Thursday, July 17, 2025
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DevelopmentIllinoisIndustrialMidwest

Industrial Outdoor Ventures Completes Phase I of Spec Industrial Service Facility in Zion, Illinois

by Kristin Harlow

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.

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Chad Riddle Multifamily Development Bohler quote
Affordable HousingBohlerContent PartnerDevelopmentFeaturesMultifamilyNortheastSoutheastTexasWestern

Multifamily Balancing Act: How to Achieve Profit Despite Tight Margins

by Sarah Daniels

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 …

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community for Seniors

by John Nelson

MIAMI BEACH, FLA. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course at 280 S. Shore Drive. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 percent of the area median income (AMI). The community is funded by $9 million of subordinate debt provided by the Florida Housing Finance Corp.; a $1 million HOME loan from City of Miami Beach; $6 million Surtax loan from Miami-Dade County; $11.9 million permanent loan issued by Citi Community Capital; debt and equity from Bank of America; and bonds issued by the Miami-Dade County Housing Finance Authority. Construction is expected to be complete at Vista Breeze by late-spring 2025.

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Rone-Residences-Houston
DevelopmentMultifamilyTexas

High Street, Daiwa House Top Out 12-Story Apartment Building in Houston

by Taylor Williams

HOUSTON — A partnership between High Street Residential and Japanese homebuilder Daiwa House has topped out Rone Residences, a 12-story apartment building in Houston’s River Oaks/Upper Kirby area. Designed by Zeigler Cooper Architects and built by Hoar Construction, Rone Residences offers 209 units in one-, two- and three-bedroom floor plans with an average size of roughly 1,400 square feet. Amenities include multiple pools, a fitness center, game lounge, coworking and private conference spaces, a pet park and tenant storage spaces. Rone Residences will also house 2,900 square feet of retail space. The first units are expected to be available for occupancy in early 2025.

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DevelopmentRetailTexas

MYCON Breaks Ground on 47,434 SF Retail Project in Little Elm, Texas, for Parkwood Collision

by Taylor Williams

LITTLE ELM, TEXAS — Dallas-based MYCON General Contractors has broken ground on a 47,434-square-foot retail project that will be located on a six-acre site in Little Elm, a northern suburb of Dallas. The project, which is a build-to-suit for automotive repair retailer Parkwood Collision, will consist of 32,250-square-foot body shop and an adjacent 15,184-square-foot store. Completion is slated for March 2025. The owner of the site is an entity doing business as Buckman Partnership Ltd.

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51-West-52nd-St.-Manhattan
DevelopmentNew YorkNortheastOffice

Harbor Group International Completes $128M Renovation of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Harbor Group International has completed the $128 million renovation of an office building located at 51 W. 52nd Ave. in Midtown Manhattan. The building now features updated lobbies and tenant amenities, including a fitness center, lounges and conference facilities, as well as new elevators and furniture. Vocon and MdeAS Architects served as the project architects. Harbor Group acquired the 38-story, 900,000-square-foot building, which houses the headquarters of CBS, in late 2021. The owner also has its 25,000-square-foot headquarters office on the 19th floor of the building.

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DevelopmentIllinoisMidwestRetail

McHugh Construction Completes Flyover Immersive Attraction at Chicago’s Navy Pier

by Kristin Harlow

CHICAGO — McHugh Construction has completed Flyover, an immersive flight ride attraction at the west entrance of Chicago’s Navy Pier. The upwards of $40 million project involved the demolition of the former IMAX theater and the build-out of an approximately 48,000-square-foot space into three separate rooms as well as ancillary space. The ride space includes a 65-foot spherical screen and 61 suspended seats that dip and tilt to give riders the feeling of soaring over Chicago’s neighborhoods. Riders also experience wind, mist and scents. The project team included developer Pursuit, an attractions and hospitality company. Chicago-based Epstein was the architect.

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DevelopmentMichiganMidwestMultifamily

Joint Venture to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A joint venture between Cypress Partners and Douglas Capital Partners is slated to open Forum Flats in Troy this month. The luxury apartment complex is comprised of three buildings with 200 units. Amenities include a tenant lounge, pool, dog park and fitness center. The first of the three buildings involved the adaptive reuse of the 100,000-square-foot office space previously utilized by Kelly Services. The two additional ground-up buildings are set to open this summer. The project team included Krieger Klatt Architects and Tower Construction. Monthly rents start at $1,625. Individuals who apply or rent by April 15th will receive a $1,000 discount, which can be applied to their first initial payment. In addition, Forum Flats offers discounts for healthcare workers as part of their preferred employer program, which waives application fees, waives lease administration fees and offers a lower security deposit of $150 with approved credit. 

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DevelopmentFloridaMultifamilySoutheastTop Stories

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

by Kristin Harlow

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor, resort-style pool with a sundeck and cabanas as well as a waterfront promenade and putting green. Additional amenities include a 24-hour health club with a motion studio offering on-demand fitness classes, as well as the Zen Suite, which features a sauna, steam room, rain shower and massage therapy room. A tech lounge is equipped with coworking stations and conference spaces. Residents also have access to a social club, gaming lounge, sky lounge with grills, pet spa, toddler playroom, cinema room and podcast studio. Units come in one-, two- and three-bedroom layouts and range in size from approximately 700 to 1,230 square feet. There are also loft-style townhomes. Monthly rents start at $2,710. The 1.8-acre waterfront property is near beaches, the 1,043-acre Oleta River State Park, Aventura Mall and Bal Harbour Shops. EIG is also developing Soleste NoMi …

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DevelopmentGeorgiaIndustrialSoutheast

CRG to Develop 1 MSF Industrial Facility Near Savannah for Third-Party Logistics Firm

by John Nelson

ELLABELL, GA. — CRG has sold 77 acres within its 764-acre The Cubes at West Port industrial park in the west Savannah suburb of Ellabell to Lecangs, a global third-party logistics user. CRG and parent company Clayco plan to construct a new 1 million-square-foot industrial facility for Lecangs on the site, which sits roughly 25 miles from Savannah at 3438 U.S. Highway 80 E in Bryan County. The construction timeline for the Lecangs development was not disclosed.

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