Development

Griffin-Plaza-Senior-Living-Simi-Valley-CA

Canyon Partners Real Estate Invests $10.6M in Seniors Housing Development in Southern California

by Amy Works October 1, 2018

SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.

October 1, 2018

Aria-Fla-Ave-North-Capitol-St-Washington-DC

Acquisitions Development District of Columbia Mixed-Use Multifamily Office Retail Southeast

Aria Development Acquires Land Parcel for Mixed-Use Development in Washington, D.C.

by Amy Works October 1, 2018

WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.

October 1, 2018

Development Multifamily Seniors Housing South Carolina Southeast

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Development Hospitality Illinois Midwest

Broughton Hotels Completes Renovation of Three Historic Hotels in Chicago

by Kristin Harlow October 1, 2018

CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.

October 1, 2018

Affordable Housing Development Multifamily Texas

Fort Construction Breaks Ground on $19M Affordable Housing Project in Fort Worth

by Taylor Williams September 28, 2018

FORT WORTH, TEXAS — General contractor and design/build firm Fort Construction has broken ground on Vineyard on Lancaster, a 104-unit affordable housing project in Fort Worth. The development costs will total approximately $19 million, according to The Fort Worth Star-Telegram. The builder has partnered with Union Gospel Mission of Tarrant County for the project, which is aiming to begin leasing units by December.

September 28, 2018

Development Multifamily Seniors Housing Washington Western

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

by Amy Works September 28, 2018

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.

September 28, 2018

Development Midwest Missouri

Tarlton to Construct $12M Parking Garage in St. Louis

by Kristin Harlow September 28, 2018

ST. LOUIS — Tarlton Corp. is constructing a new $12 million parking garage in the Cortex Innovation Community in St. Louis. The five-level garage will provide spaces for 678 vehicles. Completion is slated for May 2019. HOK is the architect. The project is the first of three parking garage projects planned for the district. The Cortex Innovation Community is home to 350 technology-related businesses.

September 28, 2018

Development Retail Southeast Tennessee

Hutton Opens 69,540 SF Retail Redevelopment Near Knoxville

by Camren Skelton September 28, 2018

MARYVILLE, TENN. — Hutton has opened the redeveloped Maryille Commons, a 69,540-square-foot shopping center in Maryville, about 18 miles south of Knoxville. The Chattanooga-based developer originally acquired the former Kroger-anchored shopping center last year, and began construction on the redevelopment in November. As part of the project, Hutton redeveloped the previously freestanding Kroger and constructed an additional 11,130-square-foot expansion. Maryville Commons is now home to tenants such as HomeGoods, Ulta Beauty, Five Below, Kirkland’s, Rack Room Shoes and Chicken Salad Chick. In addition, the center is located adjacent to Target, which remodeled its store in July.

September 28, 2018

Development Loans Multifamily Texas

Mason Joseph Provides $28.5M HUD Construction-to-Permanent Loan for Metro San Antonio Apartments

by John Nelson September 27, 2018

LIVE OAK, TEXAS — Mason Joseph Co. Inc. has provided a $28.5 million loan for the construction and permanent financing of Aspire at Live Oak, a 240-unit, market-rate apartment community in Live Oak, about 16 miles northeast of San Antonio. Mason Joseph closed the loan on behalf of the privately held developers, Covenant Development and San Antonio Commercial Property Investments. The HUD financing will feature a fixed interest rate for the 20-month construction period and the subsequent 40-year term. The project team includes general contractor Galaxy Building and property manager Capstone Real Estate Services. The developers anticipate Aspire’s rental rates to range from $1,000 to $1,600 per month.

September 27, 2018

Rancho-Vista-Corporate-Center-San-Diego-CA

California Development Office Western

Ware Malcomb Completes Redevelopment of 838,300 SF Office Campus in San Diego

by Amy Works September 27, 2018

SAN DIEGO — Ware Malcomb has completed the redevelopment construction of Rancho Vista Corporate Center, located at 16399 W. Bernardo Drive in San Diego. Swift Real Estate Partners is the developer, Level 10 Construction served as general contractor and Ware Malcomb provided architecture, interior design and branding services for the project. The newly renovated corporate campus features Class A office and R&D buildings totaling 838,300 square feet on 67.5 acres. The project included the renovation of the exteriors, with upgraded landscape and hardscape throughout, as well as upgrading the on-site amenities for tenants. Additionally, the project now features a remodeled conference center, courtyard and 15,600-square-foot café with an operable glass wall system, as well as a new indoor workout facility, activity center with basketball and volleyball courts, outdoor collaboration areas and an outdoor dining area with a stretched fabric canopy. Ware Malcomb’s Branding Studio also provided signage design services for the redevelopment. The main goal for the project was to create site and brand identity with a design focused on energy efficiency, with xeriscaping to minimize water use and abundant shared areas to allow users to utilize site amenities.

September 27, 2018

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