HOUSTON — A partnership between Standard Real Estate Investments, a development and investment firm with offices in Los Angeles and Washington, D.C., and locally based firm Investment & Development Ventures (IDV) will develop Veterans Memorial Business Park. The 463,000-square-foot speculative industrial project will be located in northwest Houston and will consist of three front-load buildings that will span 219,000, 151,000 and 93,000 square feet. The buildings will feature 32-foot clear heights and will be able to accommodate users with requirements as small as 46,000 square feet. Construction is scheduled to begin in the fourth quarter. JLL arranged the partnership between the two developers.
Development
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $19.1 million construction loan for Villas at Bardin, a build-to-rent residential community that will be located in the central metroplex city of Grand Prairie. Homes will feature a mix of unit types and will be furnished with quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers, as well as two-car garages and individual yards. The borrower is Dallas-based Republic Property Group. The number of units and a tentative completion date were not disclosed.
NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.
AEG Presents, Jacobs Entertainment to Build 1,200-Seat Globe Iron Event Venue in Cleveland
by John Nelson
CLEVELAND — AEG Presents and Jacobs Entertainment Inc. have announced plans to develop Globe Iron, a new 1,200-seat live event venue in Cleveland. The companies plan to open the multi-purpose facility, which will feature an indoor concert hall and open-air courtyard, in March 2025. Situated on the West Bank of Cleveland’s Flats district, the project will be situated on the site of the former Globe Iron Works Foundry that dates back to 1853. Jacobs Entertainment will develop Globe Iron while AEG Presents will build-out and operate the property. AEG Presents expects to add 150 events to Cleveland at Globe Iron, including corporate functions, weddings, conferences, award shows and fundraisers.
BEDMINSTER, N.J. — Pet food provider Freshpet Inc. (NASDAQ: FRPT) will open a 30,000-square-foot global office headquarters in Bedminster, about 60 miles west of Manhattan. Freshpet’s space will be joined by approximately 20,000 square feet of planned retail, dining and amenity space to anchor the Bedminster Village Square campus. Advance Realty Investors owns the campus and is developing the facility, with Iron Hill Construction Management serving as the general contractor. ConnectOne Bank is financing the build-to-suit project. Completion is slated for early 2025.
PORTLAND, MAINE — Fathom Cos., a locally based hospitality development and management firm, has debuted The Weldon, a 13-room boutique apartment-style hotel in Portland. Local businessmen Chris DiMillo and Jay Hibbard own The Weldon, which offers one- and two-bedroom suites with fully equipped kitchens, washers and dryers and individual sound systems. Shared amenities include a fitness center and private office spaces. Rates start at $399 per night.
GRANTSBURG, WIS. — Kraus-Anderson has completed renovations and additions for the Grantsburg School District in northwest Wisconsin. DSGW Architects designed the projects. A 26,000-square-foot addition to Grantsburg Elementary replaced the closed Nelson Elementary School by adding 13 new classrooms and a gym. The $14.8 million project also included a 34,000-square-foot renovation for Pre-K and Kindergarten classrooms, art/music classrooms, restrooms, a kitchen, cafeteria and improved bus drop-off area. A 10,000-square-foot addition to Grantsburg High School included a new entrance and office. The $9.9 million project also comprised a 10,000-square-foot renovation for the cafeteria/commons area, public restrooms, concessions, a new team classroom and improvements to the traffic flow, parking and water drainage. Grantsburg Middle School received a revamped parent drop-off area and parking to improve traffic flow.
TINLEY PARK, ILL. — Urban Innovations has completed the renovation and expansion of the historic Karl Vogt Building at 6811 Hickory St. in downtown Tinley Park. The four-story, 7,835-square-foot former apartment building, constructed in 1872, is now home to The Vogt House by Banging Gavel Brews. The building was added to the National Register of Historic Places in 1988 and is the only designated landmark in Tinley Park. The project entailed an interior and exterior renovation, including a complete gut and structural re-enforcement throughout each floor and lowering the basement slab to make room for the brewery. The Vogt Building was constructed by merchant and German immigrant Karl Vogt and is the oldest building in Tinley Park. Urban Innovations worked to comply with the National Park Service’s landmark criteria. The completed project features the production brewery, taproom and restaurant. Altus Works was the project architect.
SK hynix Receives $450M CHIPS Grant, $500M Loan for New Semiconductor Plant at Purdue Research Park in Indiana
by John Nelson
WEST LAFAYETTE, IND. — The U.S. Department of Commerce, which works with businesses and universities to promote job creation and economic growth, has agreed to a preliminary memorandum of terms (PMT) with semiconductor manufacturer SK hynix for its new $3.9 billion manufacturing plant in Indiana. The manufacturer, part of South Korean-based SK Group, announced in April that its advanced packaging and research-and-development (R&D) facility was coming to Purdue Research Park, an office and industrial research park adjacent to the campus of Purdue University in West Lafayette. The PMT includes $450 million in direct funding under the CHIPS and Science Act and an additional loan of up to $500 million. The funding will contribute to SK hynix’s production of high-bandwidth-memory (HBM) semiconductors (or computer chips) for AI supply chain security technology in the United States. These new-generation HBM chips will be mass-produced and packaged onsite and will have more processing power than SK hynix’s current chips, which process 1.18 terabytes of data per second. “We are excited about the Department of Commerce’s support, through the CHIPS and Science Act, of the largest semiconductor production facility located at a university in the United States,” says Mung Chiang, president of Purdue University. “This …
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Cost-Effective Strategies, Future-Proofing for Multifamily Internet Infrastructure
In the rapidly evolving landscape of multifamily technology, owners and operators face a critical challenge to staying competitive. As demand for high-speed internet and robust connectivity grows, it is essential to adapt quickly. However, constantly upgrading infrastructure can be prohibitively expensive and time-consuming. The solution lies in future-proofing properties — building an adaptable infrastructure that can support unknown future technological needs. “Future-proofing is a matter of having infrastructure capable of supporting what we don’t know we will want later,” says Matt Williamson, lead sales engineer at Pavlov Media, which provides Wi-Fi, fiber-optic internet service and managed digital services to multifamily properties. Future-proofing involves implementing scalable and flexible communication systems that accommodate both current and emerging digital demands. By focusing on future-proofing, multifamily properties can meet residents’ increasing expectations for high-speed internet and comprehensive Wi-Fi coverage while also reducing operational costs and enhancing overall efficiency. Balance Current Needs with Future Trends “Multifamily residents now expect extremely high-speed internet connections in their units and throughout the entire property, including common areas like gyms, conference rooms, pools and walking paths,” Williamson says. Residents want robust internet connections for activities such as streaming, video calls and remote home monitoring. The importance of upload speeds …