in Houston in more than three decades. Completion is slated for late 2021.

January 25, 2019

Development Multifamily Seniors Housing Texas

Integrated Senior Lifestyles Opens 101-Unit Expansion to Metro Houston Community

by Taylor Williams January 25, 2019

KINGWOOD, TEXAS — Integrated Senior Lifestyles has opened a 101-unit expansion at its Watercrest at Kingwood seniors housing community, located in the northern Houston suburb of Kingwood. The 145,000-square-foot “Garden Village” project adds 73 independent living and 28 assisted living residences to the existing campus. The expansion also features several common areas and amenities such as multiple outdoor sitting areas, a walking trail, wellness center, libraries, pet park and two new dining venues. Integrated operates 11 seniors housing communities in Texas and Oklahoma.

January 25, 2019

Development Multifamily New York Northeast Seniors Housing

Greystone Provides $78.5M HUD Financing for Long Island Nursing Home Complex

by David Cohen January 25, 2019

WOODBURY, N.Y. — Greystone has provided $78.5 million in HUD-insured financing for a skilled nursing complex in Woodbury. Fred Levine of Greystone originated the refinancing, which carries a fixed rate and fully amortizes at 30 years. Greystone also arranged the high-leverage bridge acquisition loan that this refinancing replaces. The borrowers were not disclosed. Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary/ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five interconnected residential buildings properties and additional office building in 2010.

January 25, 2019

Development Iowa Midwest Mixed-Use

Ders Group Underway on $275M Mixed-Use Development in Tiffin, Iowa

by Kristin Harlow January 25, 2019

TIFFIN, IOWA — The Ders Group is underway on the development of Park Place in Tiffin, about 10 miles west of Iowa City. The $275 million mixed-use development will be situated on 400 acres. In addition to retail and office space, plans call for approximately 2,000 apartment units and 200 single-family lots. The Ders Group, headquartered in Coralville, Iowa, acquired all of the land in 2016. The developer completed infrastructure construction last fall. Andersen Square, a city center, is the main attraction of Park Place. Phase I includes five buildings with first-floor commercial space and five floors of apartment units above. Completion is slated for summer 2020. Phase II includes six more buildings. The initial phase of commercial space is 75 percent pre-leased. Tenants include fast food retailers, local restaurants, a regional gas station, bank, health club and live entertainment restaurant.

January 25, 2019

Development Indiana Midwest Multifamily

Waypoint Residential to Develop 214-Unit Apartment Project in Jeffersonville, Indiana

by Kristin Harlow January 25, 2019

JEFFERSONVILLE, IND. — Waypoint Residential LLC is developing The Walcott Jeffersonville, a 214-unit apartment project in Jeffersonville, just north of Louisville. The project will be located in the Old Jeffersonville Historic District opportunity zone. The Walcott will include a mix of studio, one- and two-bedroom units. Community amenities will include a resort-style pool, fitness center, Internet café, rooftop terrace and pet spa. Completion is slated for mid-2020.

January 25, 2019

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