Development

Healthpeak Properties Receives Entitlements for Additional 1.3 MSF Development at Vantage Lab Campus in San Francisco

by Amy Works December 21, 2023

SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out. The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway. The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand. In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.

December 21, 2023

Development Industrial Northeast Pennsylvania

Lovett Industrial Buys 109,000 SF Manufacturing Facility in Philadelphia, Plans Redevelopment

by Taylor Williams December 21, 2023

PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year.

December 21, 2023

Development Multifamily New York Northeast

Davis Cos. Breaks Ground on 97-Unit Multifamily Project in Harlem

by Taylor Williams December 21, 2023

NEW YORK CITY — Boston-based developer The Davis Cos. has broken ground on a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 percent of the residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. Completion is slated for late 2025.

December 21, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat, P3 Markets Top Off Second Apartment Building at 43 Green Development in Chicago

by Kristin Harlow December 21, 2023

CHICAGO — Habitat and P3 Markets have topped off construction of the second apartment building at 43 Green, a $100 million mixed-income development in Chicago’s Bronzeville neighborhood. The transit-oriented development is centered around the 43rd Street Green Line L station. The new building rises 10 stories with 80 units, 44 of which will be designated as affordable. Completion is slated for late summer 2024. The developers have fully leased the first apartment building, which also rises 10 stories. The 99-unit property consists of 50 affordable units for households earning up to 60 percent of the area median income. Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, the first building is the largest of three planned buildings at 43 Green. Amenities include a fitness center, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The second building will have similar amenities.

December 21, 2023

Affordable Housing Development Mixed-Use Multifamily New York Northeast Retail Top Stories

Related Cos., Sterling Equities Break Ground on 2,500-Unit Willets Point Affordable Housing Project in Queens

by Katie Sloan December 21, 2023

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and $123.5 million Low-Income Housing Tax Credit investment. Phase I of the development will feature two mid-rise buildings offering a combined 880 units of affordable housing. Forty percent of units will be reserved for residents earning at or below 60 percent of the area median income, and 15 percent of units will be set aside for tenants that formerly experienced homelessness. Amenities will include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. The development will also include infrastructure investments like new streets, signage, sidewalks, trees, lights, drainage, stormwater management, water hydrants, sewers and utilities. Future components of the development will include a 650-seat standalone public school, New York …

December 21, 2023

Development Features Student Housing

Demand for Student Housing Development Persists Despite Economic Headwinds

by Katie Sloan December 21, 2023

It would be impossible to write a development or design article without mentioning the elephant in the room — the state of the capital markets and the current hurdles in securing financing of any sort, but especially for new development projects. While demand for new communities exists in many markets, getting projects to pencil out is the tricky part. For those developments that can move forward, innovative architecture and design are being employed to make the projects as functional and efficient as possible. Out are some of the flashier amenities from the days of yore, and in is design that helps student residents be the happiest and healthiest versions of themselves, both mentally and physically. From the developer perspective, there is no question about the desire to build — especially in Power Five university markets. “Almost all of the Power Five universities have seen 7 percent to 10 percent rental rate increases over the past three years and are showing approximately 98 percent occupancy at most properties,” says Greg Faulkner, president of Humphreys & Partners Architects. “But math has to work with the rates, like equity requirements of 45 percent or higher. Hard costs have moderated, but some are still …

December 21, 2023

Development Leasing Activity Mixed-Use North Carolina Office Southeast

Luxury Watchmaker Audemars Piguet Selects Raleigh Iron Works for Regional Service Center

by John Nelson December 20, 2023

RALEIGH, N.C. — Audemars Piguet, a luxury watchmaker based in Switzerland, plans to open a new regional headquarters office in Raleigh. The company plans to invest $22 million to build out its 63,000-square-foot office at Raleigh Iron Works, a $150 million mixed-use development in Raleigh by Jamestown and Grubb Ventures. The development will be the home of Audemars Piguet’s North American Service Center, which will create 105 new jobs. The watch manufacturer is joining other luxury tenants at Raleigh Iron Works that include Peter Millar, Johnnie O, Raleigh Denim Workshop and the Bal Harbour pop-up experience. The 19-acre development will also house 200 apartments and offices for Wasserman and FM Systems, as well as food-and-beverage options from Chef Scott Crawford, Robert Thompson, Ford Fry, Eastcut Sandwiches, Andia’s Ice Cream and Ponysaurus Brewing Co. Civic entities that were involved in bringing Audemars Piguet to the project include Wake County Economic Development, Raleigh Economic Development, the City of Raleigh, Wake County Board of Commissioners, Capital Area Workforce Development Board, North Carolina State University, Wake Technical Community College and the Economic Development Partnership of North Carolina.

December 20, 2023

Development Restaurant Retail Texas

RE:VIVE Development Completes 26,000 SF Retail Project in Houston

by Taylor Williams December 20, 2023

HOUSTON — Locally based firm RE:VIVE Development has completed Stomping Grounds, a project in Houston’s Heights neighborhood that consists of 26,000 square feet of retail and restaurant space and 10,000 square feet of open green space. The site spans three acres. Tenants include local operators such as Rooster & Rice, Bollo Woodfired Pizza, Sonoma Wine & Cheese, Luloo’s Day & Night and Fat Cat Creamery.

December 20, 2023

Development Loans Multifamily New York Northeast Walker & Dunlop

Partnership Receives $108.1M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams December 20, 2023

NEW YORK CITY — A partnership between two locally based firms, EJS Group and New Hope Capital, has received $108.1 million in construction financing for a 240-unit multifamily project in Brooklyn’s Bedford-Stuyvesant neighborhood. The development at 12 Halsey St. will consist of three buildings, with 30 percent of the units to be reserved as affordable housing. Amenities will include a pool, fitness center, tenant lounge and rooftop garden, as well as ground-floor retail space. Completion is slated for fall 2025. The financing package consists of an $83.1 million senior mortgage loan from Bank OZK and $25 million in mezzanine financing from CanAm Enterprises. Aaron Appel of Walker & Dunlop arranged the debt on behalf of the developers.

December 20, 2023

Arizona Development Multifamily Western

Dinerstein Cos. Plans 261-Unit Atlas Kierland Apartments in Scottsdale, Arizona

by Amy Works December 20, 2023

SCOTTSDALE, ARIZ. — The Dinerstein Cos. (TDC) is developing Atlas Kierland, a multifamily property in Scottsdale, and the latest addition to its Atlas-branded properties. Located at 7007 E. Marilyn Road, Atlas Kierland will feature 261 one-, two- and three-bedroom apartments, ranging in size from 809 square feet to 1,456 square feet. Residences will have vinyl plank flooring and contemporary kitchens equipped with quartz countertops, islands and premium appliances, as well as bathrooms with full-height tiled showers, soaking tubs and illuminated mirrors. Units will also feature full-size, stackable washers/dryers and keyless electronic door locking systems. The community will include a rooftop with resort-style pool, lounging areas and outdoor kitchens with grills. A sky lounge on the fifth floor will offer space for residents to host gatherings and a gourmet kitchen. Additionally, amenities include a fitness center, lounge center, golf simulator and pet spa. Construction is slated to begin in December, with completion scheduled for 2026. TDC Construction, the in-house construction arm of TDC, will serve as general contractor. Leasing for the property is set to begin in summer 2026.

December 20, 2023

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