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DevelopmentLoansMultifamilySoutheastTop StoriesVirginia

Carr Forms Joint Venture with Barings to Build $131M Multifamily Project in Alexandria, Virginia

by Kristin Harlow

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project to transform a former office building into multifamily units in Alexandria, roughly seven miles south of Washington, D.C. The partnership subsequently received an $84 million construction loan from real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The development site, located adjacent to Montgomery Park in the city’s Old Town Alexandria neighborhood, formerly housed a vacant office building. The eight-story, 250,000-square-foot project will feature 237 apartment units in studio, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool and a resident lounge/amenity center, as well as a performing arts venue leased to CityDance. About one-third of the units will offer views of the Potomac River. Carr acquired the project site (formerly 901 N. Pitt St.) in spring 2024. Construction has commenced, and a groundbreaking ceremony is scheduled for next month. The project is slated for completion by late 2026. “We look forward to partnering with Carr Properties on this exciting residential investment that we believe will benefit from several tailwinds, including the region’s strong …

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DevelopmentIndustrialTexas

TCC Breaks Ground on 628,012 SF Industrial Project in Cypress, Texas

by Taylor Williams

CYPRESS, TEXAS — Trammell Crow Co. (TCC) has broken ground on a 628,012-square-foot industrial project in Cypress, a northwestern suburb of Houston, that represents the third and final phase of Weiser Business Park. Designed by Seeberger Architecture with construction to be handled by A&F General Contractors, Buildings 5 and 6 at Weiser Business Park will feature 36-foot clear heights, 54-foot-wide column spacing and ESFR sprinkler systems. Colliers is marketing the buildings for lease. Cadence Bank is financing Phase III. Weiser Business Park currently consists of four buildings totaling approximately 1 million square feet.

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DevelopmentGeorgiaIndustrialSoutheast

Barings, Trinity Capital Break Ground on 1.5 MSF Industrial Development in Savannah

by John Nelson

SAVANNAH, GA. — Barings and Charlotte-based Trinity Capital have broken ground on Phase II of Horizon 16 Industrial Park, a logistics park located at Jimmy Deloach Parkway and I-16 in Savannah. The second phase will span six buildings totaling 1.5 million square feet. Phase I of the park spans 1.1 million square feet across three buildings and is currently 74 percent leased to tenants including Ferguson and Harbor Freight. The design-build team for Phase II includes general contractor Evans and architectural firm Atlas. The co-developers have tapped William Lattimore of CBRE to lease the second phase of Horizon 16. Barings and Trinity Capital previously partnered to develop 85 Exchange, a 1.3 million-square-foot industrial park near Charlotte that is leased to tenants including Amazon.

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DevelopmentHospitalityLouisianaSoutheast

LaPhair Capital, NFL Players Invest in Hotel Redevelopment in New Orleans

by John Nelson

NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.

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ArizonaDevelopmentIndustrialWestern

Mack Real Estate Group Breaks Ground on Phase I of 1.2 MSF Industrial Park in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Mack Real Estate Group, with Willmeng Construction as general contractor, is developing Mack Innovation Park Scottsdale (MIP Scottsdale), a 1.2 million-square-foot industrial project in Scottsdale. The team has started vertical construction of the 305,400-square-foot Phase I of the project. Phase I of MIP Scottsdale will consist of two buildings with 32-foot clear heights, 53 dock-high doors, 20 grade-level doors and 516 parking stalls. Financing for the project includes $43 million in first mortgage construction debt provided by Bank OZK, and $19.8 million in construction mezzanine financing provided by PGIM Real Estate. Lenga Partners, a Chile-based real estate investment firm, is Mack’s equity joint venture partner in the project. The development team includes Butler Design Group and Withey Morris Baugh PLC. Mitch Stravitz and Rusty Kennedy of CBRE, James Cohn of Stream Realty and Randy Shell of Shell Commercial are handling leasing for the project.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Douglaston Development Breaks Ground on 277-Unit Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.

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DevelopmentMidwestMissouriMultifamily

ARCO Construction, HDA Complete 268-Unit Apartment Complex in St. Louis

by Kristin Harlow

ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit apartment complex in St. Louis. The four-story, 278,659-square-foot project features a three-level parking garage totaling 94,598 square feet. Outdoor amenities include a courtyard with a pool and grilling area. Inside, residents can enjoy a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Monthly rents start at $1,410, according to the property’s website.

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DevelopmentIllinoisMidwestOffice

Executive Construction, LJC Deliver 80,000 SF Office Headquarters Build-out in Chicago

by Kristin Harlow

CHICAGO — Executive Construction Inc. and architect Lamar Johnson Collaborative (LJC) have completed an office headquarters build-out for ofi (Olam Food Ingredients) in Chicago. The 80,000-square-foot project spans the entire 10th floor of 24 E. Washington St., a recent adaptive reuse redevelopment of the upper levels of the former Marshall Field and Co. Building into creative office space. The office features 13 dedicated labs and specialized kitchens. Flexible multipurpose meeting and dining spaces are flanked by a pair of demonstration kitchens. A sensory work room and separate sensory experience room allow tastings. The new headquarters brings ofi teams from previously fragmented locations into a unified space. The team is targeting LEED Silver and WELL Gold certifications.

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DevelopmentLouisianaSoutheastTop Stories

Cypress Equities, Lauricella Break Ground on 123,941 SF Office Building for Shell in New Orleans

by John Nelson

NEW ORLEANS — A partnership between Cypress Equities, a real estate development and management firm based in Dallas, and locally based firm Lauricella Land Co. has broken ground on a new eight-story office building in New Orleans. Situated on the banks of the Mississippi River, the 123,941-square-foot property, named Shell Plaza, will house the headquarters of the Gulf of Mexico operations for oil-and-gas giant Shell (NYSE: SHEL). Shell executed the office lease with Cypress Equities and Lauricella Land Co. last year. The new property represents the first Class A office building to break ground in New Orleans since 1989 and the first office property within the River District, a 39-acre mixed-use neighborhood on the riverfront, according to the development team. “This project will boost the local economy while setting a new standard for sustainable, modern office space in New Orleans,” says Chris Maguire, CEO of Cypress Equities. Shell Plaza will be located on a 1.6-acre site at 1600 Convention Center Blvd. at the corner of Henderson and Euterpe streets and adjacent to the New Orleans Ernest N. Morial Convention Center. River District Neighborhood Investors LLC, working on behalf of the convention center, is overseeing the development of the River District …

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DevelopmentGeorgiaIndustrialSoutheast

Trammell Crow Co., CBRE IM Deliver 1.5 MSF First Phase of Business Park in Pendergrass, Georgia

by John Nelson

PENDERGRASS, GA. — A joint venture between Trammell Crow Co. and CBRE IM has delivered Phase I of Jackson 85 North Business Park in Pendergrass, about 60 miles northeast of Atlanta. Situated on 215 acres, Phase I comprises two Class A warehouse buildings totaling 1.5 million square feet. Building 1 totals 538,450 square feet and Building 2 totals roughly 1 million square feet. The warehouses feature 40-foot clear heights, 185-foot concrete truck courts, parking space for vehicles and trailers, more than 290 dock door positions and four drive-in ramps. Additionally, the facilities include electrical service, an ESFR fire protection system, watertight roofing systems that can accommodate solar panels and 3,900 square feet of interior office space for each building. Phase II, which is currently underway, will include two warehouses spanning 210,080 square feet and 524,160 square feet. Phase II will also include a build-to-suit project up to 750,000 square feet. Wilson, Hull & Neal Real Estate is leading the marketing and leasing efforts for the project.

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