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DevelopmentIndianaIndustrialMidwest

Ambrose Breaks Ground on Two-Building Spec Industrial Park in Metro Indianapolis

by Kristin Harlow

GREENWOOD, IND. — Ambrose has broken ground on Indianapolis Logistics Park – South, a 16-acre, two-building industrial park in Greenwood, a suburb directly south of Indianapolis. Building I will offer approximately 105,000 square feet, including a 2,900-square-foot office area. Building II will feature roughly 150,000 square feet, including a 3,200-square-foot office area. Both buildings are being develop on a speculative basis with a clear height of 32 feet. Substantial completion is slated for year-end 2026. The project team includes Compass Commercial Construction, Curran Architecture and Kimley-Horn. JLL is handling leasing and marketing. Pinnacle Bank provided a construction loan.

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Castle-Hotel-Framingham
DevelopmentHospitalityMassachusettsNortheast

Partnership Completes Renovation of 371-Room Hotel in Framingham, Massachusetts

by Taylor Williams

FRAMINGHAM, MASS. — A partnership between two regional hospitality firms, Colwen Hotels and XSS Hotels, has completed the renovation of a 371-room hotel in Framingham, a western suburb of Boston. Originally opened in 1975 as the Sheraton Tara Hotel and known locally as the “Castle Hotel”, the property now houses three Marriott-branded, integrated hospitality operations under the following brands: Renaissance Framingham Hotel & Conference Center, Fairfield Inn & Suites Framingham and TownePlace Suites Framingham. The renovation featured refreshed public areas, technology-forward meeting spaces and three reinvented food-and-beverage concepts, as well as updated furnishings and bathrooms in all rooms and suites.

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DevelopmentIndustrialLoansTexas

IPA Arranges $29M in Construction Financing for Northwest Houston Industrial Project

by Taylor Williams

THE WOODLANDS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $29 million in construction financing for an industrial project in northwest Houston. The square footage was not disclosed, but the development will have 84 condo-style units. Known as Lifestyle Industrial, the project is designed to incorporate elements of office, retail and entertainment. Adam Mengacci, Travis Headapohl and Matt Polci of IPA arranged the loan on behalf of the developer, X Space Group. The direct lender was also not disclosed.

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Newton-Crossing
DevelopmentMassachusettsMultifamilyNortheast

Garden Communities Nears Completion of 292-Unit Multifamily Project in Metro Boston

by Taylor Williams

NEWTON, MASS. — Garden Communities, a New Jersey-based owner-operator, is nearing completion of Newton Crossing, a 292-unit multifamily project that will be located on the western outskirts of Boston. Newton Crossing will comprise three buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a game room with billiards, conference rooms, flex lounge areas, a fitness center, golf simulator and a rooftop terrace. Marketing and leasing initiatives are now underway, although information on starting rents was not immediately available.

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AcquisitionsDevelopmentHospitalityIndianaMidwest

Keystone Group Buys 378-Room Sheraton Indianapolis City Centre, Plans to Transform into Renaissance Hotel

by Kristin Harlow

INDIANAPOLIS — Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel located at 31 W. Ohio St. in the heart of downtown Indianapolis. The company plans to transform the property into a Renaissance hotel, Keystone’s first hotel under Marriott International’s Renaissance Hotel’s lifestyle brand. Keystone plans to introduce a multi-phase series of enhancements to the property, including reimagining the rooftop bar and pool concept, major improvements to the 537-space public parking garage, luxury upgrades throughout all interior and exterior spaces, a signature ground-floor restaurant and new lobby coffee shop, a pedestrian skywalk connection with 120 Monument Circle, a comprehensive façade restoration, upgraded ballroom and event spaces and a reinvented arrival and lobby space. Construction is anticipated to span approximately two years. The hotel will remain fully operational throughout the transformation.

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DevelopmentIllinoisIndustrialMidwest

TCC Breaks Ground on 788,320 SF Spec Warehouse in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on Building 2 of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. The 788,320-square-foot spec warehouse is slated for completion by the third quarter of 2027. Matt Mulvihill and Phil DeBoer of CBRE are marketing the building for sale or lease. Building 2 will feature a clear height of 40 feet, 80 dock doors and 211 trailer parking stalls. The site offers proximity to both I-55 and I-80. At full build-out, Plainfield Business Center will encompass more than 8 million square feet of industrial space across 600 acres. Building 1, which also measures 788,320 square feet, was delivered earlier this year and is fully leased to RJW Logistics Group. Harris Architects and Kimley-Horn and Associates designed Plainfield Business Center, while FCL Builders is the general contractor.

