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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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DevelopmentIndustrialIowaMidwest

Opus Breaks Ground on 80,000 SF Advanced Manufacturing Facility for ContiTech in Iowa

by Kristin Harlow

MOUNT PLEASANT, IOWA — Opus has broken ground on an advanced manufacturing facility for ContiTech, a group sector of Continental, at its existing plant in Mount Pleasant within eastern Iowa. At more than 80,000 square feet, the new compounding center will integrate production, warehouse and office operations to support ContiTech’s hose and belt businesses while optimizing its North American mixing footprint. The project will include a three-story, 17,472-square-foot mixing facility, an automated high-bay warehouse, shipping and receiving, bulk storage and a 4,250-square-foot office and lab space. The three-story mixing facility will support a specialized vertical manufacturing process in which raw materials are introduced on the upper level and move through advanced mixing lines to lower floors. Opus is the design-builder, Martin Gardner Architects is the architect and Raker Rhodes Engineering is the structural engineer. Completion is slated for June 2027.

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ArizonaData CentersDevelopmentTop StoriesWestern

Prime Data Centers Breaks Ground on Three Buildings at $3B Metro Phoenix Campus

by John Nelson

AVONDALE, ARIZ. — Prime Data Centers, a Dallas-based developer and operator of hyperscale and purpose-built data centers, has broken ground on the first three facilities at PHX01, a five-building data center campus in Avondale. The 66.5-acre park sits roughly 19 miles west of Phoenix via I-10. Each data center at PHX01 will span 267,000 square feet and offer 48 megawatts (MW) of critical IT load capacity. The 1.3 million-square-foot campus will offer 240MW of total critical power upon completion. “Breaking ground on PHX01’s first three buildings is a defining moment for Prime’s partnership with Avondale and for the greater Phoenix region,” says Michael Wall, executive vice president of product delivery at Prime Data Centers. “This first phase represents the beginning of a long-term investment in Avondale, and the infrastructure we are putting in place today is built to scale alongside the demands of our customers for years to come.” An undisclosed hyperscale user has committed to leasing the first three buildings for which construction is underway at PHX01. Prime Data Centers is marketing Buildings 4 and 5 to single or multi-tenant hyperscale users. “This more than $3 billion investment by Prime with its customers investing an average 2X more represents a …

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DevelopmentIndustrialTexas

Provident Industrial Completes 161,408 SF Project in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Provident Industrial, a division of locally based firm Provident, has completed A20 Logistics Center, a 161,408-square-foot project in Arlington. The development features 32-foot clear heights, 34 dock doors, two oversized drive-in doors with ramps, 130-foot truck court depths and 2,100 square feet of speculative office space. Provident developed A20 Logistics Center in partnership with Humphreys Capital and Farmers Bank & Trust. LGE Design Build handled the architectural and construction aspects of the development. JLL is marketing the property for lease.

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AcquisitionsArizonaDevelopmentRetailWestern

Legacy Purchases Development Site in Southern Arizona, Plans 45,000 SF Retail Center

by Amy Works

MARICOPA, ARIZ. — Legacy Development Partners has purchased a development site in Maricopa for a planned, ground-up retail center. Construction on the property is expected to begin immediately. Dubbed Legacy on Porter, the 6.6-acre project will deliver more than 45,000 square feet of retail, restaurant and service-oriented space. Confirmed tenants include Goodwill, Chipotle Mexican Grill, Jersey Mike’s Subs, HTeaO, Orlie’s Taproom and Swig. Leasing negotiations for the remaining shop space and pad sites are ongoing.

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