Development

Alliance Residential, KTGY Open 264-Unit Broadstone Edition Apartment Community in Irvine, California

by Amy Works March 6, 2024

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

March 6, 2024

Colorado Development Multifamily Western

Joint Venture Tops Off 255-Unit Tempo Nine Mile Apartment Project in Aurora, Colorado

by Amy Works March 6, 2024

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.

March 6, 2024

Development Multifamily North Carolina Southeast

Woodfield, American Asset Corp. to Open 264-Unit Apartment Community in Raleigh

by John Nelson March 6, 2024

RALEIGH, N.C. — A joint venture between Woodfield Development and American Asset Corp. plans to soon open The Keaton at Brier Creek, a 264-unit apartment community located at 3920 Macaw St. in Raleigh. The property will serve as the multifamily component of Brier Creek Town Center, which features an 800,000-square-foot shopping center called Brier Creek Commons Shopping Center. Woodfield and American Asset Corp. have begun leasing The Keaton, which will include studio, one-, two- and three-bedroom apartments commanding monthly rental rates starting at $1,414, according to the property website. Shelton Taylor + Associates designed the unit interiors. Amenities will include an 8,000-square-foot clubhouse, resort-style pool, fitness center, rooftop sky lounge, courtyards, dog park and spa, car wash station and detached garages. Move-ins are slated to begin later this month.

March 6, 2024

Development Georgia Leasing Activity Office Southeast

Swinerton Debuts New Office at Armour Yards in Atlanta

by John Nelson March 6, 2024

ATLANTA — Swinerton, a general contractor firm based in San Francisco, has opened its new office space at 251 Armour Drive in Atlanta. The 10,000-square-foot office is part of the Armour Yards adaptive reuse development and will house 70 Swinerton employees. JLL arranged the lease on behalf of the Armour Yards landlord, Northwoods Office. Designed by MurphyMeyers, the new space includes 22 private offices, 30 workstations, two flex rooms, two meeting rooms and a “preconstruction room.” Amenities include a fitness studio, wellness room and a working lounge with overhead doors, as well as direct access to the Atlanta BeltLine. The space also includes a mural, custom art pieces and the integration of mass timber into the overall aesthetic. Founded in 1888, Swinerton is 100 percent employee-owned and has 21 offices nationwide. Swinerton first opened its Atlanta office in 2017.

March 6, 2024

Development Industrial New York Northeast

Simone Development Nears Completion of 186,298 SF Industrial Conversion Project in The Bronx

by Taylor Williams March 6, 2024

NEW YORK CITY — New York City-based Simone Development Cos. is nearing completion of a 186,298-square-foot industrial conversion project in the Morris Park area of The Bronx. The site at 1720 Eastchester Road previously housed a 63,000-square-foot Stop & Shop grocery store, liquor store and a Subway restaurant and is adjacent to Hutchinson Metro Center, Simone’s 1.4 million-square-foot mixed-use development. The new building will feature 63,000 square feet of indoor warehouse space with a clear height of 18 feet, as well as 62,000 square feet of rooftop parking and 65,000 square feet of outdoor parking space. Full completion is scheduled for this summer. Cushman & Wakefield is marketing the property for lease.

March 6, 2024

Development Multifamily New York Northeast Top Stories

AMS to Develop $458M Teutonia Hall Luxury Apartment Project in Yonkers, New York

by Kristin Harlow March 6, 2024

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted final approval of financial incentives for Teutonia Hall, a $458 million luxury apartment project comprising two 41-story towers. AMS Acquisitions is the developer. Located in Yonkers, a northern suburb of New York City, the two-phase development will feature a total of 906 apartment units, 91 of which will be affordable. Plans also call for 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as a parking facility for residents. Construction for Phase I is expected to begin in September, with completion slated for December 2027. Phase II construction is anticipated to begin in December 2028, with completion slated for December 2031. The developer received approval for $12.9 million in sales tax exemptions and $4.5 million in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost-benefit analysis, the project will create $2.35 for every $1 of incentives. The developer is also requesting a 20-year Payment in Lieu of Taxes agreement. YIDA also voted preliminary approval of financial incentives for Champlain Hudson Power …

March 6, 2024

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Chick-fil-A, Five Guys, Chase Bank to Open at $500M Halcyon Development in Metro Atlanta

by John Nelson March 5, 2024

ALPHARETTA, GA. — Chick-fil-A will open a 5,300-square-foot restaurant this spring at Halcyon, a $500 million mixed-use development located in Alpharetta, a northern suburb of Atlanta. Currently under construction, the building will be situated within Halcyon’s Phase III. RocaPoint Partners is the developer and landlord of the project, and JLL manages retail leasing at the property. Five Guys and Chase Bank have also signed leases at the development and will occupy 2,400 and 3,500 square feet, respectively, within a 13,000-square-foot building adjacent to Chick-fil-A. Phase III of Halcyon will also feature a grocery anchor, to be announced later this year.

March 5, 2024

Development Industrial Texas

Titan Development Breaks Ground on 196,519 SF Industrial Project in Schertz, Texas

by Taylor Williams March 5, 2024

SCHERTZ, TEXAS — Regional firm Titan Development has broken ground on Building 1 of Schertz35 Business Park, an industrial project that will add 196,519 square feet of space to the northeastern San Antonio suburb’s supply. The site spans 11 acres, and the building will feature 32-foot clear heights, two drive-in ramps, 43 docks, an ESFR sprinkler system and parking for 136 cars and 50 trailers. Construction is slated for a fourth-quarter completion.

March 5, 2024

California Development Mixed-Use Multifamily Western

LLJ Ventures, Citymark Development to Open Kelvin Mixed-Use Community in Lemon Grove, California

by Amy Works March 5, 2024

LEMON GROVE, CALIF. — LLJ Ventures and Citymark Development are nearing completion of Kelvin, a mixed-use community at 7950 Broadway in Lemon Grove in San Diego County. Slated for completion in early March, Kelvin features 66 studio, one-, and two-bedroom apartments ranging from 523 square feet to 1,058 square feet. The five-story building offers 4,043 square feet of first-level commercial space on a 0.92-acre lot near local dining, shopping and entertainment options. Additionally, Kelvin is near Freeway 94, Freeway 125 and the Lemon Grove Trolley Station. Pre-leasing is underway at Kelvin, which San Diego-based Sunrise Management is handling. Move-ins are scheduled the begin mid-March. Studio E Architects served as architect for the project, which is situated on the site of a former Barry’s Athletic Supply store, which operated on the site for 25 years until it relocated to another Lemon Grove location.

March 5, 2024

Development Northeast Pennsylvania Retail

Comcast Spectacor, Cordish to Undertake $12M Renovation of Philadelphia Sports Complex

by Taylor Williams March 5, 2024

PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, will undertake a $12 million renovation of the Xfinity Live! sports complex in South Philadelphia. The project will deliver a variety of upgrades to the development’s main public plaza, including the addition of several new terraces and gathering spaces. Comcast Spectacor and Cordish will also make various improvements to interior spaces and building exteriors. Construction will be carried out in phases, will full completion slated for late 2025 or early 2026.

March 5, 2024

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