HADDONFIELD, N.J. — New Jersey-based developer Woodmont Properties will undertake a multifamily redevelopment project in Haddonfield, about 15 miles east of Philadelphia. The project will convert a portion of the former 8.2-acre site of the Bancroft School into a 120-unit apartment complex. Fifteen percent (18) of the residences will be reserved as affordable housing. A construction timeline has not yet been finalized.
CHESTERFIELD, MO. — Shelbourne Healthcare Development Group is nearing completion of The Lumiere of Chesterfield, an upscale senior living community in the St. Louis suburb of Chesterfield. The developer has tapped Tutera Senior Living & Health Care as the operator. The 193,000-square-foot development will offer 150 units, including 96 independent living, 37 assisted living and 17 memory care units.
EDISON, N.J. — Locally based developer Garden Communities is nearing completion of Millbrook Horizon, a 40-unit multifamily project located in the Central New Jersey community of Edison. Millbrook Horizon comprises three buildings that house one- and two-bedroom units. Two buildings are complete, and the third building will be complete later this summer. Rents start at $2,600 per month for a one-bedroom apartment.
TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has opened Annika Place, a 53-unit affordable housing community in Traverse City. The $14.7 million project offers 29 one-bedroom units and 24 two-bedroom units for residents who earn 30 to 80 percent of the area median income. Rental rates range from $377 to $1,125 per month, depending on the income restriction and size of unit. The Traverse City Housing Commission will provide rental assistance for eight units to be occupied by formerly homeless residents. The four-story development features amenities such as a community kitchen, fitness center, rooftop terrace, patio, picnic table, grill, park benches and playground. Annika Place is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority. Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. Huntington Bank provided a construction loan and permanent financing. The project honors the memory of U.S. Coast Guardsman Douglas Munro, who lost his life at the Guadalcanal on Sept. 27, 1942, because of heroic measures with his Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor. …
LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has released plans for a $5.3 billion expansion of its manufacturing facility in Lebanon, roughly 27 miles northwest of Indianapolis. The investment is the largest in U.S. history for active pharmaceutical ingredient manufacturing, according to the company. Lilly began developing the Lebanon site, located within the LEAP Research and Innovation District, in 2023. The expansion will enhance the company’s capacity to manufacture active pharmaceutical ingredients for its Zepbound and Mounjaro injectables, which are both diabetes and weight loss drugs. Lilly’s total investment in the site is now $9 billion. Upon full build-out, the facility will staff 900 full-time employees. The company expects to begin manufacturing at the property in 2026, with operations scaling up through 2028. The development will include the addition of a learning and training center built in conjunction with the State of Indiana, which will be utilized by the larger LEAP District. Lilly will also partner with the state on new infrastructural additions including roads, water, electricity and other utilities. Since 2020, Lilly has committed more than $16 billion to develop new manufacturing sites in the U.S. and Europe, with developments located in the Research Triangle of North …
GOOSE CREEK, S.C. — CBRE has secured a $30.9 million loan for the construction of The Marketplace at Carnes Crossroads, a Publix-anchored shopping center underway in Goose Creek, roughly 15 miles outside Charleston. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the financing on behalf of the borrower, Columbia Properties, through a regional bank. Worthen Development is a partner in the project. Upon completion, the center will comprise 82,622 square feet across three buildings and nine land parcels situated on 24.5 acres. Site work for the development has begun, with vertical construction scheduled to begin soon.
CHARLOTTE, N.C. — Houston-based Lovett Industrial has broken ground on Orr Road Business Center, a 282,000-square-foot industrial business park in Charlotte. The property will feature two multi-tenant rear-load buildings on 21.7 acres, designed for occupancies ranging from 30,000 to 156,000 square feet. The buildings will comprise 156,000 and 126,000 square feet, respectively, featuring 32-foot clear heights, 6-inch reinforced concrete slabs, 180-foot truck courts, 60 total loading doors and two drive-in doors each. Henry Lobb and Abby Rights of Avison Young will manage leasing at the property, with Chris Skibinski of Avison Young providing capital markets strategic advisory services. A construction timeline was not disclosed.
PHOENIX — Creation and Clarion Partners have broken ground on the first phase of Park Algodon, a previously announced, 1.3 million-square-foot industrial campus in Phoenix. Situated on 87 acres, the two-phase speculative industrial development will total 1.3 million square feet at full build out. The first phase includes four buildings, totaling 766,000 square feet, for tenants as small as 16,000 square feet and as large at 317,000 square feet. The second phase will consist of a 556,000-square-foot building. The buildings will feature 32- to 36-foot minimum clear heights, ample power and abundant employee parking. LGE Design Build is leading the architecture and construction. The first phase is scheduled for completion in the third quarter of 2025. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield are handling leasing of the project.
TEMPE, ARIZ. — Transwestern Development Co. has completed Vero, a seven-story multifamily property within Novus Innovation Corridor in Tempe. Greystar is managing the Class A community. Globe Corp. and University Realty are investment partners on the project. Located at 651 E. 6th St., Vero offers 199 apartments with washers/dryers, stainless steel appliances and hardwood-style flooring. Select units offer custom built-ins, balconies and Murphy beds. Onsite amenities include a resort-style pool with lounge area; fitness center; coworking space with conference rooms; a resident clubhouse with a pool table and wet bar; and secure bike storage.
DALLAS — Stream Realty Partners has completed The Quad, a 12-story, 345,425-square-foot office project in Uptown Dallas that also features about 15,000 square feet of retail and restaurant space. Office amenities include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream Realty acquired the site in 2019, and construction on The Quad began in March 2022. Omniplan designed the property, and Austin Commercial served as the general contractor. MSD Partners, the investment advisory firm of tech magnate Michael Dell, provided construction financing. Four tenants — Revantage, Chicago Title, M Financial Group and Berkshire Residential — signed leases totaling 115,000 square feet prior to delivery.