Development

CRG to Develop 66,552 SF Spec Industrial Facility Adjacent to O’Hare International Airport

by Kristin Harlow February 29, 2024

FRANKLIN PARK, ILL. — CRG has unveiled plans to develop The Cubes at ORD, a 66,552-square-foot speculative industrial facility in the Chicago suburb of Franklin Park. The project will be situated on 4.3 acres at 3901 Fleetwood Drive immediately southeast of O’Hare International Airport. The multimodal facility, which will feature direct access to I-294 and the airport, will accommodate small and mid-size users looking for Class A space in the submarket. Completion is slated for the fourth quarter. The Cubes at ORD will offer the same modern features as CRG’s other Cubes-branded facilities, including ESFR sprinkler systems, high-efficiency LED lighting, 20 exterior docks, two drive-in doors, 11 trailer storage spaces and parking for 70 vehicles. CRG’s parent company, Clayco, will serve as the builder. CRG affiliate Lamar Johnson Collaborative is the architect. Brian Colson and Brian Pomorski of Avison Young will market the project for lease. Avison Young also represented CRG in the purchase of the land, while Michael Caprile of CBRE represented the sellers.

February 29, 2024

Civic Development Midwest Missouri Top Stories

Kansas City Chiefs Announce Plans for $800M Arrowhead Stadium Renovation

by Katie Sloan February 29, 2024

KANSAS CITY, MO. — The NFL’s Kansas City Chiefs have announced plans for an $800 million renovation of the team’s Arrowhead Stadium. Developed in 1972, the stadium most recently underwent large-scale renovations in 2010. Plans for the new renovation were created in collaboration with a team of experts from Populous, a locally based sports design and architecture firm. The Kansas City Chiefs plan to pay $300 million of the $800 million total price tag, with the remainder coming from Jackson County taxpayers funded through the extension of a 3/8th-cent sales tax, according to reports by The Kansas City Star. County voters will go to the polls April 2 during a special election to decide the issue. Plans for the project include the addition of a new turf-covered “activation zone” with tailgate areas and covered entertainment space at the current site of Kauffman Stadium, home to the MLB’s Kansas City Royals. The baseball team also recently announced plans to develop a new stadium in downtown Kansas City. The stadium’s upper concourse will receive a new connection bridge and canopy, providing weather protection for fans and additional space for food and beverage offerings. New VIP entry points and sideline clubs under the …

February 29, 2024

Katie Balderrama Walker & Dunlop LIHTC quote

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

LIHTC Program Offers Lifeline to Struggling Multifamily Developers

by Sarah Daniels February 29, 2024

It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …

February 29, 2024

Development Hospitality Southeast Tennessee

Hospitality Solutions, Hilton to Open 164-Room Embassy Suites Resort in Gatlinburg, Tennessee

by John Nelson February 28, 2024

GATLINBURG, TENN. — Hospitality Solutions, a locally based hotel owner and operator, and Hilton are planning to open the Embassy Suites by Hilton Gatlinburg Resort on March 15. Located at 604 Airport Road, the 164-room hotel is situated at the base of the Great Smoky Mountains and will be connected via walkways to the neighboring Hampton Inn Gatlinburg Historic Nature Trail hotel. Hospitality Solutions will operate the Embassy Suites hotel upon completion. The hotel will feature dining options Roaring Fork and Sugarlands Coffee and Cream shop, as well as an indoor/outdoor waterpark dubbed Firefly Cove that will feature pools, a lazy river, water slide, creekside hot tub, outdoor fire pits, bar and an activity lawn with outdoor games and seating. Other amenities include a ballroom, several breakout meeting rooms and The Guide Room, a service that allows guests to curate their own excursions in the area in partnership with local outfitter Smoky Mountain Guides.

February 28, 2024

Development Georgia Southeast Student Housing

Rael Development Breaks Ground on 694-Bed Student Housing Development Near Georgia Southern University

by John Nelson February 28, 2024

STATESBORO, GA. — Rael Development Corp. has broken ground on Charme on Georgia Ave., a 694-bed student housing project located near the Georgia Southern University campus in Statesboro. The mid-rise development will offer 291 units in studio, one-, two- and four-bedroom configurations. Shared amenities will include a rooftop, resort-style swimming pool, fitness center, café, study/library space, billiards and gaming areas. The community is scheduled for completion in fall 2025.

