Development

Sunshine Retirement Plans 150-Unit Seniors Housing Community in Southern California

by Amy Works November 5, 2018

FOUNTAIN VALLEY, CALIF. — Bend, Oregon-based Sunshine Retirement Living has announced plans for Park View Estates, a 100,000-square-foot assisted living and memory care community in Fountain Valley, located approximately 35 miles southeast of downtown Los Angeles. The property will sit on 3.5 acres and feature 150 units adjacent to Fountain Valley Regional Hospital and Medical Center. Construction is scheduled for completion in the first quarter of 2020. The memory care neighborhood will total 44 units, all located on the first floor. The assisted living neighborhood will total 106 units spread across the first and second floors. Lantz-Boggio Architects & Interior Designers designed the community. Sunshine Retirement Living is a family-owned seniors housing company with 21 retirement communities in 10 states.

November 5, 2018

Development Idaho Multifamily Seniors Housing Western

Radiant Senior Living Breaks Ground on 16-Unit Expansion in Idaho

by Amy Works November 5, 2018

COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.

November 5, 2018

California Development Retail Top Stories Western

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …

November 5, 2018

Development Loans New York Northeast Office

CIT Provides $35M Construction Loan for Manhattan Office Building

by David Cohen November 2, 2018

NEW YORK CITY — CIT Group has provided a $35 million loan for the construction of an office building in Manhattan. The six-story, 74,000-square-foot project is located at 323 E. 61st St. CIT provided the senior secured loan. The developer is a joint venture between The William Macklowe Company and LaSalle Property Fund. The designer is Daniel Goldner Architects. The completion date for the project has yet to be announced.

November 2, 2018

Development Mixed-Use Texas

RED Development Completes Phase I of 800,000 SF Mixed-Use Project in Dallas Arts District

by Taylor Williams November 2, 2018

DALLAS — Phoenix-based RED Development LLC has completed Phase I of The Union, an 800,000-square-foot mixed-use project in Dallas. Designed by HKS Inc., the development is located at the intersection of Field Street and Cedar Springs Road in the Arts District near downtown. The first phase delivered a 22-story, 420,000-square-foot office tower with 839 parking spaces. The building is more than 60 percent preleased to firms such as global investment firm HBK Capital Management and multifamily development firm StreetLights Residential, which will move in at year’s end. Phase II will deliver The Christopher, a 309-unit apartment community and a 60,000-square-foot Tom Thumb grocery store. Phase III will deliver retail space that is preleased to five food and beverage concepts. The remaining phases are expected to be complete within the next six months.

November 2, 2018

Frankford-Station-Lofts-Carrollton-Texas

Development Multifamily Texas

Phoenix GC Breaks Ground on 204-Unit Apartment Community in Metro Dallas

by Taylor Williams November 2, 2018

CARROLLTON, TEXAS — Phoenix GC Services LLC, a Dallas-based construction firm, has broken ground on Frankford Station Lofts, a 204-unit multifamily community located in the northern Dallas metro of Carrollton. The transit-oriented property will feature a fitness center, courtyard pool, dog park, pet washing station, valet trash service and parcel lockers. The project is expected to be complete by late 2019.

November 2, 2018

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

Hines to Build 379-Unit Multifamily Complex in Downtown Phoenix

by Amy Works November 2, 2018

PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …

November 2, 2018

Development Iowa Midwest Retail

Kraus-Anderson Completes 9,500 SF Casino for Ponca Tribe in Carter Lake, Iowa

by Kristin Harlow November 2, 2018

CARTER LAKE, IOWA — Kraus-Anderson Construction has completed the first phase of Prairie Flower Casino on behalf of the Ponca Tribe of Nebraska. The 9,500-square-foot gaming facility is located in Carter Lake, a northwest suburb of Omaha. The property will include 200 slot-style games and a full-service bar. Approximately 100 individuals will be employed at the casino. The Ponca Tribe of Nebraska has nearly 4,300 tribal citizens, with almost half of them residing in the states of Iowa and Nebraska. The name Prairie Flower has a special meaning to the Ponca Tribe of Nebraska. Standing Bear, a former tribe chief circa 1879, had a daughter named Prairie Flower who passed away during the tribe’s forced relocation to Oklahoma.

November 2, 2018

Arizona Development Mixed-Use Top Stories Western

Nationwide Realty Investors Unveils Plans for 1.8 MSF Mixed-Use Development in Scottsdale, Arizona

by Kristin Harlow November 2, 2018

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …

November 2, 2018

Development Loans Multifamily New York Northeast

Square Mile Capital Provides $138.5M in Preferred Equity for Recapitalization of Apartment Tower in Long Island City

by David Cohen November 1, 2018

NEW YORK CITY — Square Mile Capital has provided a $138.5 million preferred equity investment in the recapitalization of ALTA, a 43-story apartment tower in Long Island City. The property is located at 29-26 Northern Blvd. Simon Baron Development LLC broke ground on the 467-unit property in 2015 and completed the project earlier this year. Building amenities include a 10,000-square-foot fitness center, 50-foot indoor swimming pool, multiple roof decks, a state-of-the-art golf simulator and a dog spa. ALTA was developed by affiliates of Simon Baron Development LLC. Leasing of the property commenced in May.

November 1, 2018

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