Development

Berkadia Arranges Financing for Development of 50-Bed Vibra Hospital in Bismarck, North Dakota

by Kristin Harlow July 23, 2026

BISMARCK, N.D. — Berkadia has arranged the equity placement and financing for the development of Vibra Hospital of the Central Dakotas, a 50-bed inpatient rehabilitation facility and long-term acute care hospital (LTACH) in Bismarck. The build-to-suit facility will be fully leased to Vibra Hospital of the Central Dakotas and will serve as a centrally located replacement hospital for the existing 41-bed Vibra LTACH. Sabrina Solomiany, Vasili Davos, Chris Lashmet, Eric Lee, Gordon Reynolds, Conner Adkins and Brian Myers of Berkadia led the equity placement on behalf of Birmingham, Ala.-based Development Solutions. Mike Rogers of Berkadia secured the development financing through First Horizon Bank on behalf of Development Solutions.

July 23, 2026

Arizona Development Industrial Western

Formation Interests, Crescent Real Estate Break Ground on Phase II of Formation Park 10 in Goodyear, Arizona

by Amy Works July 23, 2026

GOODYEAR, ARIZ. — A venture between Formation Interests and an affiliate of Crescent Real Estate has broken ground on Phase II of Formation Park 10, an industrial development located just west of Phoenix in Goodyear. The three-building expansion will bring Formation Park 10 to nearly 689,000 square feet of industrial space across five buildings and 44 acres. Totaling 261,168 square feet, Phase II will accommodate occupiers seeking 100,000 square feet or more of single-tenant space and/or those requiring flexible space from 15,000 square feet to 25,000 square feet. The project team for Phase II includes Deutsche Architecture Group, Kimley-Horn, RVI and Willmeng. Completion is slated for spring 2027. CBRE is overseeing leasing for the project.

July 23, 2026

Data Centers Development Georgia Industrial Southeast Top Stories

OpenAI Plans $20B Data Center Development Near Savannah, Georgia

by Hayden Spiess July 23, 2026

EFFINGHAM COUNTY, GA. — OpenAI, an artificial intelligence (AI) research and deployment company best known for ChatGPT, has announced plans for a new data center campus in Effingham County, approximately 30 miles northwest of Savannah. Dubbed Project Camellia, the data center campus will cost at least $20 billion to develop in order for OpenAI to receive incentives, according to multiple news outlets. Bloomberg reports that the San Francisco-based company plans to spend as much as $30 billion on the project. The site is located within Savannah Gateway Industrial Hub (SGIH), a master-planned industrial park by Broe Real Estate Group and OmniTRAX spanning 2,700 acres. SGIH is served by both CSX and Norfolk Southern rail lines. OpenAI has entered into a 25-year agreement with utilities provider Georgia Power Co., which will supply 3.2 gigawatts of power to the project. According to the two companies, OpenAI will pay all infrastructure and electric-service costs for the data center campus. Additionally, OpenAI has pledged to provide $80 million in community benefits over the life of the project, as well as $71 million in Codex credits for eligible Georgia students. (Codex is OpenAI’s agentic coding tool that assists in building software and technical projects.) OpenAI also reports …

July 23, 2026

Development Mixed-Use Texas

JLL Arranges Construction Debt, Joint Venture Equity for Dallas Mixed-Use Project

by Taylor Williams July 22, 2026

DALLAS — JLL has arranged undisclosed amounts of construction debt and joint venture equity for 8300 Douglas, a mixed-use project that will be located in the Preston Center submarket of Dallas. Designed by HKS Architects, 8300 Douglas will consist of a 12-story, 300,000-square-foot office building that will be the future regional headquarters of Fifth Third Bank; a 17-story, 147-unit apartment building; 24,000 square feet of retail and restaurant space; and a 35,000-square-foot rooftop park. RAMROCK Real Estate is leading development of 8300 Douglas in partnership with Lincoln Property Co. and Willow Bridge Property Co. Mark Gibson, Jim Curtin, John Rose, Clint Coe, Ryan Pollack and Campbell Swango of JLL structured both components of the capitalization.

