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Development

Roseland-Townhomes-and-Roseland-Estates
Affordable HousingDevelopmentMultifamilyTexas

Dallas Housing Authority Secures $69M Bond Reservation to Renovate Two Affordable Communities

by Taylor Williams

DALLAS — The Housing Authority of the City of Dallas (DHA) has secured a $69 million bond reservation for the renovation of Roseland Townhomes and Roseland Estates, two affordable housing communities in Central Dallas. The bond reservation represents an early piece of the capital stack that enables DHA to receive 4 percent Low-Income Housing Tax Credits (LIHTC). The renovation will include new kitchens, bathrooms, plumbing, flooring, appliances and fixtures in the properties’ 274 units. DHA will also upgrade the recreation center, building infrastructure, security and landscaping. Completion is slated for 2027.

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Elmore-Hotel-Southlake
DevelopmentHospitalityTexas

NewcrestImage Completes Renovation of 175-Room Elmore Hotel in Southlake, Texas

by Taylor Williams

SOUTHLAKE, TEXAS — Locally based hospitality owner-operator NewCrestImage has completed the renovation of the 175-room Elmore Hotel in Southlake, located northeast of Fort Worth. The renovation of the four-story hotel, which originally opened in 2016, lasted about a year and carried a multimillion-dollar price tag. Amenities include a fitness center, outdoor pool, 5,000 square feet of meeting and event space and an onsite bar and restaurant. Coury Hospitality manages the property.

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361-Centre-St.-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $37.6M in Bond Financing for Affordable Housing Conversion Project in Boston

by Taylor Williams

BOSTON — MassDevelopment has provided $37.6 million in tax-exempt bond financing for an affordable housing conversion project in Boston. The project will convert the former Blessed Sacrament Church in the Jamaica Plain neighborhood, which was built in the early 1900s and served as an active parish until the early 2000s, into a 55-unit complex. The unit mix will consist of 17 studios, 25 one-bedroom residences and 13 two-bedroom apartments that will be reserved for households earning between 30 and 80 percent of the area median income. Six units will be specifically reserved for formerly homeless individuals. Construction is underway and is expected to be completed in early 2028. The developer is a partnership between an affiliate of Pennrose and the local nonprofit Hyde Square Task Force. Citizens Bank purchased the bond.

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Bode-Columbia-City-WA
DevelopmentLoansMultifamilyWashingtonWestern

Dwight Mortgage Trust Provides $44M Bridge Loan for Two Seattle-Area Multifamily Projects

by Amy Works

SEATTLE — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $44 million bridge loan for Seattle-based developer Bode. The financing retires existing construction debt, covers loan transaction costs, funds an interest reserve and supports final construction completion of two assets, Bode Columbia City and Bode Tacoma Dome. Bode Columbia City in Seattle is an 80-unit property featuring one- and two-bedroom floor plans. Bode Tacoma Dome is a 164-unit community in Tacoma, Wash., offering studios and one-, two- and three-bedroom floor plans.

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DevelopmentIndustrialNorth CarolinaSoutheast

Walmart to Invest $300M for Fulfillment Center in Suburban Charlotte

by Abby Cox

KINGS MOUNTAIN, N.C. — Walmart Inc. has announced plans to invest $300 million for a 1.2 million-square-foot fulfillment facility located in Kings Mountain, approximately 30 miles west of Charlotte. The project, which is expected to create more than 300 jobs, is scheduled to open in 2027. The fulfillment center will ship large items, such as patio furniture and lawnmowers, directly to customers. The Keith Corp. delivered the industrial building, dubbed Kings Mountain Corporate Center, in late 2023. The project will be facilitated by a Job Development Investment Grant (JDIG), which was awarded to Walmart Fulfillment Services LLC and approved by the state’s Economic Investment Committee. In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other partners in this project include the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce’s Division of Workforce Solutions, the City of Kings Mountain, Gaston County and the Gaston County Economic Development Commission.

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DevelopmentMidwestSouth Dakota

Capri Pools & Aquatics Completes $31.3M Expansion to University of South Dakota Wellness Center

by Kristin Harlow

VERMILLION, S.D. — Capri Pools & Aquatics has completed a new 45,800-square-foot expansion to the University of South Dakota Wellness Center. The firm completed the $31.3 million project in partnership with Journey Construction, RGD Planning & Design and Councilman Hunsaker. The natatorium houses an Olympic-sized competition pool, activity pool, Ninja Cross aquatic obstacle course, multipurpose room, hot tub, steam room, athletic locker rooms, expanded wellness locker rooms, a meet management room, coaches’ offices and a lifeguard room. The 12,930-square-foot Olympic-sized competition pool features 50-meter lanes and two movable bulkheads to divide the pool into three separate zones for simultaneous activities. It also includes seating for 400 people.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JLL Brokers $54.3M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams

NEW YORK CITY — JLL has brokered the $54.3 million sale of a multifamily development site in Brooklyn. The site at 970 Franklin Ave. is located in the Crown Heights neighborhood and is approved for the development of up to roughly 290,000 buildable square feet of product across 355 apartments, all within a 10-story building. The Continuum Co. sold the site to private investor Isaac Schwartz. Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara of JLL represented both parties in the transaction.

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AcquisitionsDelawareDevelopmentIndustrialNortheast

NAI Emory Hill Buys 46-Acre Industrial Development Site in Dover, Delaware

by Taylor Williams

DOVER, DEL. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 46-acre industrial development site in Dover. The parcel is located within Garrison Oak Technology Park and is zoned for manufacturing, logistics and technology uses. The seller and sales price were not disclosed. According to Becker Morgan Group, the architecture and engineering firm that designed Garrison Oak Technology Park, the development spans 389 acres across 15 parcels.

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429-Business-Center
DevelopmentFloridaIndustrialLeasing ActivitySoutheast

Stonemont Financial Completes 259,255 SF Industrial Complex in Metro Orlando

by Abby Cox

OCOEE, FLA. — Stonemont Financial Group has completed 429 Business Center, a 259,255-square-foot industrial complex located in Ocoee, roughly 10 miles outside Orlando near Walt Disney World. HGR Construction Inc. served as general contractor on the project. Cam Montgomery and Matt Sullivan of JLL are handling leasing efforts for 429 Business Center on behalf of Stonemont. 429 Business Center comprises seven buildings and features 20- to 32-foot clear heights, with rear- and front-load options. The facility is currently 49 percent preleased, with buildings 200 and 600 already fully occupied. Atlanta-based Stonemont owns more than 4.4 million square feet of industrial development across Florida and is nearing completion on a 100,698-square-foot facility near Tampa.

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Westin-Houston-Downtown
DevelopmentHospitalityTexas

Fertitta Hospitality Completes Renovation of 200-Room Westin Houston Downtown Hotel

by Taylor Williams

HOUSTON — Fertitta Hospitality, which is part of the entertainment empire of Houston Rockets owner Tillman Fertitta, has completed the multimillion-dollar renovation of the 200-room Westin Houston Downtown Hotel. The project involved the transformation of the lobby, including the bar, restaurant and lounge areas, as well as new flooring, furnishings and amenities in all guestrooms. Meeting spaces were also upgraded with new carpets, lighting and technological features, and the fitness center has received new equipment.

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