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DevelopmentIllinoisMidwestMultifamily

Lendlease Opens 452-Unit Apartment Tower in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Lendlease has opened The Cooper at Southbank, a 29-story, 452-unit apartment tower in Chicago’s South Loop. It is the first project both built and developed by the firm in the Chicago market. The Cooper is one of five residential buildings planned for Southbank, a seven-acre neighborhood development along the South Branch of the Chicago River. Floor plans range in size from 451 to 1,104 square feet. Monthly rents start at $1,710. In addition to apartment units, six penthouses and 26 townhomes will be available for rent starting in January. Amenities span more than 35,000 square feet on the sixth floor and include a terrace, pool, pizza oven, bocce ball court, fitness center with Peloton bikes, virtual sports simulator, musical instrument lounge and reading room. Pet amenities, including a dog run and grooming station, are located on the fifth floor. Southbank’s central amenity will be a two-acre park. Perkins+Will serves as the principal architect for Southbank. Hoerr Schaudt is the landscape architect. The Cooper is named after several Chicago creative pioneers, including the artistry of Frederick Cooper’s lighting, the craftsmanship of Oswald Cooper’s lettering and typefaces, the ingenuity of Martin Cooper’s inventions and the spirit of Jack L. Cooper’s early radio …

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DevelopmentLoansMultifamilySouth CarolinaSoutheast

SunTrust Provides $36M Construction Financing for New Apartment Community Near Charleston

by Camren Skelton

SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.

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Conference CoverageDevelopmentFeaturesMultifamilyTexasTexas & Oklahoma Feature Archive

Panel: Multifamily Developers in DFW Should Focus on Costs, Not Revenue

by Taylor Williams

DALLAS — After experiencing exceptional rent growth between 2014 and 2017, it may be time for developers of multifamily product in the Dallas-Fort Worth (DFW) metroplex to shift their attention from the revenue side of the equation to the expense side. According to CoStar Group, average asking rents across DFW rose by about 12 percent between 2014 and 2017. The year-over-year rent growth of 6.3 percent that occurred between 2014 and 2015 marked a 10-year high for the market and kicked new development into high gear. Now, however, the metroplex has become inundated with new multifamily supply — nearly 22,000 new units delivered in the past 12 months. Rent growth has slowed to about 2.2 percent year-to-date and vacancy is inching upward. But rather than pump the brakes on building, developers should be looking for ways to cut costs, not push rents, if they want to maintain their current levels of profitability. Such was the conclusion of six multifamily developers who gathered at the seventh annual InterFace Multifamily Texas conference on Sept. 26. Held at the Westin Galleria hotel in Dallas, the event drew roughly 250 attendees. Matt Brendel, divisional president and managing partner at Irving, Texas-based JPI, was the …

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DevelopmentNortheastOfficePennsylvania

City Center Investment Tops Out 13-Story Office Tower in Allentown

by David Cohen

ALLENTOWN, PA. — Real estate development company City Center Investment Corp. has topped out Five City Center, a 13-story office tower in Allentown. The 300,000-square-foot building is located at Eighth and Hamilton streets and will feature an all-glass exterior with first-floor retail space. Payroll processing provider ADP has leased 243,241 square feet at Five City Center to house its regional sales division. The building is slated to open by Sept. 1, 2019.

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DevelopmentHospitalityTexas

Trinity Bluff Hospitality Acquires Land in Downtown Fort Worth to Develop 100-Room Hotel

by Camren Skelton

FORT WORTH, TEXAS — Trinity Bluff Hospitality LLC has acquired 1.5 acres in downtown Fort Worth’s Trinity Uptown neighborhood with plans to construct a 100-room Avid hotel. Austin Reilly of Land Advisors Organization arranged the transaction on behalf of the seller, Trinity Bluff Development Ltd. Avid is a newer concept from InterContinental Hotels Group (IHG). These hotels feature 24-hour coffee bars, breakfast on the go and a 24-hour market. A construction timeline for the new location was not disclosed.

