Friday, October 17, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Development

DevelopmentIllinoisLoansMidwestMultifamilyOffice

Mavrek, ACRES Receive Financing for Conversion of Chicago Office Building into 252 Apartment Units

by Kristin Harlow

CHICAGO — Mavrek and ACRES Commercial Realty Corp. have received financing for the conversion of 65 E Wacker Place, an historic office building in Chicago, into apartments. The development will be named Wacker Place. With the issuance of the full building permit, interior construction is poised to begin. The property will be redeveloped into a 252-unit luxury apartment complex. The project team includes McHugh Construction and architect Pappageorge Haymes Partners. Chris Knight of JLL represented the development team in the placement of debt. The financing includes a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. The project’s capital stack includes more than $17 million in federal and Illinois state historic tax credits, which were monetized through PNC Bank. Wacker Place will offer a mix of studios, one- and two-bedroom units. Amenities will include a coworking lounge, fitness center and rooftop deck. Morton’s The Steakhouse will continue its tenancy on the ground floor. The property was originally constructed as the Millinery Mart Building and later served as the home of the Esquire offices.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndianaMidwestMultifamily

Flaherty & Collins Underway on Development of $38M Apartment Complex in Richmond, Indiana

by Kristin Harlow

RICHMOND, IND. — Flaherty & Collins is underway on the development of 6Main, a $38 million luxury apartment complex in Richmond, a city in eastern Indiana. The 150-unit project is being built on the site of the former Elder-Beerman department store and will include 3,000 square feet of first-floor retail space. Amenities will include a fitness center, pool, outdoor and indoor lounges, a pet spa and dog park. Leasing is anticipated to begin in late 2026 ahead of the grand opening in spring 2027.

Continue Reading
FacebookTwitterLinkedinEmail
Bedford-Stuyvesant-North-&-Central-Brooklyn
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Completes 31-Unit Affordable Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between The Community Preservation Corp., Shelter Rock Builders and the New York City Department of Housing Preservation and Development has completed a 31-unit affordable housing project in Brooklyn. The project represents Phase I of the Bedford-Stuyvesant North & Central development and comprises nine three-family and two two-family buildings with 11 for-sale units and 20 rental units. Phase II of the project will add another 76 units.

Continue Reading
FacebookTwitterLinkedinEmail
Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

Middle Street, Singerman to Develop 71-Unit Build-to-Rent Community in Charleston

by John Nelson

CHARLESTON, S.C. — Locally based Middle Street Partners and Chicago-based Singerman Real Estate plan to develop Atlantic St. Thomas, a new 71-unit build-to-rent (BTR) residential community in Charleston. The townhome property will be located at 2815 Clements Ferry Road on Charleston’s Daniel Island. Atlantic St. Thomas will have an amenity package that includes a resort-style pool, clubhouse, fitness center, working space and a lounge. The property will include two- and three-bedroom, three-story townhomes ranging in size from 1,565 to 2,500 square feet. Units will include single and two-car garages, rooftop terraces and dens in select three-bedroom townhomes. The co-developers will welcome residents at Atlantic St. Thomas, which represents Middle Street’s first BTR community, in spring 2027. The project team includes general contractor Middle Street Construction, civil engineer Sitecast, land planner Cissell Design Studio, landscape architect Studioforme and architect Terminus Design Group.

Continue Reading
FacebookTwitterLinkedinEmail
2748-Grant-Ave.-Philadelphia
DevelopmentIndustrialNortheastPennsylvania

Crow Holdings to Develop 103,500 SF Spec Industrial Project in Northeast Philadelphia

by Taylor Williams

PHILADELPHIA — Crow Holdings Development will build a 103,500-square-foot speculative industrial project at 2748 Grant Ave. in northeast Philadelphia. The single-story warehouse and distribution building will feature 32-foot ceiling heights, 32 dock positions, two drive-in doors and parking for 65 vehicles. M+H Architects is designing the project, and BH Cos. is providing engineering services. Oline Construction is the general contractor. JLL brokered the land deal, the seller in which was James D. Morrissey Inc. Construction, and has also been retained as the leasing agent. Completion is slated for mid-2026.

