Development

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

by David Cohen January 9, 2019

CORAL GABLES, FLA. — The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub, meditation room and apartments for faculty and staff. The total project cost for the multi-phase development is estimated at $260 million. “The university will be providing the next generation of [students] a unique residential experience that will enhance and contribute more to their college success,” says Patricia Whitely, vice president for student affairs at the University of Miami. “We look forward to this project, which will complement the Student Housing Village currently under construction.” The first phase of development is scheduled to open in fall 2022 and will replace Stanford Residential College. Phase II will be delivered in fall 2024, and will replace Hecht Residential College. The university also plans to renovate an existing property, Easton Residential College, and incorporate it into Centennial Village in fall 2025. Design plans for the project have been submitted to the City of Coral …

January 9, 2019

Development Georgia Loans Office Southeast

Loudermilk Cos. Restores, Refinances Former Aaron’s Headquarters in Atlanta’s Buckhead District

by Alex Tostado January 8, 2019

ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.

January 8, 2019

Development Loans Multifamily Oregon Western

HFF Secures $96.5M in Financing for Multifamily High-Rise in Portland

by Amy Works January 8, 2019

PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.

January 8, 2019

California Development Industrial Western

Black Creek Group Plans 482,000 SF Distribution Facility in Richmond, California

by Amy Works January 8, 2019

RICHMOND, CALIF. — Denver-based Black Creek Group has acquired an approximately 30-acre land site, located at 500 Pittsburg Ave. in Richmond, for an undisclosed price. Commonly referred to as Parkway Logistics Center, the developable land offers access to Interstates 580 and 80 and the San Rafael-Richmond Bridge, and has close proximity to the Port of Oakland and San Francisco Bay Area. Black Creek Group has received approval for the construction of a 482,000-square-foot, Class A distribution facility, divisible up to four tenants, for the site. The cross-docked warehouse will feature 36-foot minimum clear heights, 75 dock-high doors, 12 grade-level doors, an ESFR sprinkler system, trailer parking and 534 parking spaces. Construction is slated to begin the second half of 2019. Todd Severson and Bruce Bauer of Colliers International represented the buyer and undisclosed seller in the deal.

January 8, 2019

Development Multifamily Texas

Transwestern Development Sells Apartment Property in Austin to Invesco

by John Nelson January 7, 2019

AUSTIN, TEXAS — Transwestern Development Co. has sold The Arnold, a 346-unit apartment community located at 1621 E. Sixth St. in Austin. Atlanta-based Invesco Real Estate purchased the property for an undisclosed amount. Transwestern Development delivered The Arnold in July 2016. The community was 95 percent occupied at the time of sale. The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, TV and business meeting areas; lounge with vintage video games, TVs, catering kitchen and keg refrigerator; fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units. Unit interiors include Whirlpool stainless steel appliances, quartz countertops, custom wood cabinets, kitchen island, full-sized washer and dryer connections, bike storage and private balconies.

January 7, 2019

Acquisitions Development New York Northeast

Cushman & Wakefield Brokers $7M Sale of Development Site in the Bronx

by David Cohen January 7, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of a 69,990 buildable-square-foot development site in the Wakefield neighborhood of the Bronx. Located at 761-775 E. 233rd St., the property currently consists of five separate lots. Nearby retailers in the area include Key Food, T-Mobile, McDonald’s, Rite Aid, Chase Bank and Dunkin’ Donuts. Jonathan Squires, Addison Berniker, Michael Fioravanti and Josh Neustadter of Cushman & Wakefield represented the seller, RW Real Estate Group, in the transaction. The buyer was real estate developer Mark Stagg.

January 7, 2019

Development Multifamily Northeast

Delancey Street Associates Opens 26-Story Apartment Building on Lower East Side

by David Cohen January 7, 2019

NEW YORK CITY — Delancey Street Associates has opened The Essex, a 98-unit, 26-story luxury apartment building on Manhattan’s Lower East Side. The Essex is the tallest building in the nine-site Essex Crossing project being developed by Delancey Street Associates. The ground floor of the building will include a 14-screen Regal Cinemas, the Essex Street Market and The Market Line, an expansive, bazaar-like marketplace. Essex Crossing comprises 1.9 million square feet of residential, commercial, and community space. Located at 125 Delancey St., The Essex consists of a mix of studios to three-bedroom apartments, starting at $4,295. Amenities at the property include a rooftop terrace, attended lobby concierge, a social lounge with billiards, a library lounge, private meeting room, children’s playroom and a fitness center. Handel Architects designed the building.

January 7, 2019

Development Office Retail Washington Western

City of Seattle Approves Development of 1.2 MSF Urban Visions Office Campus

by Amy Works January 7, 2019

SEATTLE — Urban Visions has received permit approval from the City of Seattle for S, an office and retail campus project located on a seven-acre land parcel adjoining Seattle’s Pioneer Square and Chinatown districts. Designed by NBBJ, S will feature five buildings offering large, flexible office floorplates, rooftop decks on each building and outdoor terrace spaces on every floor, as well as ground-floor retail space. The development is located directly east of CenturyLink Field and at the hub of the region’s Link light rail transportation network. Jesse Ottele, Cavan O’Keefe, Daniel Seger and David Marks of Newmark Knight Frank are representing the developer. With permit approval, Urban Visions is able to commence construction as early as the first quarter of 2020.

January 7, 2019

Development Texas

U.S. Army Corps of Engineers Selects Contractor for $92M Dredging Project at Port Corpus Christi

by John Nelson January 4, 2019

CORPUS CHRISTI, TEXAS — The U.S. Army Corps of Engineers (USACE) has awarded a $92 million construction contract to Great Lakes Dredge & Dock Co. LLC at Port Corpus Christi. The Illinois-based contractor will deepen and widen the Corpus Christi Ship Channel from the Gulf of Mexico to Harbor Island as part of the port’s Channel Improvement Project. The dredging will increase the depth from 47 feet to 54 feet from the jetties at the entrance of the ship channel to Harbor Island and will deepen the ship channel into the Gulf of Mexico to 56 feet. As one of the larger dredging companies in the United States, Great Lakes Dredge & Dock has worked on high-profile projects that include the Deepwater Horizon Oil Spill cleanup and the deepening of the Port Miami harbor. Situated on the western Gulf of Mexico with a 36-mile channel, Port Corpus Christi is the fourth largest port in the United States in total tonnage and is the leading U.S. crude oil export port. Through the first three quarters of 2018, exports at Port Corpus Christi increased 5 percent year-over-year. No timeline was given for the completion of the dredging project.

January 4, 2019

Development Multifamily Oklahoma Texas

American Residential Group to Build Six-Story Apartment Project in Tulsa Arts District

by John Nelson January 4, 2019

TULSA, OKLA. — American Residential Group (ARG) plans to build The View, a six-story multifamily property that will be located in the Tulsa Arts District. The 198-unit project will feature high-end finishes, a rooftop amenity deck and an attached parking structure. Situated just outside Tulsa’s central business district, The View will be located directly across the street from the ONEOK Field, the home baseball park of the Tulsa Drillers. ARG will break ground early this year on The View with a projected completion date of late 2020. ARG purchased the entire square block on the southeast corner of Archer Street and Elgin Avenue from the Tulsa Stadium Trust in 2015. The lot falls within a Qualified Opportunity Zone.

January 4, 2019

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