PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corp. (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit affordable seniors housing project in Philadelphia’s Overbrook area. The site formerly housed the Good Shepherd Presbyterian Church. The four story, 53,000-square foot building will offer one-bedroom apartments for seniors earning between 20 and 60 percent of the area median income. Delivery is slated for fall 2025.
Choice Hotels International, Highside Cos. Break Ground on 123-Room Everhome Suites Hotel in Wichita
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) and Highside Cos. have broken ground on Everhome Suites Wichita, a 123-room hotel. The extended-stay property is located at 3880 N. Rock Road about three miles west of Wichita State University. Completion is slated for fall 2025. Everhome Suites amenities include weekly housekeeping, free WiFi, an outdoor amenity area, Homebase Market, fitness center and guest laundry facilities. The hotel marks Choice’s first Everhome Suites in Kansas.
WASHINGTON, D.C. — The U.S. General Services Administration (GSA), along with the U.S. Department of Homeland Security, has awarded Clark Construction the $524 million contract to build the new headquarters for the Cybersecurity and Infrastructure Security Agency (CISA). The new 630,000-square-foot federal building will be located at the St. Elizabeths West Campus in Washington, D.C. As part of the Biden Administration’s goal to achieve net-zero emissions from federal buildings by 2045, the contract features $80 million to purchase low-embodied carbon construction materials including asphalt, concrete, glass and steel, as well as $35 million to meet high-performance green building standards. The new CISA building is designed to meet LEED Gold certification standards with sustainable features including chilled beams, a dedicated outside air system with energy recovery and demand-controlled ventilation, advanced lighting controls and a high-performance building envelope. The contract includes a nearly $115.9 million investment via the Inflation Reduction Act (IRA), making it the GSA’s largest single IRA investment to date. CNBC, citing data from the Massachusetts Institute of Technology (MIT) and the Rhodium Group, reports that companies have announced approximately $493 billion of investments in clean energy tech, infrastructure and electric vehicle manufacturing since the IRA was signed into law …
RICHMOND, VA. — Pinecrest has delivered Parc View at Commonwealth, a 509-bed student housing development located pedestrian to the Virginia Commonwealth University (VCU) campus in Richmond. The 16-story community spans 275,000 square feet and offers units in one-, two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a rooftop sky deck, art room, fitness center and collaborative study spaces. The development team for the project included Rycon Construction Inc. as general contractor; Hickok Cole Architects; Timmons Group as civil engineer; and University Partners as managing operator. CIBC Bank USA provided construction financing for the development.
WESLEY CHAPEL, FLA. — Mast Capital and Rockpoint have completed The Harlow, a 248-unit luxury apartment community located on 16 acres in the Tampa suburb of Wesley Chapel. Designed by Dwell Design Studio, The Harlow features one-, two- and three-bedroom layouts ranging from 750 to 1,500 square feet in size. Monthly rental rates range from $1,503 to $2,800, according to Apartments.com. Amenities include a clubhouse with a full-service fitness studio, game room, coworking lounge with private offices, lounge areas, resort-style swimming pool with a sundeck, an outdoor pavilion, pet park and a children’s playground. Other features at the garden-style property include detached garages and electric vehicle charging stations.
HOUSTON — Locally based developer Welcome Group is nearing completion of Pinto Park, a 125,333-square-foot industrial project that encompasses a nine-acre site in North Houston. Construction of the 56,272-square-foot building at 454 Fallbrook Drive is expected to be complete in the coming weeks, and the building is fully preleased to an undisclosed tenant in the advanced technology manufacturing sector. Welcome Group was self-represented in the lease negotiations. Building 2, which totals 69,061 square feet, is also scheduled for a fall completion. Houston-based KDW served as the general contractor for the project, construction of which was financed by Simmons Bank.
OLATHE, KAN. — StorTropolis Self-Storage has opened a new facility in Olathe at 601 N. Millridge St. The property features 113,010 square feet of leasable storage space divided into 867 units. Alongside indoor units with temperature control, the facility also offers indoor drive-up units. The property utilizes StorageDefender, a motion-sensing technology that alerts tenants by text of any activity in their storage unit. Additional security features include a gated and fenced property with keypad access, 24/7 recording cameras and onsite management. Storage Asset Management will oversee daily operations. StorTropolis is a Hunt Midwest self-storage platform.
NEWFOLDEN AND VIKING, MINN. — Kraus-Anderson has completed construction on additions at three Marshall County Central school buildings in Newfolden and Viking within northwest Minnesota. In August 2022, the Marshall County Central community voted and passed an $18.9 million building referendum to add needed space to support students and programs. A 93,559-square-foot project at Marshall County Central High School featured five new classrooms, a cafeteria, secondary gym, weight room, support spaces, commons and bus loop. Newfolden Elementary received a new library, music room, outdoor basketball court and staff/visitor parking lot. A 17,842-square-foot project at Viking Elementary involved a new secure entrance, front office, music room, kitchen office and storage. Remodeling created a school nurse office, library, larger staff lunchroom and additional space for preschool. Widseth Architects designed all three projects.
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Construction Sector Braces for Dry Spell in New Apartment Development
— By Lynn Peisner — Developers and owners are optimistic a slowdown in construction over the next two years will help boost occupancies and rents by cutting into the market-rate supply overhang. This may be good news for owners of existing assets, but it’s less than ideal for those who make a living in the construction business. Or so it would seem. Most construction leaders are unfazed by an impending drought in new development. Some firms say they will rely on other sectors of commercial building to sustain them through the lull in apartment projects. Overall, the consensus among builders is that multifamily remains a secure line of business due to the high cost of owning a single-family home and a shortage of affordable housing. Construction Companies Adapt The National Association of Home Builders (NAHB) expects multifamily starts this year to total 342,000, down 28 percent from 2023. The recent peak was in 2022 when construction starts totaled 547,000. In its U.S. Real Estate Market Outlook 2024, CBRE concluded that this decline in construction starts means that new deliveries annually will be reduced to less than half the current level by 2026. “The pace of multifamily construction starts has slowed this …
EDGECOMBE COUNTY, N.C. — Natron Energy, a sodium-ion battery manufacturer, has announced plans to develop a $1.4 billion factory at the Kingsboro CSX Select Megasite in Edgecombe County. Situated on 2,187 acres about 70 miles east of Raleigh, the facility will create more than 1,000 jobs, according to the company. Natron will receive roughly $30 million for the project from the North Carolina Megasite Readiness Program, which is overseen by the Economic Development Partnership of North Carolina (EDPNC). Christopher Chung, CEO of the EDPNC, says that the fund allows the state to “support the recruitment of large announcements like Natron.” A construction timeline was not disclosed.