NEW YORK CITY — A joint venture between Global Holdings and MAG Partners will develop a 149-unit apartment building in Manhattan’s SoHo district. The new building at 122 Varick St. will include 5,000 square feet of ground-floor retail space, and 25 percent of the units will be designated as permanently affordable under New York City’s 485-x program. The joint venture is developing the building via a ground lease with Trinity Church, which was represented by Kevin Donner of Cushman & Wakefield in the negotiations. A construction timeline was not announced.
ARLINGTON, VA. — NewPoint has provided a $34.6 million bridge loan for the acquisition and planned multifamily conversion of the Clarion Collection Arlington Court Suites, a 187-room, extended-stay hotel located in Arlington’s Rosslyn-Ballston corridor. Jacob Gabriel of NewPoint originated the financing on behalf of the borrower, Goodhomes Communities LLC. The bridge loan, which was used to finance the purchase of the hospitality property, includes future funding for capital improvements and is structured to support the borrower’s business plan to convert the asset into a multifamily community. Upon completion of the conversion, the property will offer a mix of studio, one-, two- and three-bedroom apartments. Goodhomes Communities LLC will announce the property’s new name at a later date. Clarion Collection Hotel Arlington Court Suites first opened as an apartment building in 1963.
CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S. …
PALMETTO, FLA. — General contractor Robins & Morton has topped out BayCare Hospital Manatee, a $563 million hospital underway in Palmetto, a city in Southwest Florida’s Manatee County. Situated one mile from the junction of I-75 and I-275, the 450,000-square-foot hospital will offer 154 beds in private patient rooms. Gresham Smith designed the hospital as well as the adjacent BayCare HealthHub clinic on behalf of BayCare. The Florida-based healthcare system plans to open BayCare Hospital Manatee, its 17th hospital, in 2028. The BayCare HealthHub facility is expected to open later this year.
MIDDLEBOROUGH, MASS. — INDUS, a locally based roadway rehabilitation and pavement preservation contractor, will open a 75,000-square-foot headquarters facility in Middleborough, located south of Boston. INDUS purchased a parcel within The Campus at Canopy Drive, an approximately 700,000-square-foot development owned by VMD Cos., earlier this year for $11.6 million. Design work is underway on the facility, which will include 7 acres of outdoor storage space and will also function as a consolidated hub of field operations, bringing 20 permanent new jobs to Middleborough. CBRE is the leasing agent for The Campus at Canopy Drive.
BOSTON — A partnership between Pennrose and the Hyde Square Task Force (HSTF) has broken ground on a 55-unit affordable housing redevelopment in the Jamaica Plain area of Boston. Designed by DiMella Shaffer, the project will convert the former 71,000-square-foot Blessed Sacrament Church, which was built in 1913 and closed by the Catholic Church in 2004, into a complex with studio, one- and two-bedroom apartments that will be reserved for residents earning 30 to 80 percent of the area median income (AMI). Six residences will also be set aside for formerly homeless residents, and the church’s nave will be repurposed into a multipurpose performance and gathering space for the Afro-Latin community. Completion is slated for late 2027.
ROCHESTER, MINN. — Inland National Development Co. LLC, a member company of The Inland Real Estate Group of Cos. Inc., and Reuter Walton Development LLC will co-develop Citywalk Apartments, a 342-unit multifamily community in downtown Rochester directly across from Mayo Clinic’s campus. Construction is expected to begin this month, with completion anticipated in 2028. The project will include a mix of apartments and 90 short-term, fully furnished units designed to support the evolving needs of Rochester’s healthcare and business community. Plans call for more than 250 climate-controlled underground parking spaces complete with electric vehicle charging stations. Residents will have access to a clubroom, fitness center, indoor-outdoor rooftop sky terrace, pool, coworking and conference room, golf simulator and game lounge.
HAMPSHIRE, ILL. — Principle Construction Corp. has completed a warehouse renovation for POLI FILM America Inc. at One Elgiloy Drive in Hampshire, a far northwest suburb of Chicago. The project provides the protective plastic film manufacturer with a streamlined, rectangular floor plan designed to optimize high-volume manufacturing operations. The centerpiece of the project involved relocating 12 precast concrete panels from an existing 133-foot wall. By moving these panels and integrating new ones, Principle enclosed the inner section of a previously L-shaped warehouse, converting it into a contiguous space. Principle also expanded the west side dock apron and added two new dock positions in the existing warehouse space. The addition of 38,956 square feet to the manufacturing facility included a new entry door and a drive-in door, a gas-fired make-up air unit, ballasted roof and lighting. Principle also installed an infiltration pit for increased stormwater management capacity. Harris Architects was the architect.
FREDERICK, MD. — Greenberg Gibbons has broken ground on Frederick Brickworks, a new mixed-use project located in Frederick, roughly 50 miles northwest of Baltimore. Upon completion, the development will span 65 acres. Project costs are expected to total $450 million. According to the City of Frederick, the project proposal calls for 1,260 residential units and 130,000 square feet of commercial space. The planning commission approved the master plan in October 2023, and Greenberg Gibbons closed on the land acquisition last month. The site formerly housed the historic Frederick Brick Works factory, which opened in 1891. Brick manufacturing ended at the factory in 1946, and the company continued a construction materials business at the property until relocating in 2007. Whole Foods Market will anchor Frederick Brickworks. Other confirmed retail and restaurant tenants include honeygrow, First Watch, Shake Shack, Dave’s Hot Chicken and Inspire Nail Bar. The first phase of the development will also feature 332 rental apartments and 320 for-sale townhomes built by Wormald and NVR Inc. Completion of the first phase is scheduled for 2028. The project is anticipated to support approximately 5,600 jobs — including 1,300 permanent positions and 4,300 construction jobs — and generate an estimated $181 million …
MCDONOUGH, GA. — Highline Warren, a distributor of cleaners and other fluids for the automotive and industrial sectors, has announced plans to invest $170 million in a new logistics hub in metro Atlanta. The Memphis-based company will build-out and occupy the former Zinus building, a 1.1 million-square-foot distribution center located at 830 Highway 42 S in McDonough. Highline Warren plans to begin operations at the facility by the end of the year and create 160 new jobs in the area. Civic partners involved in Highline Warren’s site selection include the Metro Atlanta Chamber, the City of McDonough, Georgia Department of Economic Development, the Henry County Development Authority and Georgia EMC. According to the company’s website, Highline Warren has more than 1,700 employees and operates 12 distribution centers and nine manufacturing plants.