Development

Related Midwest Underway on $44.8M Affordable Housing Renovation Project in Springfield, Illinois

by Kristin Harlow January 30, 2024

SPRINGFIELD, ILL. — Related Midwest is underway on the renovation of Poplar Place, a 100-unit affordable housing community in Springfield. The waitlist is now open for the community, and the first rental homes are available for lease. Working with the City of Springfield and the Springfield Housing Authority, Related Midwest and general contractor LR Contracting Co. is in the process of transforming Poplar Place, which was constructed in 1950, into a modern community comprising 100 units with single-family and duplex floor plans. The $44.8 million redevelopment includes de-densifying the existing property and fully rehabbing a total of 75 buildings. Plans also call for a 2.5-acre great lawn, a new community center, playground, management office and walking paths. The affordable residences range from two to four bedrooms, with monthly rents between $800 and $925. The units are income-restricted, with qualified incomes ranging between $41,760 and $78,660 based on household size. Evan Lloyd Architects served as architect for the redevelopment.

January 30, 2024

Development Multifamily New York Northeast

Moinian Group Begins Vertical Construction of 35-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams January 30, 2024

NEW YORK CITY — Locally based developer The Moinian Group has begun vertical construction of 7 Platt Street, a 35-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. The design team includes Rockwell Group and Hill West Architects. Completion is scheduled for late 2025.

January 30, 2024

Development Industrial Texas Top Stories

Jackson-Shaw to Develop 1.8 MSF Industrial Park in Metro Dallas

by John Nelson January 30, 2024

ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Affordable Housing Development Georgia Multifamily Southeast

Tribridge Residential Underway on 209-Unit Goat Farm Apartment Development in Atlanta

by John Nelson January 29, 2024

ATLANTA — Tribridge Residential is underway on the development of The Goat Farm, a 209-unit apartment community located in Atlanta. Situated on four acres within the 12-acre The Goat Farm arts complex, the development is a collaboration with the arts-based social enterprise of the same name. In addition to apartments in studio, one- and two-bedroom layouts, the property will feature 24,000 square feet of artist studio and exhibition space, and 32 units will be reserved as affordable housing for households earning 80 percent or less of the area median income (AMI). Amenities will include a rooftop pool, fitness center and a dog washing station. Move-ins are scheduled to begin this spring. The partnership between Tribridge and The Goat Farm will comprise additional phases, including the restoration of historic structures at the complex.

January 29, 2024

Development Georgia Mixed-Use Multifamily Office Southeast

Alliance Residential Opens Broadstone Peachtree Corners Mixed-Use Community in Metro Atlanta

by John Nelson January 29, 2024

PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.

January 29, 2024

Development Multifamily Texas

Fein to Develop 326-Unit Multifamily Project in North Houston

by Taylor Williams January 29, 2024

HOUSTON — Locally based developer Fein will build Echo Lake, a 326-unit multifamily project that will be located at 2002 Spring Stuebner Road in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development. Designed by Steinberg Dickey Collaborative, Echo Lake will offer one-, two- and three-bedroom units that will range in size from 556 to 1,824 square feet. Amenities will include a pool, fitness center, clubroom, outdoor grilling and dining stations and access to a 1.3-acre lake and surrounding walking trails. Fein purchased the land from CDC Houston, a subsidiary of Coventry Development Corp. and the master developer of CityPlace. Construction is scheduled to begin later this year.

January 29, 2024

Affordable Housing Development Multifamily Texas

FTK Construction Completes $12.4M Renovation of Affordable Housing Complex in North Houston

by Taylor Williams January 29, 2024

HOUSTON — FTK Construction Services has completed $12.4 million in renovations at The Park at Kirkstall, a 240-unit affordable housing complex in North Houston. Updates to the property included enhancements to flooring, appliances, countertops, doors and cabinet hardware, as well as bathroom and light fixtures. The property’s roofing and HVAC systems were also upgraded, and the project team added a new playground and grilling patio. Benton Design Group served as the project architect. Blue Ridge Atlantic owns the building, income restrictions within which were not disclosed.

January 29, 2024

Burbank-Boulevard-Senior-Housing-Los-Angeles-CA

Affordable Housing California Development Multifamily Seniors Housing Western

TCA Architects, Mercy Housing Complete Affordable Seniors Housing Project in Los Angeles

by Amy Works January 29, 2024

LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.

January 29, 2024

Development New Mexico Retail Western

Whole Foods Market to Open 47,327 SF Location in Albuquerque

by Amy Works January 29, 2024

ALBUQUERQUE, N.M. — On Feb. 22, Whole Foods Market will open a new location at 2100 Carlisle Blvd. NE in Albuquerque. The store is the relocation of an existing Albuquerque store at 2103 Carlisle Blvd. NE, which has served the community for more than 30 years. The new, larger location will feature upgraded amenities, including expanded prepared foods and bakery departments, and a larger and more accessible parking lot. The new store will also carry an expanded product assortment, including more than 400 local items from New Mexico. Whole Foods Market Albuquerque will be open from 9:00 a.m. to 9:00 p.m. opening day. Regular store hours will be 7:00 a.m. until 9:00 p.m. MST daily.

January 29, 2024

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