Development

Portman Nears Completion of 319-Unit Vera at Savona Mill Apartments in West Charlotte

by John Nelson May 9, 2024

CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.

May 9, 2024

Development Healthcare Maryland Mixed-Use Retail Southeast

Greenebaum, St. John Properties Break Ground on Final Three Buildings at Maple Lawn in Fulton, Maryland

by John Nelson May 9, 2024

FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation.

May 9, 2024

Data Centers Development Industrial Midwest Top Stories Wisconsin

Microsoft to Invest $3.3B for Data Center Development in Mount Pleasant, Wisconsin

by Kristin Harlow May 9, 2024

MOUNT PLEASANT, WIS. — Microsoft has unveiled plans to invest $3.3 billion between now and the end of 2026 in the development of a data center campus in Mount Pleasant, about 28 miles south of Milwaukee. The tech giant plans to expand its national cloud and artificial intelligence (AI) infrastructure capacity. The project is expected to bring 2,300 unionized construction jobs to the area by 2025, as well as to provide long-term employment opportunities over the next several years. Along with building a physical data center, Microsoft will partner with Gateway Technical College to construct a data center academy. This facility will serve to train and certify more than 1,000 students over the course of five years to work in the new data center and IT sector. U.S. President Joe Biden joined Microsoft President Brad Smith and Wisconsin Gov. Tony Evers at Gateway Technical College on Wednesday for the announcement. “This is a watershed moment for Wisconsin and a critical part of our work to build a 21st-century workforce and economy in the Badger State,” says Evers. Microsoft’s data center is being built where former President Donald Trump had previously announced a $10 billion investment from Taiwanese electronics manufacturer Foxconn. …

May 9, 2024

Development Retail Texas

Developers Announce $130M Retail Power Center in Marble Falls, Texas

by Taylor Williams May 8, 2024

MARBLE FALLS, TEXAS — A group of developers doing business as Flatrock Development Partners LLC has announced The Shops at Flatrock Crossing, a $130 million retail power center in Marble Falls, about 50 miles northwest of Austin. The site has been part of the Roper Family ranch for more than 100 years, and members of the family have partnered with real estate professionals on the project. Those developers include Bob Berryhill of Empirita Development (developer of record) and Bobby Johnson of Twenty Two 10 Group. Academy Sports + Outdoors will anchor the 330,000-square-foot center alongside other national retailers such as T.J. Maxx, Ulta Beauty, Five Below, Famous Footwear, James Avery and Maurices. The development team is aiming to start construction by early June. United Commercial Realty, an Ohio-based firm led by Mark Escaja, arranged permanent financing for the project through KeyBank Real Estate Capital. Security State Bank provided the original construction loan for the project.

May 8, 2024

Development Georgia Industrial Southeast

GF Casting Solutions Selects Augusta for $184M Manufacturing Plant

by John Nelson May 8, 2024

AUGUSTA, GA. — GF Casting Solutions AG, a manufacturer of lightweight metal components for the transportation and energy industries, has selected Augusta as the site for a new plant. The company, a division of Swiss company Georg Fischer AG, will invest more than $184 million into the new facility. GF Casting’s LEED-certified facility will be situated within Augusta Corporate Park, a Georgia Ready for Accelerated Development site, and will produce cast-aluminum parts for the automotive industry. Operations are expected to begin in 2027 and create 350 new jobs for Richmond County. Civic and utility partners on the project include Georgia Power, the Georgia Department of Economic Development Global Commerce, Augusta Economic Development Authority, State of Georgia Europe Office and Georgia Quick Start.

May 8, 2024

Development Multifamily North Carolina Southeast

Alliance Residential Opens 279-Unit Prose McCullough Station Apartments in Charlotte

by John Nelson May 8, 2024

CHARLOTTE, N.C. — Alliance Residential Co. has opened Prose McCullough Station, a 279-unit apartment community located at 8424 N. Tyron St. in Charlotte’s University City neighborhood. The property is the second Prose-branded community to open in Charlotte and the third in North Carolina. Designed by architect Cline Design, Prose McCullough Station features one-bedroom layouts ranging in size from 663 to 854 square feet and two-bedroom layouts ranging from 950 to 1,206 square feet. Monthly rental rates start at $1,275, according to the property website. Amenities include a business center with private offices, fitness center featuring cardio and strength-training equipment, resident clubroom with an entertainment kitchen and an outdoor courtyard featuring a resort-style pool, grilling stations and a cabana with a TV and lounge seating. The community also features package lockers and a fenced pet park.

May 8, 2024

Development Multifamily New Jersey Northeast

Garden Communities Completes One Legacy Place Apartments in East Brunswick, New Jersey

by Taylor Williams May 8, 2024

EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities has completed One Legacy Place, a multifamily project located in the Northern New Jersey community of East Brunswick. One Legacy Place is the signature building within the larger, 520-unit Legacy Place development. The property features studio, one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Leasing began in November. Rents start at $2,540 per month for a one-bedroom apartment.

May 8, 2024

Development Florida Loans Multifamily Southeast

ZOM Living, MetLife Obtain $63M Construction Financing for Apartment Development in Tampa

by John Nelson May 7, 2024

TAMPA, FLA. — ZOM Living and capital partner MetLife Investment Management have obtained $63 million in construction financing for MetWest Residential, an eight-story, 375-unit apartment development in Tampa’s Westshore District. The direct lender was not disclosed, but public records show the lender is TD Bank. The property will be situated on a northwest parcel within the 30-acre MetWest International mixed-use development, which features 1 million square feet of offices, a 175-room AC Hotel by Marriott and a 56,000-square-foot retail village. Designed by Memphis-based Looney Ricks Kiss, MetWest Residential will feature a mix of studio, one-, two- and three-bedroom apartments ranging in size from 576 to 1,601 square feet. Amenities will include an elevated resort-style pool with an outdoor deck and aqua lounge; a courtyard with a canopy and fire pit; fitness center; coworking and conference spaces for residents working from home; a dog park; speakeasy lounge concept on the eighth floor; 3,000 square feet of retail space; and a six-story parking garage. ZOM Living and MetLife Investment Management plan to deliver the property in summer 2026.

May 7, 2024

Affordable Housing Development Loans Multifamily South Carolina Southeast Walker & Dunlop

Walker & Dunlop Arranges $62M Construction Financing for Multifamily Development in Columbia, South Carolina

by John Nelson May 7, 2024

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments, a new 308-unit multifamily development in Columbia. The borrowers, South Coast Property Investments and Abacus Capital, plan to break ground in June. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers. The apartment community will feature a mix of market-rate and affordable housing units. The property will be situated at the intersection of Cliff Kinder and Pineview roads within the larger Burnside Farms master-planned community.

May 7, 2024

Development Georgia Multifamily Southeast

SHR Resi Delivers 212-Unit Howell Apartments in Atlanta’s Upper Westside District

by John Nelson May 7, 2024

ATLANTA — SHR Resi, a wholly owned subsidiary of local development firm Songy Highroads, has delivered The Howell, a 212-unit luxury apartment community in Atlanta’s Upper Westside neighborhood. Situated off the I-75 exit along Howell Mill Road, The Howell features a mix of one-, two- and three-bedroom apartments with 9- to 12-foot ceilings and open floor plans. Monthly rental rates start at $1,890, according to Apartments.com. Amenities include an open-air lounge on the seventh floor, 3,500 square feet of ground-level retail space, coworking space, a resort-style pool and pool deck, clubhouse, pet run and pet spa, fitness center and a gated and covered parking garage. Gables Residential is managing The Howell on behalf of SHR Resi.

May 7, 2024

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