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DevelopmentFloridaMultifamilySoutheast

Related Breaks Ground on $200M Multifamily Project Along St. Johns River in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Related Group has broken ground on Southbank Residences, a $200 million multifamily project located along the St. Johns River in Jacksonville. The project represents the first new luxury high-rise development on the city’s downtown riverfront in more than a decade, according to the developer. The property will feature 395 luxury apartments across two towers — the 25-story Icon Southbank and the eight-story Manor Southbank — as well as a 4,500-square-foot waterfront restaurant, 601 structured parking spaces and a 29-slip marina. Monthly rents will begin at $2,000 for a studio apartment and more than $7,000 for a three-bedroom apartment. Amenities will include a spa and wellness center with cold plunge, steam and dry sauna, massage treatment rooms and relaxation spaces; 24-hour market; speakeasy; library; private theater; game and entertainment lounge with sports simulators; a resort-style waterfront pool and spa overlooking the St. Johns River with a pool pavilion with grilling stations and a summer kitchen; Zen garden; yoga lawn; and direct access to the 1.25-mile Southbank Riverwalk. The design-build team includes Carlos Ott, MSA Architects and ID & Design International. Related Group expects to deliver Southbank Residences in 2028 or 2029.

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DevelopmentGeorgiaIndustrialSoutheast

PNK Group Begins Construction on 1 MSF Industrial Facility in Griffin, Georgia

by John Nelson

GRIFFIN, GA. — PNK Group has begun construction on PNK Griffin 200, a 1 million-square-foot speculative industrial facility located at 35 S. McDonough Road in Griffin, about 38 miles south of Atlanta. The property will be developed using PNK Group’s prefabricated Building Assembly Set (BAS) technology and will feature 40-foot clear heights, 194 dock doors, four drive-in doors, a 185-foot truck court, 245 trailer parking spaces and 480 car parking spaces. PNK Griffin 200 is PNK Group’s second project in the industrial park as the New York-based developer recently delivered a 306,000-square-foot build-to-suit facility for Rinnai America Corp.

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DevelopmentIndustrialNevadaWestern

Metcalf Completes Construction of 475,880 SF Industrial Facility in Reno, Nevada

by Amy Works

RENO, NEV. — Metcalf Builders has completed construction of East Building 6 at the Comstock Commerce Center, a $24 million project within the Tahoe Reno Industrial Center (TRIC) in Reno. Locus Development Group owns the building, which is ready to support tenant operations. Located at 2200 USA Parkway, East Building 6 features 475,880 square feet of bulk industrial space designed to meet logistics, warehousing and manufacturing needs. East Building 6 is part of the Comstock Commerce Center, a master-planned industrial development within TRIC.

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DevelopmentLoansMidwestMultifamilyOfficeWisconsin

Dwight Capital Provides $114M HUD-Insured Loan for Office-to-Apartment Conversion in Milwaukee

by Kristin Harlow

MILWAUKEE — Dwight Capital has provided a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, a 34-story office building in Milwaukee, into a 373-unit luxury apartment community. Positioned at the heart of the city’s central business district along the Milwaukee River, 100 East Wisconsin is currently the state’s third-tallest building and will become the tallest residential building upon completion, according to Dwight. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include a fitness center, yoga studio, spa, coworking space, conference room, pet lounge, bike storage, multiple lounge and bar areas, a game room with a sports simulator and a rooftop deck with swimming pool. At 35 years old, 100 East Wisconsin is among the newest buildings ever added to the National Register of Historic Places, having been designated in January 2025 in recognition of its architectural and historic significance. The distinction qualified the project for federal and state historic tax credits. The City of Milwaukee further supported the project with a tax-increment financing package of up to $16.6 million through a newly established tax-increment district. The HUD loan was the largest multifamily HUD loan ever closed in Wisconsin; the largest …

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