Wednesday, December 25, 2024
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Development

Far-West-Apartments-Austin
DevelopmentLoansMultifamilyTexas

JLL Arranges Construction Loan for 321-Unit Multifamily Project in Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has arranged a construction loan of an undisclosed amount for Far West Apartments, a 321-unit multifamily project in Austin. The site is located within the Northwest Hills submarket, and the development will offer one-, two- and three-bedroom units with an average size of 800 square feet. Amenities will include a pool, fitness center, clubhouse, pet spa and a conference room. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower, Central Southwest Texas Development. Completion is slated for spring 2027.

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Mission-Gorge-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Impact Housing, Verbena Road Holdings Obtain $112.2M in Financing for Affordable Housing Project in San Diego

by Amy Works

SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.

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320-McCloy-Ave-Stockton-CA
CaliforniaDevelopmentIndustrialWestern

Trammell Crow Co., Realty Income to Develop 655,200 SF Industrial Facility for Home Depot in Stockton, California

by Amy Works

STOCKTON, CALIF. — Trammell Crow Co., in a joint venture with Realty Income Corp., has broken ground on an industrial build-to-suit facility in Stockton for The Home Depot. Located at 320 McCloy Ave., the 655,200-square-foot property is slated for delivery in 2026. MacGregor Associates is the architect of record and Arch-Con Corp. is serving as the general contractor. Tyson Vallenari of Cushman & Wakefield and Tom Davis of CBRE represented the Port of Stockton and Trammell Crow Co., respectively, in the ground lease.

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DevelopmentIndustrialMidwestOhio

Opus Group Breaks Ground on 250,829 SF Spec Industrial Building Near Columbus, Ohio

by Kristin Harlow

MARYSVILLE, OHIO — The Opus Group has broken ground on a 250,829-square-foot speculative industrial building in the Columbus suburb of Marysville. The project marks the only spec industrial development getting underway in central Ohio moving into the first quarter of 2025, according to Opus. Named 33 Commerce Center, the property is designed for manufacturing and light assembly uses. The building will offer four storefronts, each with clerestory glass entries. Additional building features include a 3,870-square-foot office space, clear height of 32 feet, interior and exterior LED lighting, 155 vehicle parking spaces, 24 equipped docks, four drive-in dock doors and room for future trailer parking. The development is part of 33 Innovation Park, which features a new utility infrastructure with high-capacity fiber optics. Completion is slated for August 2025. Opus is the developer, design-builder and architect of record for the project. AST Engineering is the structural engineer. Mike Spencer and Todd Spencer of Lee & Associates are marketing the project for lease.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Begins Construction of $33M Public Safety Facility in Virginia, Minnesota

by Kristin Harlow

VIRGINIA, MINN. — Kraus-Anderson has begun construction of a new $33 million public safety facility located at 1004 2nd St. S. in Virginia, a city in northeast Minnesota. Designed by Wold Architects and Engineers, the 50,000-square-foot project features a new fire station, police station and EMS facility, along with 13 dormitories, training spaces and parking lots. The new building also features a training tower, fitness center, day room, kitchen and dining room. Completion is slated for July 2025.

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Stonehill-at-West-Orange
DevelopmentMultifamilyNew JerseyNortheastOffice

BNE Real Estate Completes Office-to-Multifamily Conversion Project in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — BNE Real Estate has completed a project in West Orange, about 20 miles west of New York City, that converted a 400,000-square-foot office campus into a 423-unit apartment community. Known as Stonehill at West Orange and designed by Minno & Wasko Architects & Planners, the development features one- and two-bedroom units and 44,000 square feet of amenity space. The project also preserved 130,000 square feet of recently renovated office space that is now home to the West Orange Public Library. Rents start at approximately $2,300 per month for a one-bedroom apartment.

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DevelopmentFloridaHealthcareSoutheast

Robins & Morton Delivers 160,000 SF UHealth Doral Medical Center in Metro Miami

by John Nelson

DORAL, FLA. — Birmingham-based general contractor Robins & Morton has delivered a new 160,000-square-foot medical center in Doral, a western suburb of Miami, on behalf of University of Miami health system UHealth. The six-story UHealth Doral property opened in late November. Designed by Arcadis, the healthcare property features 33 exam rooms, eight operating rooms, three endoscopy suites, 33 cancer treatment units, radiology services, a lab, onsite pharmacy, seven-story parking garage and a central energy plant. Specialists operating within UHealth Doral include UHealth’s neurology program, the Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute and Desai Sethi Urology Institute.

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DevelopmentMississippiRestaurantRetailSoutheast

Topgolf to Open First Mississippi Venue Tomorrow in Ridgeland

by John Nelson

RIDGELAND, MISS. — Topgolf will open its first venue in Mississippi, Topgolf Ridgeland, tomorrow in Ridgeland, which is approximately 11 miles north of downtown Jackson. Topgolf Ridgeland will feature 62 outdoor, climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables for large or small groups. In addition to signature gameplay, Topgolf Ridgeland will feature a brand new nine-hole mini-golf course and a full-service bar and restaurant. A Topgolf Callaway Brands Corp. brand, Dallas-based Topgolf operates more than 100 outdoor venues around the globe. The Ridgeland venue will mark Topgolf’s 108th location globally.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Life Time Opens New 65,000 SF Gym in Atlanta’s North Druid Hills Neighborhood

by John Nelson

ATLANTA — Life Time has opened its newest 65,000-square-foot gym, marking the eighth location in Atlanta and the first in DeKalb County for the Minnesota-based fitness brand. Located on eight acres at 1515 Sheridan Road NE, the Life Time North Druid Hills athletic club made its debut on Monday, Dec. 16 and is now offering waitlist sign-ups for potential members. The club offers a range of 150 classes with five boutique studios for barre, cycling, group fitness, yoga and Pilates, as well as dedicated spaces for its Signature Group Training programs Alpha, GTX and UltraFit. Additional amenities include multiple pickleball courts, strength and cardio equipment, a five-lane indoor pool, dedicated workout recovery spaces, LifeSpa and LifeCafé services, dressing rooms and childcare services. Life Time’s outdoor space also features a bistro, beach club, pool deck, private cabanas and chairs, 12 racquet sport courts and a courtside lounge and bar. Life Time recently renovated its existing gym in Peachtree Corners and plans to open a new gym in Atlanta’s Central Perimeter area next year.

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group to Build $55.1M Affordable Housing Community in Dubuque, Iowa

by Kristin Harlow

DUBUQUE, IOWA — The Annex Group has unveiled plans to build Union at the Marina, a $55.1 million affordable housing community in Dubuque. The 201-unit property will be designated for households whose income level is at or below 70 percent of the area median income. Union at the Marina will feature two four-story buildings with one-, two- and three-bedroom units. Amenities will include a playground, community center, fitness center, picnic area and dog walking area. Completion is slated for fall 2026. Project partners include ASK Studio; Axiom Consultants; Impact Housing Indiana Corp.; the City of Dubuque, which provided acquisition grants, tax-increment financing and lift station upgrades; WNC, which provided around $21 million in total equity; and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing.  

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