Tuesday, December 24, 2024
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Development

DevelopmentFloridaHospitalityLoansSoutheast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

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DevelopmentNortheastPennsylvania

Philadelphia City Council Approves Proposal for $1.3B 76ers Arena

by Taylor Williams

PHILADELPHIA — The Philadelphia City Council has approved a proposal from Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers, to build a new arena in the downtown area. Valued at $1.3 billion and known as 76 Place, the arena will be located at the site of Fashion District Philadelphia, a shopping, dining and entertainment destination on Market Street. The proposal for a new 76ers arena was conceived several years ago but has subsequently faced opposition from a variety of community leaders and organizations, most notably those in neighboring Chinatown. According to The Philadelphia Inquirer, the team is now targeting the 2031-2032 season to commence play at the new arena.

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DevelopmentMixed-UseTexas

Aretè Collective, Wasatch Receive $106M in Bond Financing for Central Texas Master-Planned Development

by Taylor Williams

SPICEWOOD, TEXAS — A partnership between two Utah-based firms, Areté Collective and Wasatch Group, has received $106 million in bond financing for Thomas Ranch, a master-planned development in the Central Texas community of Spicewood. The development team will use proceeds from the nonrecourse, tax-exempt bond to fund infrastructural work for the 2,200-acre development. Specific public improvements will include a spine road connecting different neighborhoods, a water treatment plant and a wastewater treatment plant. A portion of the proceeds will also be used to finance the first phase of residential development. At full build-out, Thomas Ranch will comprise 3,500 residential units, including a 600-unit multifamily component, 465,000 square feet of commercial space, a hotel, golf course, 40 miles of walking trails and 1,200 acres of open nature space.

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Resia-Rayzor-Ranch
DevelopmentMultifamilyTexas

Resia Completes 433-Unit Multifamily Project in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Multifamily development and management firm Resia has completed a 433-unit project in the North Texas city of Denton. Resia Rayzor Ranch is located within a master-planned community of the same name and features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, basketball court, business center and outdoor grilling and dining stations. A pickleball court is also in the process of being constructed. Rents start at $1,350 per month for a one-bedroom apartment.

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Ora-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Partnership Completes 270-Unit Multifamily Project in Hackensack

by Taylor Williams

HACKENSACK, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, as well as Riverbank Management LLC, has completed a 270-unit multifamily project in downtown Hackensack. Designed by MVMK Architecture and known as Ora, the property houses studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. In addition, residents have access to a fitness center, coworking spaces, private conference rooms, pet spa and package lockers. Rents start in the mid-$2000s per month for a studio apartment.

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1752-AZ-179-Sedona-AZ
AcquisitionsArizonaDevelopmentHospitalityWestern

Waterton Acquires 137-Key Resort in Sedona, Arizona, Plans Repositioning

by Amy Works

SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.

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DevelopmentMassachusettsNortheastRestaurantRetail

Bosse Opens 97,000 SF Pickleball, Entertainment Venue in Natick, Massachusetts

by Taylor Williams

NATICK, MASS. — Bosse, an entertainment concept that combines pickleball with food and drinks, has opened a 97,000-square-foot venue in Natick, a western suburb of Boston. The site is adjacent to Natick Mall and formerly housed a Neiman Marcus department store. Bosse features 21 courts and a dedicated fitness and wellness space, as well as lounge areas, a sports theater, dart lounges, a cold plunge pool, retail space and golf simulators. The Bulfinch Cos. owns the property.

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Surprise-Pointe-Commerce-Center-Surprise-AZ
ArizonaDevelopmentIndustrialWestern

Rockefeller Group Completes 418,400 SF Distribution Center in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Rockefeller Group has completed the construction of Surprise Pointe Commerce Center, a distribution center on 24 acres in Surprise. The 418,400-square-foot property can accommodate one to four tenants and offers a clear height of 36 feet, 80 dock doors, a 190-foot truck yard, 103 truck trailer parking stalls, 466 auto-parking stalls and custom-designed office space. The project team included Ware Malcomb, Layton Construction and Hunter Engineering. Cooper Fratt and John Werstler of CBRE are marketing the project for lease or sale.

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DevelopmentIndustrialMidwestOhio

Impact Beverage Expands Production Facility, Doubles Workforce in Cincinnati

by Kristin Harlow

CINCINNATI — Impact Beverage has unveiled plans to add 10,000 square feet to its production facility in Cincinnati. The expansion includes substantial investment in new machinery and equipment, creating 65 new jobs and adding $4.6 million in annual payroll to its existing workforce of 60 employees. Impact Beverage handles each step of the beverage manufacturing process in its facilities, creating a variety of ready-to-drink cocktails and nonalcoholic beverages with carbonated or still packaging options. The capital investment will support the installation of a new pasteurization line, enhancements to canning capabilities, increased automation and further development of innovative packaging solutions. The City of Cincinnati is working closely with Impact Beverage on a local incentive package. In addition, the State of Ohio approved a Job Creation Tax Credit. JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

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The-Trailhead-at-Chisholm-Trail
DevelopmentMultifamilyTexas

Titan Development, Aberg Property Complete $63M Multifamily Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has completed The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units are spread across seven buildings and come in studio, one-, two- and three-bedroom formats. Amenities include a pool, dog park and a pickleball court. HEDK Architects designed the project, and Cerris Builders served as the general contractor. Construction began in summer 2022 and topped out in winter 2023. Rents start at roughly $1,200 per month for a studio apartment.

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