MONTGOMERY, N.Y. — New York-based developer Ridgecut Road has broken ground on a 146,075-square-foot industrial speculative project in Montgomery, located about 70 miles northwest of Manhattan. The site spans 13.6 acres, and the facility will be branded I-84 Orange County Logistics Center. Building features will include a clear height of 36 feet, 31 dock doors and parking for 16 trailers and 83 cars. Pratt Design Studio and Premier Design + Build Group are serving as the architect and general contractor, respectively, and JLL is the leasing agent. John Alascio, T.J. Sullivan, Chuck Kohaut and Mitch Rothstein of Cushman & Wakefield arranged $20 million in construction financing for the project through Catal Capital. Completion is slated for the fourth quarter.
MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.
TEMPE, ARIZ. — Greenlight Communities, in partnership with Holualoa Cos., will break ground on Cabana Kyrene, a 229-unit attainable rental housing property in Tempe, on March 20. Located at 515 W. Guadalupe Road, Cabana Kyrene will offer 90 studio apartments, 93 one-bedroom units and 46 two-bedroom units.
SAN FRANCISCO — Japanese electronics and video game company Nintendo will open its second store in the United States — and its fifth overall location in the world — in San Francisco in May. Situated in Union Square at 331 Powell Street, Nintendo San Francisco will total 11,000 square feet and offer game systems and games, as well as a shopping experience that will include Nintendo’s characters and worlds. Exclusive products such as accessories, apparel, home goods and souvenirs will be available at the location. The grand opening will be held on Thursday, May 15. Nintendo currently operates one store in New York City and three in Japan.
LENEXA, KAN. — Sierra, a retailer of off-price merchandise operated by the TJX Cos., has opened across the street from Oak Park Mall at Orchard Corners Shopping Center in Lenexa. A grand opening took place Saturday, March 15. Rick Weiser of Block & Co. Inc. Realtors led the build-out of Sierra’s 19,000-square-foot space in partnership with Harmon Construction and CT Architects. The project started with a 37,000-square-foot, former SteinMart property that was split into two to welcome Sierra and Petco. Modifications included a new rooftop, mechanical systems, electrical and gas service, and a new façade. The location marks Sierra’s second in the region. Petco’s space is currently in the drawing stage and is slated for completion in December. David Block of Block & Co. negotiated both the Petco and Sierra lease transactions on behalf of ownership.
ST. PETERSBURG, FLA. — Tampa Bay Rays owner Stuart Sternberg has announced that the Major League Baseball team will not move forward with the proposed $1.3 billion stadium in St. Petersburg, which was part of the $6.5 billion redevelopment of the Historic Gas Plant property. Sternberg cited hurricane damages and financing delays in the decision behind exiting the project. Concepts for construction of the new 30,000-seat stadium — which would anchor the broader redevelopment project — were released more than a year ago. Under the previously approved agreement, local governments of St. Petersburg would cover roughly half the cost of the $1.3 billion stadium, while the Rays had a March 31, 2025, deadline to gain public financing for the project, including proof that they could meet their $700 million obligation, according to national media outlets. The Rays were anticipated to play three more seasons at Tropicana Field, but damages from Hurricane Milton in October 2024 rendered Tropicana Field unplayable for the 2025 season. The Rays will now use the New York Yankees’ spring training site in Tampa as their home field this season, while the City of St. Petersburg is advancing on plans to restore Tropicana Field in time for the 2026 …
WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet. The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.
CHARLOTTE, N.C. — M. David Properties has completed SilverPark North I, a 105,384-square-foot industrial facility located within the three-building SilverPark North industrial campus in Charlotte. SilverPark North I features 32-foot clear heights, 20 dock-high doors and two drive-in doors, as well as a 2,501-square-foot speculative office suite. Veho, a technology company that operates one of the largest parcel delivery platforms in the United States, leases a 60,932-square-foot space at SilverPark North III. SilverPark North II and III are now both fully occupied. Brad Cherry and Matthew Greer of JLL lead leasing efforts for the campus on behalf of M. David Properties.
MAGNOLIA, TEXAS — Locally based developer XAG Group has broken ground on RASHA at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The 20-acre site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. XAG Group will also develop 30,000 square feet of retail space as part of the project, partners on which include The Gonzalez Group, Anchor Construction, Investwell Architects and Identity Architecture. Hall Structured Finance provided the loan for construction of the project, the retail component of which is slated for a fourth-quarter completion. The apartments are expected be complete in late 2026.
MONUMENT, COLO. — VanTrust has broken ground for the construction of Falcon Commerce Center, a two-building Class A industrial development in Monument. The buildings offer a total of 363,955 square feet of industrial, warehouse and distribution space. The project is VanTrust’s first venture in the Colorado market. Falcon Commerce Center will include the 249,633-square-foot Building A and 114,322-square-foot Building B. Building A will be the area’s first cross-dock speculative facility, while Building B will feature a rear-load dock. Building B is slated for completion in first-quarter 2026, with Building A scheduled for delivery in second-quarter 2026. VanTrust is partnering with CP Real Estate Capital on the project. Randy Churchill of NAI Highland Commercial and Carmon Hicks of JLL are handling leasing for Falcon Commerce Center.