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Development

Affordable HousingDevelopmentMichiganMidwestMultifamily

Standard Communities, River Caddis to Build $56M Affordable Housing Community in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — Standard Communities, in a joint venture with River Caddis Development, will build River’s Edge, a $56 million affordable housing community in Kalamazoo. A public-private partnership for the project includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner. River’s Edge will feature 228 units, with 184 designated as affordable for those earning 60 percent or less of the area median income (AMI). The remaining 44 units are for residents with incomes under 120 percent of AMI. Affordability is made possible by Low-Income Housing Tax Credits. Located at 508 Harrison St. and 66 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The project will include two four-story multifamily buildings, a four-unit live/work building and a commercial building with a leasing office and resident amenities such as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail. The project marks Standard’s entry into the Michigan market.

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Ophelia
DevelopmentMultifamilyNortheastPennsylvaniaRetailTop Stories

Greystar, ECHO Realty Break Ground on Multifamily, Retail Development in Pittsburgh

by Katie Sloan

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh.  The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025.  “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …

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Otto-College-Station
DevelopmentMultifamilyStudent HousingTexas

Parallel Completes 745-Bed Student Housing Project Near Texas A&M University

by Taylor Williams

COLLEGE STATION, TEXAS — Austin-based student housing owner-operator Parallel has completed Otto, a 745-bed development located near the Texas A&M University campus in College Station. The property offers studio through six-bedroom floor plans. Amenities include a pool, hot tub, outdoor kitchen, full-service smart market, dog spa, sky lounge and a fitness/wellness center with barre and yoga studios and dry saunas. The community also features multi-level lounges with coworking spaces, conference rooms and private study pods. BOKA Powell designed the project, and Rogers O’ Brien Construction served as general contractor.

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Oxbo-International-Bergen-New-York
DevelopmentIndustrialNew YorkNortheast

Oxbo International to Open 195,000 SF Manufacturing Plant in Bergen, New York

by Taylor Williams

BERGEN, N.Y. — Dutch farm machinery and equipment provider Oxbo International will open a 195,000-square-foot, build-to-suit industrial project in Bergen, a western suburb of Rochester. The site spans 50 acres, and the new facility will replace Oxbo’s existing plant that is located about seven miles away and has been operational since 1969. Oxbo will enter into a 25-year ground-lease agreement with the owner, Ohio-based Geis Development, and expects to employ about 200 people at the plant at full capacity. Construction is slated for an October 2025 completion.

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DevelopmentHospitalityNew YorkNortheast

JT Magen Completes 32,000 SF Hospitality Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — National general contractor JT Magen has completed The Paramount Club, a 32,000-square-foot hospitality project located on the concourse level of 1301 Avenue of the Americas in Midtown Manhattan. The Paramount Club features TVs, a pool table, fitness/wellness center, business lounge, classroom-style training room, 18-person boardroom and a variety of dining options, including an atrium restaurant, café, grab-and-go market and private dining spaces. Loffredo Brooks Architects designed the club, space for which was repurposed from existing lower levels at the property.

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Standard-Eugene-OR
DevelopmentMultifamilyOregonStudent HousingWestern

Landmark Properties Completes 703-Bed Student Housing Development Near University of Oregon

by Amy Works

EUGENE, ORE. — Landmark Properties has completed The Standard at Eugene, a 703-bed student housing development located near the University of Oregon campus in Eugene. The community offers 247 units across 265,000 square feet of residential space in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool with a jumbotron, grilling areas, hammocks and cabanas; a fitness center with an indoor rock climbing wall; an academic lounge with private study rooms; a resident club and game room; and onsite parking. The community is Landmark’s second development in Oregon, following the delivery of The Retreat at Corvallis near Oregon State University. The development team for the seven-story community included Ankrom Moisan Architects and Landmark Construction, the in-house construction arm of Landmark Properties.

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Affordable HousingBuild-to-RentDevelopmentMixed-UseMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Beechwood Carolinas Breaks Ground on 120-Acre Mixed-Use Development in Chapel Hill

by John Nelson

CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use development in Chapel Hill. Located at 119 US Highway 15 501 S, the campus will comprise 92 apartments, 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. An estimated 15 percent of South Creek’s for-sale homes will be designated as affordable. Additionally, the property will feature amenities including a fitness center, multiple club and lounge areas, a dog park and firepits, as well as multiple electric vehicle charging stations and bike parking spaces. Beechwood Carolinas plans to begin vertical construction in early 2025.

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Build-to-RentDevelopmentLoansMultifamilySingle-Family RentalSoutheast

JLL Arranges $52.7M Construction Financing for Build-to-Rent Project on Florida’s Space Coast

by John Nelson

PALM BAY, FLA. — JLL has arranged a $52.7 million construction loan for Havens at Palm Bay, a 266-unit build-to-rent residential development on Florida’s Space Coast. Max La Cava, Pier Barinci and Shane Ciacci of JLL arranged the non-recourse loan on behalf of the borrowers, Stellar Communities and Adam America Real Estate (AARE). Additionally, JLL arranged an undisclosed amount of joint venture limited partner (LP) equity on behalf of the borrowers. The sources for the debt and equity capital were not disclosed. Havens at Palm Bay will feature one-, two- and three-bedroom casita-style units fronting a natural lagoon. Amenities will include a resort-style pool, clubhouse, tot lot, dog park, self-storage and detached parking, as well as walkability to a newly built Publix. Stellar and AARE plan to deliver the property in 2026.

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St.-Regis-Longboat-Key-Resort-&-Residences
DevelopmentFloridaHospitalityMultifamilySoutheastTop Stories

Unicorp National Developments Completes $376M Hotel Resort, Residences Near Sarasota, Florida

by Taylor Williams

LONGBOAT KEY, FLA. — Unicorp National Developments Inc. has completed the St. Regis Longboat Key Resort & Residences, a 1.1 million-square-foot project located on a barrier island near the southwestern Florida beach city of Sarasota. The project carried a total price tag of $376 million. The 18-acre resort and residential complex consists of five six-story buildings. The hotel houses 168 guestrooms, including 26 luxury oceanfront suites that offer one- to four-bedroom options. Each suite features separate living rooms, private terraces and butler service. Additionally, the property includes 69 for-sale condo residences. Resort amenities include an 800-foot private beach and 42 water features, including a winding river and a 500,000-gallon saltwater lagoon where guests can swim with tropical fish and interact with the resident giant tortoises. The St. Regis Spa spans 20,000 square feet and features a eucalyptus steam room, a snow shower and hot and cold plunge pools. Additional amenities include a fitness center and a children’s club. The St. Regis also offers 10 indoor and outdoor meeting/event spaces totaling 36,285 square feet, with one ballroom capable of accommodating up to 600 people in a theater-style setting. The food-and-beverage component entails seven different bar and restaurant concepts. Moss Construction served …

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Parkway-Office-Center-Dallas
AcquisitionsDevelopmentOfficeTexas

Partnership Buys Two North Dallas Office Buildings Totaling 230,000 SF, Plans Renovations

by Taylor Williams

DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.

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