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DevelopmentIndustrialTexas

City of Garland Approves 21,000 SF Expansion for Automotive Manufacturing Facility

by Camren Skelton

GARLAND, TEXAS — The City of Garland has approved a 21,000-square-foot expansion for Kirchoff Automotive at its industrial facility located at 3901 W. Miller Road. The project will expand the German automotive components manufacturer’s operations from 94,000 to 115,000 square feet. As part of the project, Kirchoff will invest $20 million in the acquisition and installation of new advanced machinery and equipment at the site. The expansion will begin in April 2019, and the facility is expected to be fully operational by 2020. Kirchoff launched operations in Garland in 2012 and currently staffs 200 employees at its facility that makes parts for Chevrolet, GMC and Cadillac SUVs. The parts manufactured in Garland are then shipped to General Motors assembly plants.

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DevelopmentIndianaIndustrialMidwest

Meridian Begins Construction of Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Meridian Design Build has begun construction on a 262,758-square-foot speculative industrial building on behalf of HSA Commercial Real Estate in Plainfield, a suburb of Indianapolis. The new facility will be located on a 19.3-acre site at 845 Airtech Parkway. The building will feature a clear height of 32 feet, 30 loading docks, four drive-in doors and parking for 185 cars and 70 trailers. Cornerstone Architects is the architect while Innovative Engineering & Consulting is providing civil engineering services. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

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DevelopmentFloridaOfficeSoutheast

Kaufman Lynn Breaks Ground on $150M Headquarters Expansion for South Florida-Based Automotive Company

by Camren Skelton

DEERFIELD BEACH, FLA. —  Kaufman Lynn Construction (KL) has broken ground on a $150 million headquarters renovation and expansion for JM Family Enterprises in Deerfield Beach. JM Family Enterprises is a privately owned automotive company whose subsidiaries include Southeast Toyota Distributors, JM&A Group and JM Lexus. The renovation will take place over the next three years. KL will demolish seven of the campus’ existing buildings, and will build eight new structures, including three office buildings, a two-story dining hall, 20,000-square-foot sports complex, 55,000-square-foot conference/training center and a 900-car parking garage. Three of the campus’ existing buildings will remain. Other features in the renovated, open-style campus will include a café, collaboration space, outdoor central plaza, fountains and walkways. Jacksonville-based architect Robert Broward, former apprentice to Frank Lloyd Wright, designed the campus’ master plan. KL is working with Boca Raton-based PGAL Architects to complete the project.

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DevelopmentMixed-UseOfficeSoutheastTennessee

Third & Urban, FCP Unveil Plans for 160,000 SF Mixed-Use Redevelopment in Nashville

by Camren Skelton

NASHVILLE, TENN. — Third & Urban and FCP have acquired the former Madison Mill, located along Charlotte Avenue in Nashville, with plans to redevelop the site into a 160,000-square-foot office and retail project. Dubbed Sylvan Supply, the project will be divided into six buildings connected by open corridors and terraces, providing outdoor workspaces for tenants. The development will feature 130,000 square feet of creative office space with open floor plans, large windows and outdoor space, as well as 27,000 square feet of retail and dining space. The redevelopment will preserve the existing buildings, which were originally used for the production of high-quality wood products. Centric Architecture and landscape architect Hodgson Douglas are designing the project, and Gay Construction is the general contractor. Bo Tyler, Bill Adair and Ashley Albright of JLL are handling the office leasing, while Elliott Kyle of Equitable Property Co. is handling the retail leasing. The development team will break ground on Sylvan Supply next month, with completion scheduled for the fourth quarter of 2019.

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DevelopmentHawaiiHospitalityTop StoriesWestern

Hilton Grand Vacations to Develop 32-Story Resort in Honolulu’s Waikiki

by Kristin Harlow

HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments. Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge. The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units. “Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV. Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago. BSC KVSC LLC, a partnership that includes BlackSand Capital, …

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