REBusinessOnline

Developers to Begin Vertical Construction of 73-Story Apartment High-Rise in Chicago

CHICAGO — Co-developers Time Equities Inc., JK Equities and Oak Capitals plan to soon begin vertical construction for 1000M, a 73-story apartment high-rise in Chicago’s South Loop district. Named for its address (1000 S. Michigan Ave.), 1000M will stand 788 feet tall upon completion in 2025, making it one of the tallest apartment towers in Chicago.1000M was originally conceived as a for-sale condominium tower but during a pause in construction during the COVID-19 pandemic, the …

NRP Group Breaks Ground on 368-Unit Mixed-Income Housing Project in Killeen, Texas

KILLEEN, TEXAS — Cleveland-based developer The NRP Group, in partnership with The City of Killeen Public Facility Corp., has broken ground on a 368-unit mixed-income housing project in the Central Texas city of Killeen. About 50 percent of the units will be reserved for households earning 80 percent or less of the area median income. Amenities will include a pool, fitness center, clubroom and a dog park. J.P. Morgan is the equity investor in the project, and Texas Property Bank provided …

Onyx+East, Pretium Form Joint Venture to Invest $600M for Development of Single-Family Rental Homes

INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s …

Optima Begins Pre-Leasing 198-Unit Luxury Apartment Development in Chicago

CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at …

TWG Breaks Ground on $12M Affordable Housing Community in Muncie, Indiana

MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income …

GBX, Urban Landings to Rehabilitate Affordable Housing Property in Midtown Atlanta

ATLANTA — Cleveland, Ohio-based GBX Group LLC, in partnership with developer Atlanta-based Urban Landings, will rehabilitate Winnwood Apartments, a historical multifamily property in Midtown Atlanta that will be renovated into affordable housing. Construction on the project is expected to be complete by the fourth quarter.Winnwood is a 90-year-old, two-story property. When renovations are complete, the property will feature about 50 micro and one-bedroom units. Community amenities will …

Intel Plans $20B Investment for Two Computer Chip Factories Near Columbus, Ohio

NEW ALBANY, OHIO — Santa Clara, Calif.-based Intel has unveiled plans to invest more than $20 billion to build two new computer chip factories. The campus will be located in New Albany, approximately 18 miles northeast of Columbus. Construction is scheduled to begin at the end of 2022 for the start of production in 2025.The two semiconductor fabrication plants, or “fabs,” will be situated on nearly 1,000 acres in Licking County. The project site can accommodate a total of eight chip …

Merchants Capital Provides $141M Financing for Mixed-Income Multifamily Development in Southwest D.C.

WASHINGTON, D.C. — Merchants Capital has provided more than $141 million in financing for Waterfront Station II, a mixed-income multifamily development currently under construction in the Southwest neighborhood of Washington, D.C. The development team is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development. Construction is slated for completion by winter 2023.Situated at 1000 4th Street SW, Waterfront Station II will have 449 apartments, …

Trammell Crow, CBRE Break Ground on Spec 606,343 SF Logistics Center in Tracy, California

TRACY, CALIF. — A joint venture between Trammell Crow Co. and CBRE Investment Management, on behalf of one of its investment funds, has broken ground on Tracy 205 Logistics Center, a logistics facility in the Northern California city of Tracy.Slated for completion in late 2022, the cross-dock building will feature 606,343 square feet of speculative industrial space with 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR …

TDB Land Holdings to Develop 7.5 MSF Industrial Park in Laredo, Texas

LAREDO, TEXAS — An entity doing business as TDB Land Holdings Ltd. has acquired a 683-acre vacant site in the Rio Grande Valley city of Laredo for the development of a 7.5 million-square-foot industrial park. The development, which will be branded World Industrial Park, will be located along Interstate 35. Andrew Brittingham of Coldwell Banker Commercial represented the buyer in the sale of the land. The land seller and sales price were not

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