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West-Side-Square-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Partnership Receives $169M Construction Loan for Jersey City Multifamily Project

by Taylor Williams

JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for a 477-unit multifamily project in Jersey City. Bravo Property Trust provided the debt. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Construction began last December, and completion is slated for 2026.

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DevelopmentIllinoisMidwest

Gensler Completes Study for Reimagining Chicago’s North Michigan Avenue

by Kristin Harlow

CHICAGO — Parkside Realty’s Bob Wislow and Camille Julmy partnered with a team of architects and strategists at Gensler Chicago to study the innovations and interventions that could help elevate North Michigan Avenue. According to Gensler, the COVID pandemic led to North Michigan Avenue receiving 6.5 million fewer visits per year; a 74 percent increase in crime; 25 to 35 percent decrease in property tax value; massive losses of sales, hotel and entertainment taxes; and over 2,000 jobs lost. North Michigan Avenue hasn’t undergone a major transformation since the 1990s. The team identified the end of North Michigan Avenue, between Chicago Avenue and Oak Street Beach, as the area with the greatest potential to elevate the famed street’s experience. The high street’s southern edge features the Michigan Avenue Bridge, Chicago River Tours, Chicago Architecture Center, Apple Store, Wrigley Building and the recently renovated Tribune Tower, creating an anchor for the street. On the northern end, the foreclosure of Water Tower Place, potential sale of the Drake Hotel, repositioning of the John Hancock Center and a now-empty 830 N. Michigan Avenue have presented an opportunity to create an equally prominent northern anchor, according to Gensler.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 132,200 SF Spec Industrial Facility in Dayton, Minnesota

by Kristin Harlow

DAYTON, MINN. — The Opus Group has broken ground on Dayton Parkway Business Center in Dayton, a northwest suburb of the Twin Cities. The 132,200-square-foot speculative industrial facility will be located at 17600 Territorial Road near the new Dayton Parkway Interchange and I-94. TurbinePROs, a provider of field services for rotating equipment manufacturers, has signed a lease for more than 87,000 square feet. The property will feature 19 dock doors, four drive-in doors, a clear height of 28 feet, 136 vehicle parking stalls and 14 trailer parking stalls. Opus is the developer, design-builder, architect and structural engineer. Dan Swartz and Austin Lovin of CBRE are marketing the space for lease. Completion is slated for early 2025.

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DevelopmentFloridaMultifamilySoutheast

Berkadia Arranges Sale of 22-Acre Multifamily Development Site in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — Berkadia has arranged the sale of a 22-acre multifamily development site at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, a city in South Florida. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million, with plans to develop a 324-unit community at the site. A construction timeline was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia arranged the transaction. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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DevelopmentGeorgiaMultifamilySoutheast

Thompson Thrift to Develop 212-Unit Multifamily Community in Metro Atlanta

by John Nelson

STOCKBRIDGE, GA. — Thompson Thrift has announced plans to develop a 212-unit multifamily community at 2245 Jodeco Road in Stockbridge, a southeast suburb of Atlanta. Dubbed The Levi, the property will feature one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities at the community will include a 24-hour fitness scenter, swimming pool, firepits, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $17M Bond Financing for Affordable Housing Project in Lowell, Massachusetts

by Taylor Williams

LOWELL, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for a 52-unit affordable housing project that will be located north of Boston in Lowell. The site formerly housed a Merrimack Valley Food Bank warehouse that will be demolished, although select areas of the historic façade will be retained and restored. The majority (41) of the units will be reserved for households earning 60 percent or less of the area median income (AMI), with the other 11 to be set aside for renters earning 30 percent or less of AMI. The borrower is an affiliate of Tremont Development Partners. Eastern Bank purchased the bond.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins $40.2M Middle School Renovation Project in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Kraus-Anderson has begun an extensive renovation project for St. Paul Public Schools at Hidden River Middle School and Wilson School, which will serve as a temporary location for the school community while Hidden River is remodeled. The combined construction cost of both projects is $40.2 million. Designed by DLR Group, the 98,491-square-foot project will feature a full interior remodel for Hidden River, including new mechanical and electrical systems. A 3,600-square-foot addition will create a new main entrance at the northeast corner of the building, and a 7,200-square-foot addition will expand the kitchen, loading dock and mechanical room. Completion is slated for fall 2025.

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DevelopmentIndianaMidwestMultifamily

Flaherty & Collins Opens Phase II of Arbuckle Apartments in Brownsburg, Indiana

by Kristin Harlow

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.

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DevelopmentHospitalityMixed-UseMultifamilyTexas

Reports: Fort Worth City Council Approves $630M Expansion of Historic Stockyards

by Taylor Williams

FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a  295-unit multifamily property.  The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue. 

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DevelopmentMultifamilyTexas

Toll Brothers, Equity Residential Complete 334-Unit Lyle Apartments in North Dallas

by Taylor Williams

DALLAS — Metro Philadelphia-based developer Toll Brothers (NYSE: TOL) has completed Lyle, a 334-unit apartment community in North Dallas. Toll Brothers developed the property in partnership with Chicago-based Equity Residential as part of a trio of multifamily developments in the Dallas-Fort Worth metroplex. Units come in studio, one-, two- and three-bedroom floor plans and are furnished with quartz countertops, tile backsplashes and keyless entry mechanisms. Select residences also offer private balconies/patios. Amenities include a pool, game lawn, fitness center, coworking lounge and a coffee bar. Santander Bank financed construction of the project. Rents start at $1,675 per month for a studio apartment.

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