Thursday, July 10, 2025
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Development

Cleveland Browns Brook Park Proposal
CivicDevelopmentMidwestOhioTop Stories

Cleveland Browns Propose $2.4B Suburban Stadium Development, City Offers $461M Financing Plan Toward Rehabbing Current Stadium

by Jeff Shaw

CLEVELAND — The Cleveland Browns NFL franchise owner Haslam Sports Group has released renderings and development plans for a new $2.4 billion stadium in the suburb of Brook Park, near Cleveland Hopkins International Airport. The proposal comes on the heels of the City of Cleveland releasing its plan to fund $461 million in renovations to the current lakeside stadium, which has been the Browns’ home for 24 years. Haslam Sports Group is seeking a 50/50 split between its own funding and public financing, regardless of whether it elects to build a new stadium or renovate its existing home. This means the team would seek $1.2 billion in public funding were it to seek a new stadium in the suburbs. The team has not disclosed any plans on how to achieve either the private or public funding for that project. The Browns in particular want an indoor stadium for the notoriously cold and snowy area, and putting a dome on the existing venue is not possible due to flight-path issues from the city’s airport. The City of Cleveland renovation proposal for the current stadium, located in the North Coast Harbor area of downtown Cleveland, would offer $461 million in public money, just under …

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DevelopmentNorth CarolinaSoutheastStudent Housing

Core Spaces, TPG Break Ground on 2,195-Bed Student Housing Development Near North Carolina State University

by John Nelson

RALEIGH, N.C. — Construction is underway on Hub Raleigh, a 2,195-bed student housing development located at 111 Cox Ave. near the North Carolina State University (NC State) campus in Raleigh. The nearly 1 million-square-foot project is being developed by a joint venture between Core Spaces and TPG Real Estate and is scheduled for completion ahead of the 2026-2027 academic year. The 12-story building will offer a mix of studio through four-bedroom, fully furnished units. The property will feature over 40,000 square feet of indoor and outdoor amenity space, including a resort-style swimming pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, clubhouse and coworking space. The community will also include a 558-stall parking garage. TSB Capital Advisors acted as financial advisor to Core Spaces and TPG Real Estate on the joint venture and construction financing, which was provided by Pacific Life Insurance Co. PC Treehouse Construction, a partnership between Power Construction and Core Spaces, is serving as general contractor for the project. The design team includes architect Antunovich Associates, interior designer Harken and Core Spaces’ in-house team.

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Settlers-Park-Business-Center-Round-Rock
DevelopmentIndustrialTexas

Hanover Co. Breaks Ground on 361,000 SF Industrial Project in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Houston-based developer Hanover Co. has broken ground on Settlers Park Business Center, a 361,000-square-foot industrial project in the northern Austin suburb of Round Rock. Th development will consist of three rear-load buildings that will range in size from 107,904 to 126,616 square feet. Hanover is developing the project in partnership with institutional investors backed by J.P. Morgan Asset Management. Powers Brown Architecture is designing the project, and Kimley-Horn is providing civil engineering services. KBC Advisors is the leasing agent. Construction is slated for a second-quarter 2025 completion.

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AcquisitionsData CentersDevelopmentIndustrialOfficeSoutheastVirginia

Finmarc Sells Land in Northern Virginia to Data Center Developer for $60M

by John Nelson

ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.

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DevelopmentFloridaRetailSoutheast

Sembler, Forge Underway on Redevelopment of Publix-Anchored Retail Center in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — The Sembler Co. and Forge Capital Partners are underway on the redevelopment of Daniels Crossing, a Publix-anchored retail center located in Fort Myers. Scheduled for completion in summer 2025, the project includes the demolition of the existing 48,890-square-foot Publix and 4,700 square feet of inline space. Once complete, the redevelopment will feature a new, 48,387-square-foot Publix and adjacent 3,010-square-foot Publix Liquors store. Other tenants at the property include Duck Donuts, Millenium Physician Group, Potts Sport Café, Quest Diagnostics, School of Rock, Subway, Sugaring NYC and The UPS Store.

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AcquisitionsDevelopmentRetailTexas

The Farm League Buys 35 Acres in Metro Houston for Recreational Sports Facility

by Taylor Williams

MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

NewCourtland Completes 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

CASTO Begins Development of $70M Westrich Multifamily Project in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Completes 751-Bed VERVE West Lafayette Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Greystone Provides $28.2M HUD-Insured Loan for Construction of Multifamily Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.

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