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Development

Nexus-Commerce-Center-Tempe-AZ
ArizonaDevelopmentIndustrialWestern

Partnership Completes Nexus Commerce Center Industrial Park in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Local developer Creation, in partnership with CrossHarbor Capital Partners and Amherst, has completed Nexus Commerce Center, a Class A industrial park located at the intersection of Elliot Road and Hardy Drive in Tempe. Situated on a 16-acre site that was once home to Elliot Corporate Center, the redevelopment converted the vacant 200,000-square-foot office property into a three-building, 273,000-square-foot, shallow-bay industrial park. Designed and built by LGE Design Build, the buildings range in size from 88,773 to 103,288 square feet and feature 32-foot clear heights. Nexus Commerce Center also offers direct access to I-10 and Loop 101 via Elliot Road and proximity to the US-60 interchange and Phoenix Sky Harbor International Airport. Mike Haenel, Andy Markham, Phil Haenel and Justin Smith of Cushman & Wakefield are handling leasing efforts for the project.

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DevelopmentFloridaHospitalitySoutheast

Terra, Turnberry Top Out 17-Story Grand Hyatt Miami Beach Hotel

by John Nelson

MIAMI BEACH, FLA. — Terra and Turnberry, along with general contractor Balfour Beatty, have topped out Grand Hyatt Miami Beach, a 17-story, 800-room hotel underway in Miami Beach. The hotel tower will be connected to the newly renovated Miami Beach Convention Center via a climate-controlled sky bridge upon completion. Designed by Arquitectonica, Grand Hyatt Miami Beach will feature 12 floors of hotel rooms, as well as four floors of meeting and ballroom space totaling 110,000 square feet, including the 8,000-square-foot Grand Lawn on the fifth-floor amenity deck. The hotel will include a signature restaurant, lobby lounge and bar and 17,000 square feet of ground-level retail space, as well as two resort-style pools and a fitness center with a spa treatment room. The development team plans to deliver the hotel in late 2027. Last year, Terra and Turnberry secured $392 million in construction financing for the project.

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AlabamaDevelopmentMultifamilySoutheast

Dobbins Group Delivers 475-Unit Apartment Community in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Dobbins Group has delivered Colina Hillside, a 475-unit apartment community located at 1121 Colina St. in Birmingham. Capstone Building Corp. served as the general contractor for the project, which comprises one-, two- and three-bedroom apartments across multiple four- and five-story buildings. Monthly rental rates range from $1,390 to $3,050, according to Apartments.com. Amenities at Colina Hillside include two saltwater pools with private cabanas, a fitness center, pet spa, dog parks, clubhouse with coworking areas, firepit and outdoor entertainment venues, EV charging stations, garages, storage space and a market for residents.

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DevelopmentLoansMidwestMultifamilyWisconsin

MMCC Arranges $16.5M in Construction Financing for Green Bay Multifamily Project

by Kristin Harlow

GREEN BAY, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $16.5 million in construction financing for Common Place Phase II, a 91-unit multifamily property with a first-floor retail unit located within walking distance of Lambeau Stadium at 670 Mike McCarthy Way in Green Bay. Robert Bhat of MMCC secured the financing through a local bank. The loan features an 80 percent loan-to-cost ratio, five-year term and 6.25 percent interest rate. Construction commenced in June. Plans call for a mix of studios, one-bedroom units and two-bedroom units designed to complement the adjacent Phase I development.

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DevelopmentIowaMidwest

Opus Underway on Construction of 133,670 SF Des Moines Christian School in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — Opus is under construction on a new dedicated high school for Des Moines Christian School in the suburb of Urbandale. The 133,670-square-foot facility will be located at 4300 136th St. on 104 acres that the school purchased in 2024 via a gift. Des Moines Christian School currently serves 1,500 students in grades Pre-K through 12 on its 26-acre Urbandale campus. The new high school, being built one mile away, will include a two-story academic wing with 24 classrooms and three labs, including dedicated STEM spaces; a gymnasium with a regulation collegiate-sized basketball court and bleacher seating for more than 2,000 fans; dedicated spaces for wellness, fine arts and student activities; a common space with electric fireplace; a student-led coffee shop; and outdoor learning and dining spaces. Opus is serving as construction manager and is working with SVPA Architects.