Continue Reading
FacebookTwitterLinkedinEmail
Alliance-Residential-Apts-Lakewood-WA
AcquisitionsDevelopmentMultifamilyWashingtonWestern

Alliance Residential Acquires 9.7-Acre Development Site in Lakewood, Washington

by Amy Works

LAKEWOOD, WASH. — Alliance Residential has purchased a 9.7-acre development site within Lakewood Towne Center, a retail destination in Lakewood. The site is slated for the development of a 285-unit Class A apartment community that will include units under the City of Lakewood’s Multifamily Tax Exemption program. The new multifamily property will help address the growing housing demand in Lakewood, where only one new 100-plus market-rate apartment development has been delivered since 2011. Ross Klinger and Austin Kelley of Kidder Mathews represented the undisclosed seller in the deal. Terms of the transaction were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaDevelopmentRestaurantRetailWestern

Prime Pizza to Open Five New Restaurants in Southern California

by Amy Works

LOS ANGELES — Los Angeles-based Prime Pizza, a rapidly expanding New York-style pizza restaurant, has signed leases for five new locations in Southern California. The locations are at Alicia Landing Shopping Center in Mission Viejo; Gaslight Square in Brea; Farmers & Merchants Bank Center in Torrance; and two freestanding locations, one in Thousand Oaks and another in Valley Village, Calif. Mark Seferian of RCI Brokerage represented Prime Pizza in the transactions, which ranged from 1,256 to 1,951 square feet. The Mission Viejo and Brea locations are slated to open in the fourth quarter of 2025, while the Valley Village, Thousand Oaks and Torrance locations will open during the second quarter of 2026.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Completes 70-Unit Affordable Housing Project in Lacey, New Jersey

by Taylor Williams

LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaDevelopmentMixed-UseTop StoriesWestern

Vestar, Pacific Proving to Develop $2B Mixed-Use Project in Mesa, Arizona

by John Nelson

MESA, ARIZ. — Vestar, a shopping center and mixed-use developer based in Phoenix, has partnered with Pacific Proving LLC, a landowning entity that controls 1,805 acres in the state capital’s East Valley, to co-develop a $2 billion mixed-use project. Legacy Park will span 200 acres at Pacific Proving’s site in Mesa near the confluence of Gilbert and Queen Creek. The groundbreaking is set for 2027. “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life,” says Andrew Cohn, principal of Pacific Proving. “Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity and the right partners, and that moment is now.” Vestar expects Legacy Park to generate $56 billion in economic output over the next 20 years and to create more than 20,000 jobs. Located adjacent to Mesa Gateway Airport and easily accessible via the new State Route 24 at Williams Field Road, Legacy Park at full build-out will feature: “Legacy Park is a …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMichiganMidwestOffice

Ford to Relocate Headquarters in Dearborn, Michigan to 2.1 MSF Campus, Tear Down Former ‘Glass House’

by Kristin Harlow

DEARBORN, MICH. — Ford Motor Co. has unveiled plans to open a new Ford World Headquarters at its Dearborn product development campus, the new Henry Ford II World Center. The 2.1 million-square-foot property will house thousands of engineering, design and technology team members together in one collaborative space that is twice the size of the company’s current headquarters and built to accommodate double the employees. Construction is underway, and hundreds of employees are working in the building already. The majority of the facility will be complete this year, but work will continue through 2027 on a final section of the site. Upon completion, up to 4,000 people can work from the headquarters with a total of 14,000 employees within a 15-minute walk of the new World Headquarters building. Once Ford has vacated the former headquarters, dubbed the Glass House, the facility will be demolished over the course of 18 months. Ford plans to “repurpose the site as an asset to its teams and community.” Ford is working with the City of Dearborn on a plan for how the site can best serve employees and neighbors. Glass House, which totals 950,000 square feet, has housed Ford’s headquarters since 1956. Ford will …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts