Sunday, November 9, 2025
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Development

Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Annex Group Breaks Ground on $25.8M Affordable Housing Community in Milwaukee

by Kristin Harlow

MILWAUKEE — The Annex Group has broken ground on Union at Rose Park, a $25.8 million affordable housing community in Milwaukee. The property will offer 75 one-, two- and three-bedroom units for households earning a range of income levels starting at 30 percent of the area median income to market rate. Nine units will be targeted to veterans. Amenities will include a community room, fitness center and business center. The development will include rooftop solar panels and is designed to meet Enterprise Green Community Standards. Project partners include Ware Malcomb, raSmith, Integrity Structural Corp., Latimer Sommers & Associates, Terracon, Heartland Energy Consultants, Baker Tilly, ACC Management Group and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. Impact Housing Indiana will have a dedicated onsite space within Union at Rose Park. Advantage Capital provided more than $9 million in federal equity and just under $3 million in state credit equity for the project. The Wisconsin Housing and Economic Development Authority allocated 4 percent tax credits, approximately $13.5 million in tax-exempt bonds and both a $1 million Vacancy-to-Vitality loan and a $125,000 Infrastructure Access Funding loan. Cedar Rapids Bank & Trust served as construction …

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DevelopmentIndianaIndustrialMidwest

B&B Group to Open 36,000 SF Headquarters in Ingalls, Indiana

by Kristin Harlow

INGALLS, IND. — B&B Group, a Central Indiana property services company, has broken ground on its new headquarters at Park 69 within Ingalls, a northwest suburb of Indianapolis. The facility will serve as the headquarters for Real Time Detention and Real Time Furniture and is situated about a five-minute drive from the companies’ current offices in Noblesville. The relocation is expected to be completed in 2026. Developed by Podell Partners, the combined headquarters will span 36,000 square feet and feature a two-story office and showroom, column-free warehouse space and professional outside storage. B&B Group, Real Time Detention and Real Time Furniture plan to bring more than 25 jobs to Madison County. The project marks the second industrial facility developed by Podell Partners at Park 69, which encompasses 23 acres of master-planned industrial and multi-use space. The project received a 10-year real property tax abatement. Cam Kucic and Korey Ryan of Colliers represented the landlord in the transaction. Steve Schaub of Avison Young represented the tenant. Elements Financial provided construction financing. Systems Builders is serving as the general contractor.

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DevelopmentMixed-UseSoutheastTop StoriesVirginia

Hoffman & Associates, Partners Complete 10-Acre West Falls Mixed-Use Development in Metro D.C.

by John Nelson

FALLS CHURCH, VA. — Hoffman & Associates, alongside a group of development partners that includes Rockwood Capital and Grosvenor Americas, has completed West Falls, a 10-acre mixed-use development in Falls Church. The transit-oriented project sits about 10 miles west of Washington, D.C., and is located near the West Falls Church Metro station. Hoffman & Associates, a local developer that is perhaps best known for leading the development of the $3.6 billion Wharf mixed-use waterfront destination in D.C., partnered with the City of Falls Church and Torti Gallas + Partners (site design and master planning) to bring the project to fruition. “West Falls is designed to bring people together in meaningful ways,” says Maria Thompson, president of Hoffman & Associates. “It’s a neighborhood that reflects the character of Falls Church while also looking toward the future, with sustainable design, open space and close proximity to transit.” West Falls includes 526 multifamily residences between The Alder (400 apartments) and The Oak (126 condominiums); 123,000 square feet of retail space comprising restaurants, shops and The Fresh Market grocery store, which will officially open in 2026; The Commons, an 18,000-square-foot public green space; the 146-room Home2 Suites by Hilton Falls Church hotel; The Reserve at …

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Garfield-Terrace-II-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Pennrose Underway on $57M Affordable Housing Development in Phoenix

by Amy Works

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.  Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.  Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …

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1578-Lexington-Ave.-Manhattan
CivicDevelopmentHospitalityNew YorkNortheast

Slate, Evenhar Break Ground on Medical Office, Civic Facility in Upper Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between Slate Property Group and Evenhar Development Corp. has broken ground on a medical office and civic facility at 1578 Lexington Ave. in Upper Manhattan’s Carnegie Hill neighborhood. Designed by Kutnicki Bernstein Architects, the 13-story building will feature 150,000 square feet of medical office space that will be occupied by providers within the Mount Sinai Health System. In addition, the facility will feature an employee daycare center, an 18,978-square-foot community hub that will be operated by Children’s Aid and a new facility for Life Changers Church. Financing for the project includes a $119 million construction loan from J.P. Morgan and a $40 million preferred equity investment by GoldenTree Asset Management. Occupancy is slated for spring 2028.

