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Palladium-Old-FM-471-San-Antonio
Affordable HousingDevelopmentLoansMultifamilyTexas

Palladium USA Breaks Ground on $79M Mixed-Income Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.

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Tricon-Willow-Creek-Tomball
Build-to-RentDevelopmentSingle-Family RentalTexas

Tricon Residential Completes 148-Unit Build-to-Rent Project in Tomball, Texas

by Taylor Williams

TOMBALL, TEXAS — Tricon Residential, a subsidiary of Blackstone, has completed a 148-unit build-to-rent-residential project in the northeastern Houston suburb of Tomball. Tricon Willow Creek features three- to four-bedroom homes with four different configurations that are furnished with stainless steel appliances, granite countertops, two-car garages and fully fenced backyards. Amenities include a pool, playground, dog park and sports park. Tricon developed the property in partnership with HHS Residential, a division of Plano-based Highland Homes. Rents start at $2,289 per month for a three-bedroom home.

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DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

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AlabamaDevelopmentIndustrialSoutheast

TriOut to Develop 223,500 SF Industrial Project in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — TriOut Advisory Group plans to develop a 223,500-square-foot industrial project in Huntsville. The project will be situated near I-565 on an 18-acre site along Sparkman Drive within Cummings Research Park. The project team includes locally based civil engineer Johnson & Associates. NAI Chase Commercial Real Estate is handling the leasing assignment on behalf of TriOut.

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AcquisitionsDevelopmentMultifamilyNorth CarolinaSoutheast

Berkadia Brokers $14.5M Sale of Metro Charlotte Townhome Development Site

by John Nelson

MOORESVILLE, N.C. — Berkadia has brokered the $14.5 million sale of Townes at Lake Norman, a 116-lot townhome development site located at 752 River Highway in the northern Charlotte suburb of Mooresville. The seller is North Carolina-based Evolve Cos., which is developing an apartment community that includes the 116-lot townhome site called Evolve at Lake Norman. The developer plans to deliver first units later this month and has tapped Hawthorne Residential to operate the community. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. The buyer was not disclosed.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Annex Group to Build $82M Affordable Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — The Annex Group has unveiled plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will include one-, two- and three-bedroom floor plans for residents who earn at or below 70 percent of the area median income. Amenities will include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million in permanent mortgage dollars and $15 million of soft debt, Grow America provided $22.5 million in Low-Income Housing Tax Credits equity and Ann Arbor Housing Commission provided $3 million of soft debt. An official groundbreaking will be announced in the coming days. Completion is slated for fall 2026. The project marks Annex Group’s third community in Michigan.

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DevelopmentIndustrialMidwestWisconsin

Crow Holdings Expands Scope of $75M Air Cargo Project at Milwaukee Airport

by Kristin Harlow

MILWAUKEE — Crow Holdings has expanded the scope of its South Cargo Logistics Hub project at the Milwaukee Mitchell International Airport in Wisconsin. The development is a public-private partnership whereby most of the $75 million in capital cost and resources necessary to complete the project will come from private sources. The developer signed a ground lease with the county. At the end of the term, the county will have the option for all improvements to become its property. Crow has expanded the size of the new facility by nearly 50,000 square feet for a total of 337,000 square feet, which is consistent with the 2022 Airport Master Plan prepared by Milwaukee County. Crow will also deliver a new garage for the Milwaukee County Highway department. The project scope has also grown to include large-scale repairs to the roughly 16 acres of public taxiway area directly adjacent to the project. This added work will enable modern wide-body cargo traffic to operate in this part of the airport on a consistent basis for the first time, according to a release. The increased size will facilitate the simultaneous parking of up to five Boeing 777-8F, or equivalent, plane parking positions along with a …

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DevelopmentIndianaMidwestMultifamily

MBG Underway on Construction of 250-Unit Luxury Apartment Community in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — MBG is underway on the construction of The James at Chatham Hills in Westfield, about 30 miles north of Indianapolis. Mia Rose Holdings is developing the 250-unit luxury apartment project. Completion is slated for May 2025. The project marks the first multifamily development for MBG’s new Indianapolis office. Located on a 21-acre site within the Chatham Hills planned residential and recreational development, The James at Chatham Hills will feature eight two- and three-story buildings with 124 one bedrooms, 114 two bedrooms and 12 three-bedroom units. Amenities will include access to a nature trail and lake recreation, a pool, pickleball courts, golf simulator, fitness facility and conference spaces. The project team includes architect Rosemann & Associates, civil engineer V3 Cos. and mechanical, electrical and plumbing engineer Engenuity.

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DevelopmentHealthcareIllinoisMidwest

Joint Venture to Convert 43,000 SF Former Fitness Facility in Suburban Chicago into Cardiovascular Center

by Kristin Harlow

NAPERVILLE, ILL. — A joint venture between Capital Healthcare Properties and HSG Medical has entered the permitting phase of a project to create a specialized cardiovascular center in the Chicago suburb of Naperville. The outpatient ambulatory surgery treatment center (ASTC) will be built for a Chicago-area healthcare system. The ASTC will transform a former 43,000-square-foot fitness facility at 1836 Freedom Drive. The joint venture has been coordinating with consultants, the health system and the city for over a year. The original design and use of the building as a fitness center, including 25-foot ceiling heights and minimal columns, promotes an efficient and flexible floor plan to maximize the space for a complex healthcare build-out, according to the development team. The building, constructed in 2008, sits on a five-acre lot and offers more than 200 parking spaces. Construction is set to commence this quarter, with the first patients expected to be seen in the new facility in 2026. The project team includes architects Antunovich Associates and HDR, civil engineer V3 Cos., mechanical, electrical and plumbing engineer IMEG, landscape architect Hitchcock Design Group and general contractor Boldt. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.5 million sale of the …

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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