Thursday, January 9, 2025
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Greyson-Luxury-Living-San-Antonio
DevelopmentMultifamilyTexas

Carbon Cos. Completes 291-Unit Multifamily Project in North San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Carbon Cos. has completed Greyson Luxury Living, a 291-unit multifamily project in San Antonio. The property is located at 1734 N. Loop 1604 W on the city’s north side. Units come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center and a dog wash station. Rents start at roughly $1,300 per month for a studio apartment.

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Elysian-Watertown-Square
DevelopmentMassachusettsMultifamilyNortheast

Joint Venture Breaks Ground on 142-Unit Multifamily Project in Watertown, Massachusetts

by Taylor Williams

WATERTOWN, MASS. — A joint venture between New York City-based developer O’Connor Group, real estate private equity firm FrontRange Capital Partners and Japanese construction company Takenaka Corp. has broken ground on a 142-unit multifamily project in Watertown, a western suburb of Boston. Elysian Watertown Square will be a five-story building with retail space, and 15 percent of the units will be reserved for households earning between 65 and 80 percent of the area median income. Amenities will include a fitness center, coworking space, pet care spa and two rooftop terraces. ICON Architecture designed the project, and Dellbrook | JKS will be the general contractor. Completion is slated for summer 2026.

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The-James-Irvine-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL, HJ Sims Arrange $473M in Financing for Development of Seniors Housing Community in Irvine, California

by Amy Works

IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …

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Bake-Freeway-Biz-Park-Irvine-CA
CaliforniaDevelopmentIndustrialWestern

Tishman Speyer Begins Construction on 380,000 SF First Phase of Bake Freeway Business Park in Irvine, California

by Amy Works

IRVINE, CALIF. — Tishman Speyer and Mitsui Fudosan America (MFA) have started construction on the 380,000-square-foot first phase of Bake Freeway Business Park in Irvine. When fully completed, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to Interstate 5 and greater Orange County, Calif. The first phase will feature a 176,337-square-foot building with 186 parking stalls on 9.5 acres at 15700 Bake Parkway, and a 202,831-square-foot building with 287 parking stalls on 10 acres at 15800 Bake Parkway. The buildings will each feature 36-foot clear warehouse space, 25 dock-high doors and two ground-level doors. KPRS is serving as general contractor on the initial phase, which is slated for completion in third-quarter 2025. The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. At full build-out, the park will offer four buildings ranging in size from 73,000 square feet to 203,000 square feet. To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA secured an $84.7 million construction loan from JPMorgan Chase.

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Irvine-Ranch-Market-Costa-Mesa-CA
CaliforniaDevelopmentRestaurantRetailWestern

Space Investment Partners Completes $11M Renovation of Retail Property in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Space Investment Partners has completed an $11 million renovation of The Ranch at Newport Bay, a 60,000-square-foot, grocer-anchored mixed-use retail property in Costa Mesa. The asset is located at 2651-2675 Irvine Ave. With the addition of Verde, a restaurant and bar concept, The Ranch is fully occupied. Verde, which opened in November, occupies two spaces in the neighborhood center encompassing 5,000 square feet. Created by Koire Rogers and Anthony Laborin, Verde features a highly developed beverage program in its lower-level Verde Bar and ingredient-driven seasonal California cuisine in its upper level restaurant. Additional tenants include Nike Training Studio (4,100 square feet), XPT Studio (900 square feet), Del Mar Wellness (1,350 square feet), Coffee Dose (1,300 square feet) and Tiny Tooth Pediatric Dentistry (2,091 square feet). Irvine Ranch Market, as the anchor tenant, occupies 17,500 square feet at the center.

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DevelopmentGeorgiaMixed-UseOfficeSoutheast

Portman Delivers 530,000 SF Ten Twenty Spring Office Tower in Midtown Atlanta

by John Nelson

ATLANTA — Portman has delivered Ten Twenty Spring, a new 530,000-square-foot office tower in Midtown Atlanta. The Class A office building is part of the locally based developer’s Spring Quarter mixed-use development that comprises the office tower, an apartment high-rise called Sora that opened last fall, street-level retail space and the historic H.M. Patterson Home and Gardens. Ten Twenty Spring features 32,000-square-foot floor plates and 10-foot floor-to-ceiling windows, as well as 15,000 square feet of private terraces and 20,000 square feet of amenity space. Sozou, a new Japanese restaurant from Chef Fuyuhiko Ito, will open at the office tower’s ground floor in summer 2025. The restaurant group will also open Omakase by Ito on the office tower’s eight-floor rooftop. Portman has tapped Glenn Kolker, Preston Menning and Malik Leaphart of Stream Realty Partners to lease Ten Twenty Spring.

