Development

HOLLY HILL, FLA. — Housing Trust Group (HTG) has broken ground on Fox Pointe, a $25.7 million affordable housing community in Holly Hill, a coastal suburb of Daytona Beach. HTG is partnering with HfH Supportive Housing on the development, which will feature 35 units reserved for housing-insecure individuals and 35 units reserved as affordable and workforce housing. A partments at Fox Pointe will be reserved for residents who earn at or below 22, 30, 60 and 80 percent of the area median income (AMI), with monthly rents ranging from $319 to $1,610. The property will comprise one-, two- and three-bedroom apartments ranging in size from 600 to 975 square feet. Amenities will include a resort-style swimming pool, clubhouse with a lounge area, business center, picnic pavilion, dog park, playground, fitness center and onsite resident services. HTG expects to complete Fox Pointe by fourth-quarter 2025, with leasing to begin next fall. Members of the design-build team include Park and Eleazer Construction, FK Architecture, civil engineer Mark Dowst & Associates Inc., interior designer Builders Design and landscape architect Culliver Design Inc. Funding sources include Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. that was syndicated through Raymond James Equity Investor; …

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VICTORIA, MINN. — Northmarq has arranged a $28.6 million construction loan for Olivine Apartments in Victoria, a western suburb of Minneapolis. The 145-unit multifamily community at 2000 Steiger Lake Lane is slated to be built in 2025. Dan Trebil and Andy Finn of Northmarq arranged the financing on behalf of the borrower, Schafer Richardson and Marco McLane Development. Associated Bank provided the loan. The deal also features preferred equity, which Northmarq arranged through Minnesota-based Ackerberg Group.

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Hawes-Crossing-Apts-Mesa-AZ

MESA, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has broken ground on a three-story, 419-unit Class A multifamily community situated within Hawes Crossing, a 1,100-acre master-planned community in Mesa. Spanning 18 acres, the community will consist of 14 buildings and offer a variety of amenities, including a fitness center with gym, sauna, cold plunge and Zen garden; work-from-home areas; and a 2,000-square-foot entertainment lounge that opens to a courtyard. The courtyard will feature a resort-style pool and spa, festoon lighting and a covered grill lounge. Additional amenities will include pickleball courts, private dining, a leasing lobby, package room, pet spa and park, children’s play area and connectivity to the Hawes Crossing trail system. The project is scheduled to open in summer 2026.

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CLEVELAND — Discovery Builders, a joint venture between Turner Construction, Next Generation Construction, The AKA Team and Adrian Maldonado & Associates, has broken ground on a $300 million Interdisciplinary Science and Engineering Building (ISEB) at Case Western Reserve University in Cleveland. The five-story, 189,000-square-foot building will support innovation in areas such as industrial batteries, sustainable manufacturing, pathogen research and advanced prosthetics. National architecture firm HGA and local partner DVA Architecture designed the facility. Located on the former site of Yost Hall, the project marks the largest on-campus development for the university in decades. It will serve as the largest building on the Case Quad, home to the university’s science and engineering departments. The ISEB will play a critical role in growing the university’s annual research expenditures to $600 million, according to a release. The building will feature a variety of research spaces, including wet and dry labs, core labs and equipment platforms. The project is expected to receive LEED Gold certification. Completion is slated for 2026. Nearly 6,200 undergraduate and 6,100 graduate students from across 96 countries study in Case Western Reserve’s more than 250 degree programs across arts, dental medicine, engineering, law, management, medicine, nursing, science and social work.

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VALLEY, NEB. — Prominence Global LLC has unveiled plans to develop Catalina, a 260-acre mixed-use project in Valley, about 25 miles west of Omaha. Colliers is the leasing agent. Situated near Highway 275 and Meigs Street, Catalina will feature a commercial district with retail and flex opportunities along with a residential component for single-family and multifamily units. Catalina will also feature the First Interstate SportsPlex. In partnership with the Elkhorn Athletic Association, this 96-acre portion of the development will be dedicated to soccer, baseball and softball fields. Grading at the site is currently underway, with infrastructure work projected to start in 2025. Some of the first homes and commercial tenants are expected to open in late 2026.

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CHICAGO — Peak Properties has added Stewart School Lofts in Chicago’s Uptown neighborhood to its management portfolio. The project was a residential conversion of a historic elementary school. The property now features 64 luxury apartment units ranging from studios to three-bedroom layouts. The units incorporate historic details such as wood trim, hardwood floors, exposed brick walls, chalkboards, original basketball court striping and original doors. Originally constructed in 1907, the Graeme Stewart Elementary School was home to students for more than 100 years before its closing in 2013. Peak Properties is the property manager, and Cross Street is handling leasing.

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WHEELING, ILL. — Principle Construction has completed Phase I of a renovation project for SMW Autoblok in Wheeling. This initial phase prepares the facility for a future expansion encompassing office and warehouse space. Principle previously completed a significant expansion for the tenant at the same address in 2008. SMW Autoblok, a manufacturer of turning and grinding machine tools, is implementing an automated parts picking system with the Kardex system. Phase I of the project involved constructing a walled enclosure for the Kardex system, a new shipping office and a pump room. The next phase will add a new showroom, main conference room and general office upgrades. Partners in Design was the project architect.

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MIAMI — Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan from Centennial Bank and a $26 million mezzanine loan from Southern Realty Trust Inc., which syndicated $13 million to affiliate firm Sunrise Realty Trust. Designed by Arquitectonica, Excel Miami will offer studio, one- and two-bedroom apartments, as well as 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness room, coworking space, screening room and podcast suites. The construction timeline was not released.

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Flora-Fulton-Market

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a multifamily tower rising 34 stories in Chicago’s Fulton Market neighborhood.  The community offers 368 luxury units in a mix of studio, one-, two- and three-bedroom configurations alongside penthouse units with condominium-like finishes. Interior amenities include a clubroom, golf and game simulator room, fitness center and yoga studio, private dining space with a chef’s kitchen, dedicated work-from-home areas and a sound recording booth.  Flora also features an outdoor amenity deck on the second floor with grilling stations, outdoor televisions and fire pits; a rooftop swimming pool with cabanas; and a dog run and pet washing station.  The ground floor is home to 5,118 square feet of retail space, which will be occupied by a restaurant concept by celebrity chef Joe Flamm via local restaurant group Day Off Group. Slated to open in 2025, the restaurant’s name and concept will be announced at a later date. Andrew Becker of Canvas represented High Street Residential in leasing negotiations.  The community is part of Trammell Crow’s larger Fulton Park Campus, which includes two existing research and development properties at 400 N. Aberdeen St. and 1375 W. Fulton Market.  …

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LOUISVILLE, KY. — Stellar Snacks, a snack manufacturer based in Carson City, Nev., has officially opened its new $137 million pretzel bakery in west Louisville. The company held a ribbon cutting ceremony attended by various dignitaries, including Kentucky Gov. Andy Beshear and Louisville Mayor Craig Greenberg. The new Stellar Snacks factory is located within an existing 434,000-square-foot industrial building at 1391 Dixie Highway. The factory will create 350 full-time jobs over the next 10 years, which makes it the largest economic development project in west Louisville over the past 20 years. Stellar Snacks currently operates its original 101,000-square-foot facility in Carson City, where it employs more than 170 people. The company was founded in 2019 by mother-daughter duo Elisabeth and Gina Galvin, making Stellar Snacks the first woman-owned pretzel manufacturer in the United States. The pretzel maker distributes products to more than 5,000 grocery and retail stores nationwide.

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