BOSTON — General contractor Columbia Construction and locally based design firm Margulies Perruzzi Architects have completed a 20,000-square-foot office and life sciences project in Boston. The space serves as an innovation and workplace training center for biotechnology firm Boston Scientific Corp. and includes procedure rooms for simulated surgeries, conference rooms with movable walls, an auditorium and amenity spaces. R.W. Sullivan handled engineering services for the project.
MADISON, WIS. — McShane Construction Co. will build Canyons, a 60-unit affordable housing community in Madison. Lincoln Avenue Communities is the developer. The four-story project will be constructed atop a concrete parking garage. The property will feature 3,750 square feet of amenity space, including a fitness center, laundry room, mail room and clubroom. The project is designed to achieve Wisconsin Green Built Homes Gold Certification and EnergyStar Multifamily Certification with a solar panel system on the roof to offset electricity costs for the common areas. Completion is slated for June 2025. Knothe & Bruce Architects is the project architect.
SARASOTA, FLA. — The Allen Morris Co. has obtained an $83 million construction loan for Bayside Sarasota, a 349-unit apartment development in the city’s Rosemary District. Kennedy Wilson provided the loan. Alaska Permanent Fund Corp. (APFC) is Allen Morris’ partner on the development, which will sit adjacent to Sarasota’s $200 million Bay Park redevelopment project. Bayside Sarasota will comprise a 253-unit apartment community with 2,000 square feet of retail space and a separate 96-unit tower. The project will feature a mix of one-, two- and three-bedroom apartments and 50,000 square feet of amenities, including a rooftop pool deck, lobby restaurant, fitness center with a covered yoga terrace and a 24-hour concierge. The design-build team includes general contractor Brasfield & Gorrie, architect Dwell Design Studio and interior designer FlickMars. Longboat Group will operate Bayside Sarasota upon completion, which Allen Morris and APFC expect will be in fall 2026.
KNOXVILLE, TENN. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, DCI Engineers, Cannon & Cannon and V3 Consulting Engineers. The development is anticipated for completion in summer 2026.
LOS ANGELES — Cityview has completed Belle on Bev, a 243-unit mixed-use project in Los Angeles’ Historic Filipinotown (HiFi). Belle on Bev, originally announced in early 2023, features a mix of studio, one- and two-bedroom floorplans with Latch smart home systems including keyless entry and smart thermostats, luxury vinyl flooring, turnkey Wi-Fi and in-unit washers/dryers. The property also features 3,500 square feet of commercial space and 21 affordable housing units. Community amenities include a club room, pool courtyard and spa terrace and community garden courtyard. Cityview partnered with AC Martin, WPIC Construction and Nadia Geller Designs on the project.
THORNTON, COLO. — Indianapolis-based TM Crowley & Associates has partnered with Atlanta-based NLG Capital Management (NLGCM), a division of The Net Lease Group, to develop The Highlands at Thornton, a mixed-use property at the northeast intersection of Quebec Street and 136th Avenue in Thornton. Situated on 23 acres, the project will offer more than 101,925 square feet of retail, commercial and medical office space. CVS Caremark will anchor the development. Lisa Vela and Jay Landt of Colliers will handle leasing efforts for the project.
LOS ANGELES — California Landmark Group has completed M1byCLG, a multifamily development in Los Angeles’ Silver Lake submarket. Located at 1221 Myra Ave., the property features 100 apartments that are 60 percent leased. The unit mix includes junior and traditional one-, two- and three-bedroom floor plans along with several co-living suites. Each apartment features floor-to-ceiling windows, stone countertops, stainless steel appliances, in-unit washers/dryers, walk-in showers and private patios. Common area amenities include a fitness center, co-working space, and a rooftop deck with pool, spa, barbecues and unobstructed views of the Hollywood Hills. The six-story structure is built over a subterranean garage with parking and a lobby. PK Architecture provided design services for the development.
NEW BRUNSWICK, N.J. — The Community Builders, a nonprofit multifamily developer, has broken ground on Stirlingside Residences, a 53-unit affordable housing project in the Central New Jersey community of New Brunswick. Stirlingside Residences will feature 13 three-bedroom units, 30 two-bedroom residences and 10 one-bedroom apartments, with six units set aside for families and individuals who previously experienced homelessness. The majority (47) of the units are reserved for households earning 60 percent or less of the area median income. Amenities will include a community room, fitness room and onsite laundry facilities. Delivery is scheduled for mid-2025.
ZION, ILL. — Industrial Outdoor Ventures has completed the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in northeast Illinois. The project includes an 11,440-square-foot maintenance and service facility, a 2,008-square-foot office space and a fenced yard area with 180 trailer parking spaces. Trumpet Park’s first phase, part of a larger $35 million project, is situated on a nine-acre parcel adjacent to a FedEx freight terminal. ISFs, commonly referred to as low coverage industrial properties, provide supply chain infrastructure solutions for industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The new development, located about two miles east of I-94, can be used for truck parking, maintenance/service, material storage and trucking terminals. Chris Volkert, Ned Frank and Pat Hake of Colliers are marketing the property for lease. Arete Design Studio provided architecture, planning and design services for the project, while Spaceco provided civil and surveying services. The second phase of Trumpet Park, which will be built on a 47-acre parcel, is in the pre-development phase.
With elevated prices on everything from land to debt financing, insurance, building materials and labor, developers face an uphill climb attempting to pencil out multifamily projects at a profit. That’s why in 2024, developers are opting for practical and convenient amenities over luxury and choosing builder-friendly suburban locations over complex urban sites. And with diminishing room to raise rents on market-rate apartments, many investors and developers are shifting their attention to affordable and workforce housing, where incentives offset some expenses and, ideally, help position projects to deliver positive returns. “Market-rate developers in our region are starting to change their model to embrace more of an affordable product,” confirms Chad Riddle, Atlanta branch manager at Bohler. “Unfortunately, that puts them behind the eight ball because they may not know the tricks of the trade and they are competing with affordable housing developers that already know the business and are thriving.” There is no single strategy to pencil out a profitable multifamily project, but developers are achieving success by sticking to proven, cost-effective design elements and amenities, avoiding costly missteps and cutting down unnecessary spending throughout the development process. Drawing on affordable housing specialists and other in-house experts, Bohler helps clients avoid …