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DevelopmentMidwestMinnesotaOffice

Opus Breaks Ground on 115,000 SF Spec Office Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Opus has broken ground on Arcadia, a 115,000-square-foot speculative office building at 5100 Eden Ave. in the Minneapolis suburb of Edina. The building will also serve as the developer’s headquarters. Arcadia is located in Edina’s Grandview District on the site of the former Eden 100 building. The development will include a six-story, multi-tenant office building with amenities such as a lobby with fireplace, gathering spaces, conference rooms, an employee training room, private tenant clubroom, workout facility and outdoor terrace. Opus is the developer and design-builder and will occupy Arcadia’s top floor, taking approximately 28,000 square feet. Joe Conzemius, Larissa Bodine, Anne Rinde and Elle Westphal of CBRE are marketing the remaining space for lease. ESG Architecture & Design is the architect of record.

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The-Vail-West-Caldwell
DevelopmentMultifamilyNew JerseyNortheast

Accordia Receives Approval for 92-Unit Multifamily Project in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — New Jersey-based developer Accordia has received final site plan approval for The Vail, a 92-unit multifamily project that will be located in West Caldwell, about 25 miles outside of New York City. Accordia has closed on the land at 780 Passaic Ave. and plans to break ground on the project in the first quarter of next year. Plans for The Vail call for a mix of studio, one- and two-bedroom units that will feature individual washers and dryers in all units and private balconies in select residences. Amenities will include a fitness center, community room and coworking spaces. Accordia tapped local firm Minno & Wasko Architects and Planners for the design of The Vail.

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DevelopmentLoansMultifamilyNew YorkNortheast

PGIM Provides $19.2M Mezzanine Loan for Long Island Multifamily Project

by Taylor Williams

PATCHOGUE, N.Y. — PGIM has provided a $19.2 million mezzanine loan for the construction of Carriage House, a 262-unit multifamily project that will be located in the Long Island community of Patchogue. Carriage House will be a two-building development in which 20 percent of the units will be reserved as affordable housing. Information on floor plans and amenities was not disclosed. The development will also include the construction of a 30,000-square-foot riverwalk and park area. The borrower is a partnership between Asia Capital Real Estate and Nord Development.

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OpenAI-Data-Center_Abilene-Texas
Data CentersDevelopmentIndustrialNew MexicoOhioTexasTop Stories

OpenAI, Partners Announce Five New Data Centers as Part of $500B Stargate Project

by Hayden Spiess

SAN FRANCISCO — OpenAI, along with Oracle Corp. (NYSE: ORCL) and SoftBank, has announced plans for the development of five new data centers in the United States. The new projects are part of the $500 billion Stargate initiative to expand American data center infrastructure, which was announced in January at the White House.  Together with the flagship site in Abilene, Texas, the new data centers will bring Stargate to more than $400 billion in investment and almost 7 gigawatts (GW) of planned capacity over the next three years.  OpenAI and Oracle will partner on three of the facilities — located in Shackelford County, Texas; Doña Ana County, New Mexico; and an additional site at an undisclosed location in the Midwest — which represent a $300 billion agreement between the companies.  According to OpenAI, these projects are expected to create more than 25,000 onsite jobs and thousands of additional jobs throughout the country. Together, the facilities will offer up to 4.5 GW of capacity.  A partnership between SoftBank and OpenAI will develop the other two data centers, which will have the capacity to scale to 1.5 GW over the next 18 months. One of the sites is located in Lordstown, Ohio, with …

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Valley-Ranch-Convention-Center-New-Caney
CivicDevelopmentTexas

EMCID Begins Vertical Construction of 210,000 SF Convention Center at Valley Ranch in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) has begun vertical construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch.

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