February 28, 2024

Development Florida Industrial Southeast

Miller Construction Completes 302,823 SF Warehouse in West Jacksonville

by John Nelson February 28, 2024

JACKSONVILLE, FLA. — Miller Construction Co. has completed a 302,823-square-foot warehouse located at 2992 Pickettville Road in west Jacksonville. Lincoln Property Co. is the developer of the rear-load facility, which features 58 dock doors, two drive-in ramp doors, 36-foot clear heights and 54- by 48-foot column spacing. The property is situated near I-295 and I-10 and is divisible for up to four tenants. The project team includes architect IBI Group, MEP engineer Puga & Associates Inc., structural engineer DDA Engineers and civil engineer Adkinson Engineering.

February 28, 2024

Affordable Housing Development Georgia Multifamily Southeast

Woda Cooper, Parallel Housing Deliver 56-Unit Affordable Housing Community in Atlanta

by John Nelson February 28, 2024

ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in Atlanta. The property is located at 1056 Hank Aaron Drive in the city’s Peoplestown neighborhood, which is situated near the Atlanta BeltLine’s Southside Trail. Stanton Park features 36 one-bedroom apartments and 20 two-bedroom units that are reserved for households earning 30 to 80 percent of the area median income (AMI). Ten units are reserved with project-based vouchers for residents who experienced homelessness. Financing included a $1 million loan from Invest Atlanta, the City of Atlanta’s economic development authority; a $6.5 million tax-exempt bond from the Urban Residential Finance Authority; capital investments from Atlanta BeltLine Inc.; LIHTC equity from Walker & Dunlop ($5.2 million) and Sugar Creek Capital ($3.5 million); a construction loan from Summit Community Bank; and a $400,000 grant from Partners for Home, an entity comprising Atlanta-based organizations that address homelessness in the city. Stanton Park’s amenities include a multipurpose room with kitchenette, central laundry, computer room, fitness facility, indoor bike storage and a picnic area with tables and grills. The project team includes architect Hooker DeJong, civil engineer Long Engineering, general contractor Woda Construction Inc. and property manager …

February 28, 2024

Development Industrial Texas

Lovett Industrial, PCCP Break Ground on 785,000 SF Spec Project in Metro Houston

by Taylor Williams February 28, 2024

STAFFORD, TEXAS — A partnership between locally based developer Lovett Industrial and Los Angeles-based PCCP LLC has broken ground on Stafford Logistics Park, a 785,000-square-foot speculative industrial project that will be located on the southwestern outskirts of Houston. The development will consist of a 520,000-square-foot, cross-dock warehouse and a 265,000-square-foot, front-load warehouse. Building features will include 36- and 32-foot clear heights, respectively, as well as parking for 190 trailers and 380 cars. JLL will market the development for lease.

February 28, 2024

California Development Multifamily Western

USA Properties Starts Construction of 284-Unit Terracina at Westpark Affordable Community in Roseville, California

by Amy Works February 28, 2024

ROSEVILLE, CALIF. — USA Properties Fund has started construction on Terracina at Westpark, an affordable multifamily community in Roseville, a suburb northeast of Sacramento. Located at 3440 Westbrook Blvd. and 1040 Lower Bank Drive, Terracina at Westpark will offer 284 one-, two- and three-bedroom apartments; a community room; courtyard area with play equipment; computer workstations; and almost 500 parking spaces. The community will feature 71 three-bedroom units, 97 one-bedroom units and 116 two-bedroom units. Terracina at Westpark’s apartments will be available to residents earning 30 to 70 percent of the area median income for Placer County, about $25,740 for a two-person household to $81,060 per year for a five-person household. WNC & Associates is the tax credit investor for the $119.2 million project. JPMorgan Chase & Co. is the construction and permanent lender on the project.

February 28, 2024

Affordable Housing Development Multifamily New York Northeast

Douglaston Development Tops Out $320M Multifamily Project in Brooklyn

by Taylor Williams February 28, 2024

NEW YORK CITY — Douglaston Development has topped out a $320 million multifamily project located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood Brooklyn. The 17-story building will ultimately house 456 apartments, 137 of which will be reserved as affordable housing. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged financing for the project, which included $185 million in construction financing from Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate also have a preferred equity investment project in the development, which is slated for completion in late 2025.

February 28, 2024

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