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DevelopmentIndustrialKansasMidwest

Contegra Construction Completes 1 MSF Distribution Center in De Soto, Kansas

by Kristin Harlow

DE SOTO, KAN. — Contegra Construction Co. has completed a 1 million-square-foot distribution center at Flint Commerce Center in De Soto, a southwest suburb of Kansas City. Flint Development is the developer for the 370-acre industrial park. Panasonic has leased half of the building to support a nearby battery manufacturing facility under construction. Located at 10200 Edgerton Road, the cross-dock distribution center features a clear height of 40 feet. There are 98 dock doors with four drive-through doors, and parking is available for 515 cars and 251 trailers. The project team included Davidson Architecture and Engineering, BHC Civil Engineering & Surveying, PKMR Engineers, Wallace Engineering and CFS Engineers.

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DevelopmentMultifamilySoutheastTennessee

Kolter Multifamily Breaks Ground on 300-Unit Alton Nexus Apartments in Gallatin, Tennessee

by John Nelson

GALLATIN, TENN. — Kolter Multifamily LLC, along with its affiliates, has broken ground on Alton Nexus, a 300-unit apartment community in Gallatin, a Middle Tennessee city approximately 30 miles northeast of Nashville. The project represents the first apartment development outside of Florida for Kolter Multifamily, a subsidiary of Delray Beach, Fla.-based The Kolter Group. Alton Nexus will feature a mix of one-, two- and three-bedroom apartments, as well as a resort-style swimming pool with outdoor firepits, clubroom with a bar, coworking spaces and a fitness center with a yoga studio. The project is part of the Nexus master-planned development that features a business park, shops and restaurants. Kolter Multifamily expects to deliver Alton Nexus in winter 2026.

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DevelopmentGeorgiaLeasing ActivityMixed-UseRetailSoutheast

Trader Joe’s to Open 13,500 SF Grocery Store at Halcyon Mixed-Use Development in Metro Atlanta

by John Nelson

ALPHARETTA, GA. — RocaPoint Partners has announced that Trader Joe’s will open a new 13,500-square-foot grocery store at Halcyon, a mixed-use development in the north Atlanta region of Forsyth County. Located in Alpharetta near the Big Creek Greenway trail, the grocery store will be situated next to the new Chick-fil-A as part of the third phase of Halcyon, which recently celebrated its fifth anniversary of operation. Other committed tenants of Halcyon’s Phase III include Chewy Vet Care, Chase Bank and Five Guys. Halcyon also includes The Village Green central gathering space for events, offices for Morgan Stanley, an Embassy Suites by Hilton hotel, CMX CInebistro, X-Golf, a food hall, Cherry Street Brewpub and several shops and restaurants. The new Halcyon store will bring the number of Trader Joe’s locations in metro Atlanta to eight.

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DevelopmentIndianaIndustrialMidwestTop Stories

Stellantis, Samsung SDI to Receive Up to $7.5B in Federal Financing for Two EV Battery Plants in Kokomo, Indiana

by John Nelson

KOKOMO, IND. — StarPlus Energy LLC, a joint venture between global automobile manufacturer Stellantis N.V. and South Korean battery maker Samsung SDI Co. Ltd., has secured a conditional commitment for federal funding to finance two new lithium-ion battery cell and module manufacturing plants underway in Kokomo. The plants were announced by the manufacturers in 2022 and 2023. As part of the Biden-Harris Administration’s “Investing in America” agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for a loan of up to $7.5 billion ($6.8 billion in principal and $688 million in capitalized interest) to StarPlus Energy. The company must satisfy certain technical, legal, environmental and financial conditions before the DOE funds the loan. If finalized, the loan would be offered through LPO’s Advanced Technology Vehicles Manufacturing (ATVM) program, which provides loans to support U.S. manufacturing of advanced technology vehicles, qualifying components and materials that improve fuel economy. The output from the Kokomo facilities will be sold to Stellantis for use in electric vehicle (EV) models that will be sold in North America. One goal of the federal funding is to help “ensure the United States can meet domestic demand and remain a global leader …

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