KYLE, TEXAS — GBT Realty Corp., a developer based in metropolitan Nashville, will build The Shops at The Brick & Mortar District, a 42,000-square-foot shopping in the southern Austin suburb of Kyle. A 23,250-square-foot Sprouts Farmers Market grocery store will anchor the center, which will be situated within the 2,200-acre Plum Creek master-planned development. Vertical construction is scheduled to begin this quarter, and completion is slated for spring 2025.
ROCHESTER, N.Y. — A partnership between locally based owner-operator Conifer Realty and Community Preservation Partners (CPP) will renovate Andrews Terrace, a 526-unit affordable seniors housing complex in the upstate New York city of Rochester. Built in 1975, the waterfront property consists of two buildings that rise 19 and 22 stories and house one- and two-bedroom units for seniors age 62 and above and disabled residents. A partnership between KeyBank Community Development Lending & Investment and Goldman Sachs Asset Management provided $135.6 million in Low-Income Housing Tax Credit equity and $200 million in construction financing to fund renovations and preserve the property’s affordability status. All apartments will receive upgraded countertops, painting, appliances, fixtures and cabinets. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will be renovated with drywall repairs, painting, new flooring and HVAC upgrades as needed. There will also be several new outdoor additions to the community, including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed. Lastly, …
TARRYTOWN, N.Y. — Signature Acquisitions has launched a renovation of the lobby, cafeteria and other common areas at Tarrytown Corporate Center, a 180,000-square-foot office building located on the northern outskirts of New York City.The regional owner-operator has also secured two lease renewals at the building: a 20,538-square-foot deal with coworking firm Regus and a 7,581-square-foot deal with office technology and IT firm Atlantic Tomorrow. Jeff Smith internally represented Signature Acquisitions in both sets of lease negotiations. Peter Dana, Jason Lee and Craig Ruof of Colliers represented Regus, and Harland Hollander of Savills represented Atlantic Tomorrow. Ownership has tapped JLL to lease the building following the completion of the capital improvement program.
ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, a 192-unit affordable housing development that repurposed buildings at the historic Fort Snelling site in St. Paul. Minneapolis-based BKV Group served as the architect. Preference is given to residents who are military members, veterans, first responders and their families. The 42-acre site included 26 buildings, including barracks, an administration building, gymnasium, morgue and hospital, all of which have been transformed into a residential community. Floor plans range from 285 to 2,676 square feet. The individual buildings were in poor condition, as some had stood vacant since the 1970s. But the project team was able to salvage original walls, doors and windows, entryways and staircases in many of them. Buildings requiring a more extensive structural overhaul were rebuilt to historical standards. Getting the project off the ground took years and the combined efforts of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Low-Income Housing Tax Credits contributed $70 million of the project’s $160 million total cost, making the below-market-rate rents …
DES MOINES, IOWA — The Annex Group has unveiled plans to develop Union at River’s Edge, a $62.9 million affordable housing community in Des Moines. The 216-unit development will offer one-, two- and three-bedroom residences to households whose income levels are at or below 60 percent of the area median income. The project will be situated on nearly four acres at 1600 Indianola Ave. Completion is slated for spring 2025. Amenities will include a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and onsite leasing office. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the property. Project partners include Civil Design Advantage, ASK Studio and Summit LIHTC Consulting. Affiliates of The Annex Group will complete construction and perform property management services for the community. Financing partners include WNC for more than $24 million in Low-Income Housing Tax Credit equity, Cedar Rapids Bank and Trust for tax-exempt bond financing of over $32 million, Iowa Finance Authority for tax-exempt bond allocation, and the City of Des Moines for tax-increment financing, tax abatement and $300,000 American Rescue Plan Act funds.
ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …
PHOENIX — McShane Construction Co., on behalf of owner Jomax Residences, has completed the development of The Livano Deer Valley, a multifamily property in Phoenix. Humphreys & Partners Architects designed the project. Situated on 10.8 acres, the three-story community features 242 apartments in a mix of studio, one- and two-bedroom layouts with wood-style flooring, granite countertops, stainless steel appliances, designer ceramic tile backsplashes and abundant natural light. On-site amenities include a 4,000-square-foot designer clubhouse, 60,000-gallon resort-style pool, a dog park and courtyards with ample seating, fire pits and barbecues.
LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.
HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.
BRUNSWICK, GA. — Buc-ee’s will develop a 74,000-square-foot travel center in Brunswick, a coastal Georgia city midway between Savannah and Jacksonville along I-95. Construction is scheduled to begin Jan. 29. Upon completion, the property will feature 120 fueling stations, as well as a store offering snack, meal and drink options. Buc-ee’s currently operates 47 stores throughout its home state of Texas, as well as Alabama, Florida, Georgia, Kentucky, South Carolina, Missouri and Tennessee. The company is also underway on two travel centers in Virginia — one near Richmond along I-64 and another near Harrisonburg along I-81.