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DevelopmentFloridaRetailSoutheast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

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DevelopmentSoutheastStudent HousingTennessee

Core Spaces, Schenk Realty Plan 800-Bed Student Housing Development Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.

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ATX-Tower-Austin
DevelopmentMixed-UseTexas

Tishman Speyer, Ryan Cos. Top Out 58-Story ATX Mixed-Use Tower in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has topped out ATX Tower, a mixed-use tower located at 321 West St. in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 58-story building will house 1,000 square feet of ground-floor retail space, more than 100,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Ryan Cos. is also the general contractor. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019 and broke ground in spring 2022.

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Alta-Westover-Hills-San-Antonio
DevelopmentMultifamilyTexas

Wood Partners Breaks Ground on 312-Unit Multifamily Project in West San Antonio

by Taylor Williams

SAN ANTONIO — Atlanta-based developer Wood Partners has broken ground on Alta Westover Hills, a 312-unit multifamily project on the west side of San Antonio. Alta Westover Hills will offer one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes, custom cabinets and full-sized washers and dryers. Amenities will include a pool, clubroom, fitness center, business center, conference and entertainment spaces, outdoor kitchen and dining areas and a dog park. Wood Partners is developing the property in partnership with German investment firm EIG EuroInvestor. Completion is slated for summer 2025.

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ExtraSpace-Storage-Budd-Lake-New-Jersey
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Quinlan Development Completes 761-Unit Self-Storage Facility in Budd Lake, New Jersey

by Taylor Williams

BUDD LAKE, N.J. — New York City-based Quinlan Development Group has completed a 761-unit self-storage facility in the Northern New Jersey community of Budd Lake. The facility spans 95,200 net rentable square feet across four buildings and offers a mix of climate- and non-climate-controlled units. The project also features direct unit lighting and hydraulic elevators throughout. Ware Malcomb designed the project, and Gerard Construction served as the general contractor. ExtraSpace Storage will operate the facility.

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Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Berkadia Arranges $151M in Financing for Sea Breeze Gardens Affordable Housing Community in San Diego

by Amy Works

SAN DIEGO — Berkadia, on behalf of sponsor Lincoln Avenue Communities, has arranged $151 million in financing for Sea Breeze Gardens, an affordable multifamily property in San Diego. The financing includes a $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac. Situated within the Lincoln Park neighborhood of San Diego, Sea Breeze Gardens is a rehabilitation project and once complete will feature 268 units across 36 two-story walk-up residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom units. Twenty-seven units will be designated for residents earning up to 30 percent area median income (AMI), 27 units at 50 percent AMI and 212 units at 60 percent AMI. Additionally, the property will offer three employee units, and the community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment. Tim Leonhard and Chris McGraw of Berkadia secured the financing for the borrower.

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Pacific-Wind-Carlsbad-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

IHO, C&C Open $56M Pacific Wind Affordable Housing Community in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Innovative Housing Opportunities (IHO) and C&C Development have opened Pacific Wind, an affordable housing community in Carlsbad, approximately 30 miles north of San Diego. Located at 3875 Sydney Way, the 89-unit property replaced 22 1950s-era duplexes. Pacific Wind features five two- and three-story garden-style walk-up buildings with two play areas for low-income working families and individuals who make between 30 to 80 percent of area median income. The community is already fully leased to more than 300 residents. The property features a clubhouse with leasing and resident service offices, a multi-purpose room with a kitchen and a learning center. Funding sources for the $56 million project include Bank of America, California Municipal Finance Authority, City of Carlsbad and National Equity Fund, as well as federal tax credits. The project team included Bassenian Lagoni Architects, M Zaki Design, JAG Interiors, C&C Construction Services as general contractor, Candela Engineering as electrical engineer, Gouvis Engineering Consultants Group as structural engineer, SWS Engineering as civil engineer, TAD Engineering as MEP and VBK Consulting as project manager.

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Montgomery Mill Apartments in Windsor Locks, Conn.
Affordable HousingBohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Cracking the Code: Winning Strategies for Affordable Housing in Any Market

by Sarah Daniels

Frustrated by high costs and a lending crunch for market-rate multifamily projects, savvy mainstream developers are seeking opportunities to build affordable housing. But what constitutes opportunity in a sector reliant on agency lending, community stakeholders and controlled rents? Definitions of “opportunity” in affordable housing vary widely, and favorable elements often involve additional and unique challenges. Not only must developers identify opportune site conditions, but they must also evaluate prospects to compete for funding, secure municipal approvals and win community support. And they need to complete the project within required timeframes in order for the asset to qualify as a good opportunity. REBusiness asked experts from two firms at the forefront of affordable housing development about what affordable housing “opportunity” looks like — and about the strategies they use to transform promising sites into viable projects. Beacon Communities is an established developer of affordable, market-rate and mixed-income housing, while Bohler’s land development consulting and site design services have helped clients identify and act on commercial real estate opportunities for more than 35 years. “We look at any development opportunity through three lenses,” says LeAnn Hanfield Curtin, vice president of development at Beacon. “Those are the availability of sites, ability to get …

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Centennial-Yards-x-Cosm
DevelopmentGeorgiaLeasing ActivityRetailSoutheastTop Stories

Cosm to Open Entertainment Venue at $5B Centennial Yards Development in Atlanta

by Hayden Spiess

ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta.  Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility.  Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC.  Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams.  Upon full build-out, …

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