Development

SportsPark-Center-Greenville

GREENVILLE, TEXAS — Adolfson & Peterson (AP) Construction has begun a $56 million civic renovation and expansion project in Greenville, located northeast of Dallas. The SportsPark Center will be a 120,390-square-foot recreation and athletic center with six basketball courts and an area designated for an interchangeable turf field. The facility will also house recreation and lap pools, locker rooms, a dry sauna, two party rooms, a childcare center, lounge and office spaces. The second floor will offer an indoor track, designated workout spaces, group fitness rooms and an outdoor fitness terrace. BRS Architecture is leading design of the project, which will also include the updating and remodeling of the 18,177-square-foot Reecy Davis Center. In addition to improvements to athletics spaces and equipment throughout this facility, the project team will construct a new, 13,655-square-foot building with an additional gym, game room and multi-purpose space. Completion of both projects is slated for May 2026.

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COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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OLIVETTE, MO. — Brinkmann Constructors has broken ground on The Irvington Place Apartments, a 205-unit apartment complex in Olivette, a western suburb of St. Louis. Balboa Real Estate Partners is developing the five-story, 218,000-square-foot development. Amenities will include a pool, fitness center, yoga room, outdoor courtyard, clubroom, work-from-home space and a dog wash station. Slaggie Architects Inc. is the project architect.

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Burlington-Mall

BURLINGTON, MASS. — Simon Property Group has completed a 130,000-square-foot redevelopment at Burlington Mall, located on the northern outskirts of Boston. The multimillion-dollar project added an outdoor park with green space and amenities, elevated wood elements and porcelain tile finishes throughout the center, as well as new seating and signage. The park features 30,000 square feet of space dedicated to wellness, beauty and dining for concepts including Sweetgreen, Sweathouz, All Eye Care Doctors, SkinMD and Caffe Nero. Almost 50 retailers and eateries were also added to the tenant roster during the redevelopment, including Uniqlo, lululemon, Vineyard Vines, Aritzia and Marc Jacobs.

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JOHNS CREEK, GA. — Toro Development Co. has obtained construction financing for Medley, a $560 million planned mixed-use development in Johns Creek, an affluent northern suburb of Atlanta. The developer plans to break ground on the 43-acre project in December, with an anticipated opening in late 2026. The financing includes an undisclosed amount of equity from Ascentris, a Denver-based real estate private equity firm, and a $158 million construction loan from Mexico City-based Banco Inbursa. At full build-out, Medley will feature 150,000 square feet of retail, restaurant and entertainment space; a 175-room boutique hotel; 110,000 square feet of lifestyle offices; 750 multifamily residences and 133 townhomes; and an activated 25,000-square-foot plaza. Toro Development purchased a former suburban office park on Medley’s site in March for $44 million.

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ST. PETERSBURG, FLA. — Boston-based Rockpoint and Charleston-based Greystar have formed a partnership to develop Phase II of Gateway Logistics Center, an industrial park in the Tampa suburb of St. Petersburg. Situated on 17.5 acres in Pinellas County, the second phase will span 331,803 square feet and include a 92,841-square-foot building and two 119,481-square-foot buildings. Rockpoint Industrial, Rockpoint’s industrial platform, will provide additional development and management support for the development. Gateway Logistics Center is part of Greystar’s broader 93-acre project, which includes a 412-unit, garden-style apartment community along with the two-phase, six-building industrial park. The construction timeline for Phase II was not disclosed.

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Goodman-Industrial-Center-Carlstadt-II

CARLSTADT, N.J. — California-based developer Goodman North America has completed a 100,000-square-foot industrial project in the Northern New Jersey community of Carlstadt that is known as Goodman Industrial Center Carlstadt II. The site at 333 Washington Ave. is located within six miles of the Ports of New York and New Jersey, and the building features a clear height of 40 feet, 130-foot truck court depths and 13 dock doors. Goodman is also pursuing LEED Silver certification status for the facility. Cushman & Wakefield is marketing the property for lease.

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DETROIT— Immersive entertainment concept Cosm has signed on as the anchor tenant at Development at Cadillac Square, a 1.5 million-square-foot mixed-use project scheduled to break ground in Detroit in 2025. Cosm Detroit will feature an LED dome spanning roughly 90 feet with Shared Reality technology, offering experiential sports and entertainment programming. Content will include a production of Cirque du Soleil’s “O,” as well as immersive art experiences from members of the Cosm Studios Creator Program. The venue, designed by architecture firm Rosetti, will also feature a food-and-beverage element, with gastropub-style dining, craft cocktails and a curated beer selection.

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Shelby-Ranch-Apartments-Austin

AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Shelby Ranch, a 302-unit apartment community in South Austin. Shelby Ranch was developed in two phases on an eight-acre site and houses studio, one- and two-bedroom apartments. The amenity package comprises a pool, fitness center, coworking space, resident lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, and OHT Partners served as the general contractor. Rents start at approximately $1,500 per month for a studio apartment.

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ROCKWALL, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of an 8.6-acre retail development site in Fort Worth. Blazing Hospitality Group purchased the land at the southeast corner of Academy Boulevard and White Settlement Road with plans to develop a shopping center that will feature multi-tenant retail buildings, as well as standalone restaurant and service retail spaces. The seller was Core Spaces. Giancarlo Carriero and Taylor Cluff of DuWest Realty co-brokered the deal.

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