NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.
HOUSTON — WGC Development, in conjunction with an undisclosed institutional investor, has broken ground on Tower 5040, a 405-bed student housing community located near the University of Houston. The eight-story building will offer one-, two- and four-bedroom units. Select apartments will feature large balconies with fire pits. Shared amenities will include a swimming pool with an adjacent movie screen, a fitness center, conference room, business center, private study rooms, a game room, indoor and outdoor socializing areas and a dog park. Humphreys & Partners Architects designed the community, and Arch-Con Construction will handle construction. Nick Gonzalez of GRC Capital arranged equity and debt financing on behalf of the partnership. The property is set to open in summer 2020.
COLLEGE STATION, TEXAS — Texas-based Sodalis Senior Living will build Sodalis College Station a 73,777-square-foot assisted living and memory care community that will be located less than three miles from Texas A&M University. The number of units was not disclosed, but the property will offer a mix of one-bedroom and studio residences. The official groundbreaking will take place on Wednesday, Oct. 24, and the opening is slated for late 2019.
MONTGOMERY, ALA. — Montgomery-based Foshee Residential Management Co. is developing The Historic Bell Lofts, the only high-rise loft development in Montgomery. The mixed-use redevelopment will feature 88 luxury lofts and several thousand feet of ground-floor commercial space. The building was once home to The Beauvoir Club, which later merged with the Montgomery County Club. Other previous tenants include Alabama Power Co., Algernon Blair Construction Co., doctors offices, law firms, construction companies and other businesses. Preleasing for will begin at 5:00 p.m. on Monday, Oct. 22, and the property is slated for completion in spring 2019.
CHARLOTTE — Morgan Bond Co. has opened Inspire Southpark, an apartment development in Charlotte’s SouthPark neighborhood. Morgan Bond Co. is a joint venture between Chicago-based Bond Cos. and La Jolla, Calif.-based Morgan Holdings. Designed by Kathy Andrews Design, the 369-unit property features one- and two-bedroom apartment units in a mix of layouts ranging from 621 square feet to 2,032 square feet. Rents start at $1,300 for studio units and range to $4,225 for three-bedroom units. All residences feature open-concept floor plans with oversized windows, nine-foot ceilings, high-end finishes and fixtures, wood cabinetry, custom walk-in closets, frameless shower doors, Nest thermostats and keyless door entry. Community amenities include The Clubhouse with a demonstration kitchen and party room; The Morrison private dining room; Inspire Society Social Hall, a gaming center; The Lounge, a club-inspired gathering space with a golf simulator, poker table and TV; Groomingdale’s, a pet spa managed by The Dog Salon; Happy Tails, an indoor doggy daycare; and two dog parks. Additional amenities include the Inspire Fitness and Wellness Center; an outdoor yoga studio; spa with sauna, nail and massage services; the Grand Lawn with a 25-meter pool with sundeck, grilling stations, a pizza oven and fire pits; Sprockets bike …
DETROIT — Broder & Sachse Real Estate has reopened The Hamilton Midtown in Detroit. Originally designed as an apartment hotel that opened in 1913, the property now offers 97 apartment units. The $12 million rehabilitation of the property features new amenities, such as a lounge with gaming and other entertainment, living room with coffee station, fitness and wellness center, dog washing station, and bike repair station. The rehabilitation also included the restoration of the ballroom. Monthly rents start at $722 per month. Sachse Construction served as the construction manager and Hamilton Anderson Associates was the architect. The City of Detroit and United Community Housing Coalition helped create an inclusionary housing program for qualified residents so that, upon completion of renovations, more than 75 percent could return to the building at an affordable rental rate.
ITASCA, ILL. — J.C. Anderson has completed a 108,000-square-foot office and warehouse build-out for Glass Solutions Inc. in Itasca. The property is located at 960 Maplewood Drive. The scope of the project included a 23,000-square-foot office build-out and an 85,000-square-foot warehouse build-out. The office portion includes private offices, a collaboration area, executive conference room, break room and new locker rooms. The warehouse features new electrical, LED lighting and heating units. J.C. Anderson also reworked the dock and delivery areas to create a more efficient flow. Seth Erlich, Andrew Mott and Steve Perry of J.C. Anderson led the project team. Scot Ferguson of Antunovich Associates provided architectural services.
RALEIGH, N.C. — Chevy Chase, Md.-based Willard Retail has signed an agreement with the Research Triangle Foundation to acquire a 12-acre parcel located in Research Triangle Park. The site is at the convergence of Interstate 40, Highway 54 and Davis Drive in Raleigh. Willard Retail plans to develop a 150,000-square-foot town center to serve as the shopping and dining core of Park Center — a large mixed-use development project included more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space. Expected to open in late 2020, the new retail component is slated to include a grocery store, health club and a mix of restaurants and small shops. Additionally, the development will feature outdoor public spaces for programmed events such as yoga classes, movie nights and live music. Willard Retail has engaged CBRE|Raleigh to lead the project’s leasing activities.
PERRIS AND SAN BERNARDINO, CALIF. — Rockefeller Group has completed construction of two projects totaling 1.9 million square feet of industrial space in the Inland Empire. Upon completion, the company sold two of the of four buildings, totaling 1.1 million square feet. Located in Perris, Optimus Logistics Center includes two speculative buildings totaling approximately 1.5 million square feet. Ferguson Enterprises, a U.S. distributor of plumbing supplies, PVF, waterworks and fire and fabrication products, acquired a 1 million-square-foot distribution facility at the center. The company plans to move and expand its Ontario, Calif., operations to the new facility. The move will enhance Ferguson’s distribution capabilities from 600,000 square feet to more than 1 million square feet. Additionally, Rockefeller Group sold an 81,286-square-foot industrial building at Tri-City Industrial Complex in San Bernardino to 4F Capital. Optimus Logistics Center features a 407,000-square-foot building available for sale or lease, and Tri-City Industrial has a 344,249-square-foot property available. Both buildings can be subdivided to approximately 138,000 square feet to accommodate a variety of end-user requirements. Mike McCrary, Peter McWilliams and Sharon Wortmann of JLL represented Rockefeller Group in the Optimus transaction, while Darla Longo, Bill Pellington, Len Santoro, Joey Sugar and Kevin Wille of CBRE …
HIGHLAND HEIGHTS, KY. — Fairmount Properties has broken ground on St. Elizabeth Medical Office building at the main entrance to Northern Kentucky University in Highland Heights. Fairmount is developing the property in partnership with Northern Kentucky University, St. Elizabeth Healthcare, OrthoCincy, the City of Highland Heights and Campbell County. The project team includes Bialosky, Casler Design Group, Danis, The Kleinger Group, KLH Engineers, Realm Collaborative and THP Limited. Located on Nunn Drive, the 65,000-square-foot facility will offer urgent care, primary care and specialty physicians space, as well as OrthoCincy’s on-site orthopaedical office, physical therapy and other orthopaedical services. The facility is slated to open in early 2020. The medical office is the first phase of a more than $100 million NKU Gateway mixed-use development. Upon complete build-out, the property will include restaurants, retail space, market-rate apartments, a hotel, parking and new public gathering spaces.