Development

AvalonBay Communities Underway on 930-Unit Multifamily Project in Durham

by John Nelson October 21, 2024

DURHAM, N.C. — AvalonBay Communities is underway on the development of Avalon Oakridge, a 930-unit multifamily project located on Durham-Chapel Hill Boulevard in Durham. Phase I, which comprises 459 apartment units averaging 932 square feet in size, broke ground earlier this year, with move-ins scheduled to begin in fall 2026. AvalonBay Communities has now acquired 7.8 acres from Beacon Properties Group for Phases II and III of the development, which will together total 471 apartment units. Amenities at the community will include a fitness center, swimming pool, outdoor courtyards with grilling areas, a resident lounge with coworking spaces, pet spa with a dog washing station and onsite bike storage. Chester Allen, Howard Jenkins and Tiffany Hilburn of CBRE represented Beacon Properties Group in the land sale, which marks the second transaction between the seller and AvalonBay Communities at the site.

October 21, 2024

Development Georgia Southeast Student Housing

Toll Brothers Campus Living Completes $91M Student Housing Development Near Georgia Tech

by John Nelson October 21, 2024

ATLANTA — Toll Brothers Campus Living has completed Kinetic, a $91 million student housing development located near the Georgia Institute of Technology (Georgia Tech) campus in Midtown Atlanta. US Bank provided construction financing for the 752-bed project, which broke ground in July 2022. The community offers 239 fully furnished units with bed-to-bath parity in one- through five-bedroom configurations. Shared amenities include study lounges with private and collaborative workspace; a high-tech content studio; coffee bar; community room with a large-screen TV; e-sports lounge; social lounges; and a fitness center with modern equipment and a sauna. Kinetic also features a sky lounge on the 34th floor with a swimming pool and an outdoor courtyard with grills and rooftop dining space.

October 21, 2024

Development Florida Hospitality Loans Mixed-Use Southeast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson October 21, 2024

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

October 21, 2024

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson October 21, 2024

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

October 21, 2024

Development Mixed-Use Texas

City of Frisco Approves Master Development Agreement for $3B Mixed-Use Project

by Taylor Williams October 21, 2024

FRISCO, TEXAS — The City of Frisco, located north of Dallas, has approved a master development agreement for The Mix, a $3 billion, 112-acre mixed-use project. Under the terms of the deal, the City of Frisco, the Frisco Economic Development Corp. and the Frisco Community Development Corp. will provide $113.4 million in performance-based grants to fund Phase I infrastructure, which includes property remediation and construction of an underground parking garage. The Mix will be located at the former site of Wade Park, a mixed-use development that never materialized at the southeast corner of Lebanon Road and Dallas Parkway. Plans currently call for 2 million square feet of office space, 375,000 square feet of retail and restaurant space, two hotels and apartments and townhomes, as well as 16 acres of open green space and a park. The name of the private-sector developer behind the project was not disclosed, but D Magazine reports that New York-based JVP Management took control of the site in 2019.

October 21, 2024

Development Illinois Midwest Retail

Geis Begins Development of 65,720 SF Service, Sales Facility for Rush Truck Centers in Huntley, Illinois

by Kristin Harlow October 21, 2024

HUNTLEY, ILL. — Geis Cos. has begun development of a 65,720-square-foot service and sales facility for Rush Truck Centers in the Chicago suburb of Huntley. The development marks the 15th Rush Truck Centers project for Geis. Rush purchased 12 acres next to its existing facility for the new project. Geis will demolish an existing 32,000-square-foot building on the property. Completion is slated for the first quarter of 2026, and the project will be done in three phases.

October 21, 2024

California Development Multifamily Western

HSR Breaks Ground on 278-Unit Multifamily Community in Millbrae, California

by Amy Works October 21, 2024

MILLBRAE, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has started construction on One Meadow Glen, an apartment property at 959 El Camino Real in Millbrae, approximately 15 miles south of San Francisco. Situated on 1.8 acres, the six-story property will offer 278 apartments, including 26 affordable units, and 17,000 square feet of ground-floor retail space. The studio, one-, two- and three-bedroom units will range in size from 450 square feet to 1,460 square feet. Community amenities will include a 25-yard lap pool with spa, sauna, cold plunge, a fitness center, coworking lounge, clubhouse and entertainment lounge, pet wash, resident maker space, secure bike storage and secure parking. Completion is slated for second-quarter 2027. Project partners include BDE Architecture as architect of record and SBI Builders as general contractor. HSR acquired the land from Bay Properties, which plans to retain a retail interest in the property.

October 21, 2024

Arizona Development Loans Multifamily Western

Concord Summit Capital Secures $24.5M Construction Loan for Metrocenter Mall Redevelopment in Phoenix

by Amy Works October 21, 2024

PHOENIX — Concord Summit Capital has arranged a $24.5 million construction loan for the demolition, abatement and infrastructure entitlements for the redevelopment of Metrocenter, a mall situated on 64 acres in Phoenix. The borrowers and developers are Concord Wilshire and TLG Investment Partners. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit Capital sourced the financing for the borrowers. The Metrocenter site will be redeveloped into a mixed-use residential village offering more than 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be more than $500 million. Concord Wilshire Capital and TLG Investment began the abatement and demolition of the Metrocenter Mall last month.

October 21, 2024

Development Multifamily New Jersey Northeast

Walters Underway on 67-Unit Multifamily Restoration Project in Brick, New Jersey

by Taylor Williams October 21, 2024

BRICK, N.J. — New Jersey-based developer Walters is underway on Osborn Dunes at South Mantoloking, a 67-unit multifamily restoration project in the coastal community of Brick. Situated on a three-acre barrier island between Mantoloking and Normandy Beach, Osborn Dunes, formerly known as Camp Osborn, was once a small enclave of beachfront bungalows before being destroyed by Superstorm Sandy in 2012. The restoration of the site will feature 67 duplex apartments with an average size of 1,033 square feet, with work on about half of the residences now finished. Full completion is slated for Memorial Day 2025.

October 21, 2024

Development Hospitality Mixed-Use South Carolina Southeast

Frampton Begins Construction on 100-Room Residence Inn Hotel in Mount Pleasant, South Carolina

by John Nelson October 18, 2024

MOUNT PLEASANT, S.C. — Frampton Construction Co. has broken ground on a new, 100-room hotel in Mount Pleasant. Frampton is serving as the general contractor on behalf of the developer, Bennett Hospitality, which will operate the property as Residence Inn. Upon completion, the hotel will total 82,000 square feet across five stories. The Residence Inn will be situated within the five-phase, $500 million Patriots Annex development located on the east side of Charleston Harbor and will be within walking distance of Patriots Point Soccer Stadium, the College of Charleston Baseball Stadium x Tennis Center, the Patriots Point Links golf course and the Patriots Point Naval and U.S. /Maritime Museum. The Residence Inn hotel will feature a fitness center, pool, meeting rooms and dining and bar areas. The project team includes Winford Lindsay Architect and civil engineer Seamon Whiteside. Completion of the hotel is scheduled for 2026.

October 18, 2024

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