Friday, February 6, 2026
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AcquisitionsDevelopmentFeaturesHeartland Feature ArchiveIllinoisLeasing ActivityMidwestRestaurantRetail

JLL: U.S. Retail Sector Remains Optimistic as Market Conditions Shift

by John Nelson

CHICAGO — Retail closures are at a cyclical high, totaling a whopping 9,900 business shutdowns in 2024, according to JLL’s fourth-quarter 2024 retail report entitled “United States Retail Market Dynamics.” For the first time in several years, store closures outpaced store openings in a calendar year. Fabric and crafts retailer JOANN, who filed for Chapter 11 bankruptcy protection twice within a year, is shuttering all 800 stores, while major department store chain Macy’s will close 150 stores over the next three years, with 66 closures anticipated in 2025 alone. The highest number of store closures resulted from discount and dollar stores like Family Dollar, CVS Health and Big Lots, as well as specialty retailers like Party City. Retail closures are represented across different size brackets, with more than 55 percent of announced closures identifying with footprints ranging from 5,000 square feet to 20,000 square feet. Expanding retailers such as Dollar General, O’Reilly Automotive and Five Below align with these vacant boxes, while larger, major closures like Bed Bath & Beyond and Toys “R” Us occupy more “desirable” locations. On the flip side, between 2024 and 2025, there were roughly 7,700 new retail store openings announced. Nearly 3,000 of these openings …

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DevelopmentIndustrialTexasTop Stories

SpaceX to Invest $280M for Expansion of Starlink Semiconductor R&D Facility in Bastrop, Texas

by John Nelson

BASTROP, TEXAS — Space Exploration Technologies Corp. (SpaceX) plans to invest $280 million for the expansion of its semiconductor research-and-development (R&D) and advanced packaging facility in Bastrop, about 33 miles southeast of Austin. The company received its fifth Texas Semiconductor Innovation Fund grant, totaling $17.3 million, from the State of Texas to help fund the expansion. Over the next three years, SpaceX plans to expand the square footage of its Bastrop facility by 1 million square feet to produce Starlink kits and their adjacent parts, as well as advanced silicon products. The facility expansion will focus on developing printed circuit boards (PCBs), a semiconductor failure analysis lab and advanced packaging for panel level packaging (PLP). Starlink is an international satellite internet provider owned and operated by SpaceX. Upon completion of the project, the Bastrop facility will be the largest PCB and PLP facility in North America. “This grant will help continue to expand Bastrop’s manufacturing for Starlink to help connect even more people across the state and around the world with high-speed, low-latency internet,” says Gwynne Shotwell, president and chief operating officer of SpaceX. Texas’ Semiconductor Innovation Fund was assembled in 2023 through the Texas CHIPS Act, which developed a …

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DevelopmentDistrict of ColumbiaMixed-UseMultifamilySoutheast

Tishman Speyer Launches Leasing at 321-Unit Residences at Mazza Apartments in DC

by John Nelson

WASHINGTON, D.C. — Tishman Speyer, along with property management firm Bozzuto, has launched preleasing at Residences at Mazza, a mixed-use development located at 5300 Wisconsin Ave. NW in Washington, D.C. Upon completion, the property will feature 321 apartments, townhomes and penthouses, as well as a 70,000-square-foot retail concourse that will soon be home to T.J. Maxx and Total Wine & More. Amenities will include a coworking lounge, rooftop sky lounge, fitness center, central courtyard with a lap pool and a media room. Monthly rental rates at Residences at Mazza range from $2,300 to $7,479, according to the property website. The development is situated within a block from the Friendship Heights Metro station and represents the first new apartment community to be built in D.C.’s Friendship Heights neighborhood since 2009, according to Tishman Speyer. The design team includes Danish architectural firm 3XN, landscape architect Parker Rodriguez and interior designer Michaelis Boyd.

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One-Rangers-Way-Arlington
DevelopmentMultifamilyTexas

Cordish Completes 300-Unit One Rangers Way Apartments in Arlington

by Taylor Williams

ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, has completed One Rangers Way, a 300-unit multifamily project in Arlington. The community is located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way offers studio, one- and two-bedroom units, as well as penthouses, across more than 50 different floor plans. The property also features a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Cordish announced the project in May 2022, launched the leasing campaign in July 2023 and topped out construction in June 2024. Rents start at $1,400 per month for a studio apartment.

