WESTFIELD, N.J. — Coldwell Banker Realty has begun leasing The Franklin Westfield, a 40-unit apartment complex in Northern New Jersey. Locally based developer Adoni Property Group owns the property, which offers one-, two- and three-bedroom units ranging in size from 750 to 2,650 square feet. Amenities include a pool, fitness center, resident lounge, outdoor grilling and dining stations, business center, library and a pet park. Rents start at $4,300 per month for a one-bedroom apartment.
MIAMI — JDS Development Group has unveiled plans for Mercedes-Benz Places, a 67-story mixed-use tower that will be located in Miami’s Brickell neighborhood. Designed by SHoP Architects and developed in partnership with the German automaker, Mercedes-Benz Places will feature 791 condominium units, a 174-room hotel, 200,000 square feet of office space, retail space, restaurant space and onsite parking. Preliminary sitework is underway, and initial occupancy is slated for 2027. Residential units will come in studio, one-, two- and three-bedroom floor plans. All residents and hotel guests will have individual balconies and terraces with views of the Miami skyline, Biscayne Bay and the Atlantic Ocean, as well as access to more than 130,000 square feet of shared indoor and outdoor amenity space. In addition, Mercedes-Benz Places will feature electric vehicle charging stations, a ridesharing fleet of cars for residents, and bicycle and scooter sharing programs. Canopies of trees and native vegetation, courtesy of urban landscape designer Field Operations, will also dot the property. “Our branded real estate venture in Miami embodies the strategy behind Mercedes-Benz Places — we want to develop exclusive residences with our partner that are undeniably Mercedes-Benz and create a new mode of urban living with vibrant communities,” …
TYSONS CORNER, VA. — Greystone has provided $39 million in Freddie Mac tax-exempt loan (TEL) unfunded forward financing for the construction of 265 units within a new affordable housing development in Tysons Corner, a city roughly 16 miles west of Washington, D.C. Pharrah Jackson of Greystone originated the financing on behalf of the borrower, Arlington Partnership for Affordable Housing (APAH). Located at 1592 Spring Hill Road, the property is situated within the larger The Exchange at Spring Hill Station development. Upon completion, the community will total 516 units across two, 20-story buildings — Dominion North and Dominion South — and will mark the first multifamily property in Tysons to comprise 100 percent affordable housing units, according to Greystone. In addition to the residential buildings, the project will include a community center condominium owned and managed by Fairfax County. Dominion North, the subject of the financing, will feature 55 one-bedroom units, 146 two-bedroom units and 64 three-bedroom units, with varying affordability restrictions. The Fairfax County Redevelopment and Housing Authority (FCRHA) has also approved and awarded the developer 40 project-based vouchers, which will require that 40 units be leased to residents earning 30 percent or less of the area median income (AMI). …
OSPREY, FLA. — Kolter Multifamily, an affiliate of Delray Beach, Fla.-based The Kolter Group, has broken ground on Alton Osprey, a 252-unit apartment community in Osprey. Situated at 174 E. Bay St. roughly 10 miles outside of Sarasota, the property will feature one-, two- and three-bedroom units within three-, four- and five-story buildings. Apartments will range from 740 to 1,492 square feet. Amenities will include a swimming pool, fireside lounge, outdoor kitchen with grills, business center, conference room, coworking offices with a coffee bar and free Wi-Fi, game lounge and a fitness center with a yoga and spin studio. The property will also feature bike storage areas, package acceptance services and electric vehicle charging stations. A construction timeline was not disclosed.
HUNTSVILLE, ALA. — Merit Bank has opened at The Range, The Beach Co.’s 49,229-square-foot office building located on Governors Drive in Huntsville. Merit Bank now occupies the third floor of the property, which spans roughly 17,433 square feet, in addition to a first-floor retail branch, with a total 20,000 square feet of occupancy. The Range features a common-area courtyard, high-speed Gigabyte internet and walkability to nearby restaurants, entertainment and retailers. The building is also situated adjacent to The Foundry, a 340-unit multifamily and townhome community, and STOVEHOUSE, a mixed-use development.
PHOENIX — Baker Development has started the final phase of demolition on a 72-acre industrial site in Phoenix, as part of a redevelopment of the property. Beginning in the 1960s, the site housed a Motorola semiconductor manufacturing campus. Work has been underway at the site for three years, and Baker has delivered one of four parcels to a data center user. Daniel J. Slack, president and COO of Baker, says that the developer is also “in discussions with other well-known companies attracted to the site’s substation-level power, its Foreign Trade Zone potential, as well as access to nearby housing, diverse labor pool and recreational amenities.”
EL PASO, TEXAS — St. Louis-based Sansone Group and its equity partner Raith Capital Partners will develop Rancho del Rey Logistics Park, an industrial development in El Paso that will ultimately comprise more than 3.7 million square feet. The 235-acre site at the junction of at I-10 and Loop 375 features proximity to the Ysleta-Zaragoza port of entry. Rancho del Rey Logistics Park will be developed in three phases via a ground lease with an undisclosed local family that has owned the land for multiple generations. A groundbreaking ceremony for Phase I, which will encompass three buildings totaling roughly 1.4 million square feet, will take place in mid-March. The first of those three buildings, a 413,035-square-foot structure, is slated for a fourth-quarter delivery and is fully preleased to Fortune 100 company Bosch. Bob Feinberg and Tom Jones of Colliers represented the landowner and developers in structuring the ground lease and in negotiating the lease for Building 1. Brett Preston and David Hingst of Cushman & Wakefield represented Bosch.
KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.
AUSTIN, TEXAS — A partnership between Taurus Investment Holdings and AOG Living has broken ground on The Evergreen at Whisper Valley, a 348-unit multifamily project in East Austin. Designed by The Sage Group and located within the 2,670-acre Whisper Valley master-planned community, the property will offer one, two- and three-bedroom units. Amenities will include a pool, fitness center, resident clubhouse, business center, beer garden, dog park and nature trails. Residents will also have access to a 600-acre public park. Delivery is slated for spring 2025.
SAN ANTONIO — Locally based developer LYND has begun leasing The Josephine, a 261-unit apartment community in San Antonio’s historic Pearl District. Designed by Austin-based Davies Collaborative, The Josephine offers one-, two- and three-bedroom units that range in size from 468 to 1,594 square feet. Amenities include a pool, fitness center, rooftop terrace, outdoor kitchen, game room, dog run and a library with conference rooms. Rents start at roughly $2,000 per month for a one-bedroom apartment. The first move-ins are scheduled to begin in late spring.
