MIAMI — Kushner and PTM Partners have launched preleasing at 2000 Biscayne Boulevard, a 36-story apartment tower underway in Miami’s Edgewater district. The property will feature 420 studio, one-, two- and three-bedroom luxury apartments ranging in size from 500 to 1,500 square feet. Kushner and PTM have appointed SERHANT. New Development as the marketing and leasing agency of record for the building. Designed by Kobi Karp Architecture and Restoration Hardware for interiors, each unit will feature modern flooring, stainless steel appliances, Italian kitchen cabinetry and bathroom vanities, floor-to-ceiling windows and private terraces in select units. Amenities will include a fitness center with a sauna and massage treatment rooms, gaming club room, children’s play area, pet spa, resort-style pool with cabanas and an outdoor gym and yoga area overlooking Biscayne Bay.
MARSHALL, MINN. — The U.S. Department of Energy Loan Programs Office has provided a $213.6 million loan guarantee to support the construction of Solugen’s Bioforge Marshall facility in Southwest Minnesota. The 500,000-square-foot facility will produce bio-based chemical products for use in wastewater treatment, industrial wastewater, construction, agriculture and the energy sector. The project is designed to reduce annual carbon emissions by up to 18 million kilograms compared with incumbent production methods. Construction began in April, and production at the facility is scheduled to begin in fall 2025. The development will create up to 100 jobs during construction and 56 full-time manufacturing jobs once fully operational.
PERRIS, CALIF. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in the Inland Empire city of Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 percent leased at the time of financing, include Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness and Five Below. Tom Kenny and Josh Boehling of BWE secured a $55.5 million loan through a life insurance company, as well as an $11 million joint-venture equity investment, on behalf of the borrower.
SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.
MARYLAND HEIGHTS, MO. — Brinkmann Constructors has topped out The Porter Apartments, a 255-unit luxury apartment complex in the western St. Louis suburb of Maryland Heights. The five-story project is located at Westport Plaza, a 42-acre entertainment district. Amenities will include a clubroom, fitness and yoga center, private courtyard, pool and spa. The development team includes Lodging Hospitality Management, Balke Brown Transwestern, 2B Residential and Humphreys and Partners Architects. Completion is slated for the first quarter of 2025.
DALLAS — Trademark Property Co. has received approval from the Dallas City Council to rezone the site at 3900 Lemmon Ave. in the Oak Lawn area. The Fort Worth-based developer plans to construct a multifamily community with more than 400 units at the corner of Lemmon Avenue and Reagan Street. The building will rise three to seven stories and encompass three acres. The preliminary design includes plans for pocket parks, an amenity terrace and a ground-floor restaurant. Dallas-based GFF is the project architect. A construction timeline has not yet been established.
FISHER ISLAND, FLA. — Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the loan through Madison Realty Capital. The borrowers — Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group — launched sales for The Residences at Six Fisher Island in late 2022, generating more than $500 million in sales to date. Two of the property’s penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot. The project is set to begin construction this summer, with completion slated for 2026.
PICKENS COUNTY, S.C. — RealtyLink has purchased 115 acres behind the former Greenville-Pickens Speedway in Pickens County, directly west of Greenville, S.C. The locally based developer plans to initially invest $100 million in Phase I, which will comprise 1 million square feet of industrial space. At full build-out, Speedway Business & Technology Park will span 600 acres and comprise up to 4 million square feet of industrial space. The park will also include sidewalks, walking trails and other amenities. Phil Wilson and Stan Tzouvelekas of RealtyLink, along with CBRE, are seeking tenants for the development. Inaugural tenants of Speedway Business & Technology Park will be announced in the weeks and months to come.
BOYNTON BEACH, FLA. — JLL has secured $52.3 million in construction financing from First Citizens Bank for Egret Point Logistics Center, a 457,110-square-foot industrial development underway at 3800 S. Congress Ave. in Boynton Beach. Steven Klein, Melissa Rose and Mateo Bolivar of JLL arranged the financing on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital. Once the site for a Baptist Health System clinic, Egret Point is situated on a 30.8-acre site about 22 miles south of West Palm Beach with frontage along I-95. The development will feature two Class A logistics buildings of varying sizes. The construction timeline was not disclosed.
PUEBLO SPRINGS, COLO. — BWE, on behalf of ESH Development, has secured a $39.5 million HUD 221(d)(4) loan to finance the development of Pueblo Springs, a Class A market-rate apartment project in Pueblo, approximately 45 miles south of Colorado Springs. James Swanson of BWE’s Phoenix office originated the financing. The HUD-insured loan provides for a combined construction and permanent financing for market-rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing term that will qualify for HUD’s reduced rates for eco-friendly developments upon final construction and delivery of units. Pueblo Springs will feature 199 units with nine-foot ceilings in select units, walk-in closets, ceiling fans, private balconies or patios, soaking tubs, breakfast bars, pantries, granite or quartz countertops, and stainless steel and Energy Star appliances, including in-unit washers/dryers. Community amenities will include a clubhouse with Wi-Fi, a fitness center, business center/e-lounge, community room with gourmet kitchen, bike storage, heated pool and spa, barbecue and picnic areas, walking paths, extensive landscaping, 24-hour emergency staff and gated entry. Colorado Structures is serving as general contractor for the project, which will be built to a high standard of energy efficiency.