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DevelopmentHospitalityTexas

Partnership to Develop 300-Room Hotel, Convention Center in Cedar Park, Texas

by Taylor Williams

CEDAR PARK, TEXAS — A partnership between Indiana-based Great Lakes Capital, Nebraska Furniture Mart and the City of Cedar Park, located north of Austin, will develop a 300-room hotel and 30,000-square-foot convention center. The Marriott-branded hotel will anchor the CedarView mixed-use development and will offer a pool, full-service restaurant and a breakfast café. Construction is slated to begin in May, with an anticipated opening date of early 2027.

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Build-to-RentDevelopmentMidwestOhioSingle-Family Rental

Buckingham, Onyx+East Break Ground on 120-Unit Build-to-Rent Community in Suburban Columbus

by Kristin Harlow

LEWIS CENTER, OHIO — A joint venture between Buckingham and Onyx+East has broken ground on a 120-unit build-to-rent (BTR) community in Lewis Center within Orange Township. Named Mural Lewis Center, the development is part of Buckingham’s Mural Collection. The two- to four-bedroom homes will range from 902 to 2,685 square feet and include attached two-car garages and private outdoor spaces. All home and yard maintenance is included, and residents can enjoy a playground, pavilion, dog park, community garden, fire pit and walking trails. The first units will be available for rent beginning in December. Mural Lewis Center comes on the heels of Onyx+East and Buckingham’s first BTR project, Mural Brownsburg, located in suburban Indianapolis.

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The-Jasper-Denver-CO
ColoradoDevelopmentLoansMultifamilyWestern

First Stone Development Receives $15.8M in Construction Financing for Multifamily Project in Denver

by Amy Works

DENVER — First Stone Development has received $15.8 million in financing for the construction of The Jasper, a multifamily property at 4353 Tennyson St. in Denver. Phillip Gause and Jim Wilkins of Marcus & Millichap Capital Corp.’s Denver office secured $2 million in preferred equity and $13.8 million in debt for the borrower. The construction loan was placed with a debt fund and features a two-year term. Situated in Denver’s Berkeley neighborhood, The Jasper will offer 34 apartments and 2,700 square feet of street-level retail space.

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Clayton-University-Center-Lehigh-University
CivicDevelopmentNortheastPennsylvania

Skanska Completes $70M Redevelopment of Historic Building at Lehigh University

by Taylor Williams

BETHLEHEM, PA. — International developer and construction firm Skanska has completed the $70 million redevelopment of a historic building on the campus of Lehigh University in Bethlehem. The Clayton University Center was originally built in 1868. The redevelopment involved upgrading the electrical and mechanical systems, installing a full fire protection system and adding multiple kitchen and food delivery areas. The redevelopment also entailed renovations of numerous interior common areas, as well as the preservation of the building’s façade, and the project team also undertook various sustainability measures. Shepley Bulfinch designed the redevelopment, which began in late 2022.

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DevelopmentNew YorkNortheastRetail

Meow Wolf to Open 75,000 SF Entertainment Venue at Pier 17 in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Meow Wolf, a concept that blends art, storytelling and interactivity, will open a 75,000-square-foot entertainment venue in Lower Manhattan. The space will span multiple stories within Pier 17, an entertainment destination in the Seaport District. Construction is scheduled to begin in the third quarter, with an expected completion date and additional details to be announced at a later time. Mary Ann Tighe, Gerry Miovski, Evan Haskell, Brett Shannon, Zachary Price and Jacob Rosenthal of CBRE represented the landlord, Seaport Entertainment Group, in the negotiations for the 20-year lease. Cassie Durand, Sacha Zarba and Aylin Gucalp, also with CBRE, represented Meow Wolf.

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DelawareDevelopmentNortheastRetail

Weis Markets Breaks Ground 64,000 SF Grocery Store in Middletown, Delaware

by Taylor Williams

MIDDLETOWN, DEL. — Regional grocer Weis Markets has broken ground on a 64,000-square-foot store in Middletown, Del. The store, which will include a fuel station, will anchor Bayberry Town Center, a 280,000-square-foot development located within the 1,500-acre Village of Bayberry master-planned community. Construction is expected to be complete before the end of the year. Blenheim Group is the master developer of Village of Bayberry.

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