July 22, 2026

Development Industrial Texas

Urban Logistics Realty to Develop Two Industrial Projects Totaling 341,000 SF in North Houston

by Taylor Williams July 22, 2026

HOUSTON — Urban Logistics Realty will develop two industrial projects totaling 341,000 square feet in North Houston. Urban NXS Fallbrook will be a 182,400-square-foot, cross-dock industrial building, and Urban NXS West will be a 158,600-square-foot, front-load building. Urban Logistics Realty is developing both projects in a joint venture with Principal Asset Management. First United Bank & Trust is financing construction, which is slated to begin before the end of the summer and to be complete in the second quarter of 2027.

July 22, 2026

Development Healthcare Texas

Hoar Construction Breaks Ground on 32,000 SF Medical Office Building in East Austin

by Taylor Williams July 22, 2026

AUSTIN, TEXAS — Alabama-based general contractor Hoar Construction has broken ground on Colony Park Health & Wellness Center, a 32,000-square-foot medical office building in East Austin. Designed by HKS Architects, the four-story building will house the utilities and mechanical equipment on the first floor, a pharmacy, lab and kitchen on the second floor, patient care rooms on the third floor and a dental office on the fourth floor. Central Health is the owner. Construction is slated for a summer 2027 completion.

July 22, 2026

Development Florida Hospitality Multifamily Southeast

Partnership Breaks Ground on Apartment Tower, Marriott Hotel in Downtown West Palm Beach

by John Nelson July 22, 2026

WEST PALM BEACH, FLA. — A partnership comprising LD&D, IGEQ and FrontRange Capital Partners has broken ground on a 21-story apartment tower and hotel in downtown West Palm Beach. The properties, the 181-unit Alida Residences and the 112-room Tribute Portfolio hotel by Marriott, will be developed simultaneously as separate residential and hospitality properties. The developers assembled the three parcels for the two buildings in 2019. The site is located directly adjacent to a Brightline station and near the future campus for Vanderbilt University. Alida Residences will offer a mix of studio, one-, two- and three-bedroom units ranging in size from 500 to 2,000 square feet, as well as a rooftop pool deck on the 21st floor. Both Alida Residences and the Tribute Portfolio hotel by Marriott are expected to open in 2028.

July 22, 2026

Acquisitions Affordable Housing Development Multifamily Office Southeast Virginia

Finmarc Sells Office Building, Land in Northern Virginia to Pulte Homes for $26.4M

by John Nelson July 22, 2026

CHANTILLY, VA. — Finmarc Management Inc. has sold an 83,300-square-foot office/flex building and an adjacent 6.4-acre parcel within Park East Corporate Center in Chantilly, about 28 miles west of Washington, D.C. The Bethesda, Md.-based investment company sold the parcels, which total 14 acres, to Pulte Homes for approximately $26.4 million. The Atlanta-based homebuilding giant plans to develop 183 homes on the sites comprising 126 townhomes, 32 condos and 25 affordable and workforce dwelling units. Brendan May and Paul Norman of Cushman & Wakefield represented Finmarc in the transaction. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.

July 22, 2026

Development Industrial Midwest Ohio

Peak Construction to Build 305,480 SF Spec Industrial Building in Union, Ohio

by Kristin Harlow July 22, 2026

UNION, OHIO — Scannell Properties has selected Peak Construction Corp. to build Interstate Aviation Hub in Union near Dayton. The 305,480-square-foot speculative industrial building will feature a clear height of 36 feet, 34 docks, two drive-in doors, 2,755 square feet of office space and parking for 130 cars and 83 trailers. The project team includes architect Ware Malcomb and civil engineer Arcadis. Completion is slated for the second quarter of 2027.

July 22, 2026

Arizona Development Multifamily Student Housing Western

P3 Breaks Ground on 1,300-Bed Residence Hall Development at University of Arizona

by Amy Works July 22, 2026

TUCSON, ARIZ. — A public-private partnership (P3) between the University of Arizona, Mortenson and Mortenson Development has broken ground on The Catalina, a 1,300-bed residence hall project on the institution’s campus in Tucson. The community is being developed utilizing tax-exempt financing through a partnership with the Collegiate Housing Foundation and RBC Capital Markets. The nine-story development will offer suite-style units alongside a dining hall upon completion, which is scheduled for fall 2028. Further details on the project were not released.

July 22, 2026

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