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DOE-Site_Paducah-Ky
Data CentersDevelopmentIndustrialKentuckySoutheastTop Stories

Brookfield, Partner Coalition Plan $100B Data Center Campus in Western Kentucky 

by Hayden Spiess

PADUCAH, KY. — Brookfield (NYSE: BN) has announced plans to develop a $100 billion data center campus in western Kentucky with a partnership coalition. The coalition also includes NextEra Energy Inc. (NYSE: NEE), Big Rivers Electric Power Corp., Jackson Purchase Energy Cooperative and Paducah Power System.  The project will redevelop portions of the U.S. Department of Energy (DOE) Paducah Site, which was originally built in the 1950s to produce uranium for nuclear weapons. The facility, which closed in 2013, also went on to produce enriched uranium for nuclear reactors.  The AI data center campus will support up to 1.8 gigawatts (GW) of utility capacity and over 1.2 GW of compute capacity at full build-out. The project will be backed by up to 4.6 GW of dedicated generation resources. “This new campus helps secure our nation’s position as a global leader in innovation,” says Chris Wright, U.S. Energy Secretary. “It’s difficult to overestimate the importance of this project.” The DOE first issued a request for offers for redevelopment of the Paducah site in November 2025. Brookfield was selected as the developer and operator for the campus, and NextEra Energy was selected to build and own the energy infrastructure, including up to …

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6501-Legacy-Drive-Plano
DevelopmentMultifamilyTexas

StreetLights Residential Underway on 22-Story Apartment Building in Plano

by Taylor Williams

PLANO, TEXAS — StreetLights Residential is underway on construction of a 22-story apartment building at 6501 Legacy Drive in Plano. The site spans 2.7 acres within the former J.C. Penney headquarters campus, and the development will have 261 one-, two- and three-bedroom units that will range in size from 682 to 2,843 square feet. The development will also feature several three-bedroom townhomes with an average size of about 3,300 square feet. Amenities will include a three-tiered pool with private cabanas, sky lounge, golf simulator, library, fitness center and a pet park. Construction began in June and is expected to be complete in early 2029.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Pennrose, WORC Complete 55-Unit Affordable Seniors Housing Redevelopment in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between owner-operator Pennrose and the Wynnefield Overbrook Revitalization Corp. (WORC) has completed Good Shepherd, a 55-unit affordable seniors housing complex in Philadelphia’s Overbrook area that is a redevelopment of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016. Good Shepherd’s one-bedroom units have an average size of 605 square feet and are reserved for renters age 62 and above who earn between 20 and 60 percent of the area median income. Amenities include a fitness center, multi-purpose room and flex space, and residents also have access to social, health and other educational support programs and services.

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DevelopmentIllinoisLoansMidwestMultifamily

Associated Bank Provides $28.3M Loan for Development of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Associated Bank has provided a $28.3 million loan to a joint venture between North Park Ventures and SNS Realty Group for the development of a transit-oriented apartment property on North Sheffield Avenue in Chicago. The loan included funds for the acquisition of the former Tortenson Glass Co., which consists of nearly 30,000 square feet of urban infill land. The five-story, 99-unit apartment building will offer 84 market-rate units and 15 affordable housing units. There will be four studios averaging 500 square feet, 46 one-bedroom units averaging 750 square feet and 49 two-bedroom units averaging 1,150 square feet. Amenities will include a clubroom with coworking space, a wellness center with a sauna, a rooftop deck with a dog run and a bike room.  There will be parking for 25 cars at the back of the site. Demolition of the existing structures will begin shortly, with completion of the new building planned for 2027. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

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DevelopmentGeorgiaSoutheastStudent HousingUncategorized

Radnor, Madrone to Break Ground on 793-Bed Student Housing Development in Atlanta

by John Nelson

ATLANTA — A joint venture between Radnor Property Group and the Madrone Community Development Foundation is set to break ground on a 793-bed student housing development located at 850 West End Ave. in Atlanta. The project, which is scheduled for completion in fall 2028, will serve students attending Morehouse and Spelman colleges. The community will offer 305 units in studio, one-, two- and four-bedroom configurations upon completion. Shared amenities are set to include a 24-hour staffed lobby, outdoor recreation space, a fitness center, community lounges, bike storage, dog park and study rooms. The partnership recently reached financial close for the project through the sale of $146.8 million in tax-exempt and taxable bonds issued by the Development Authority of Fulton County, which will loan the proceed of the bonds to Madrone-MS Student Housing, a subsidiary of the Madrone Community Development Foundation. West End Avenue P3 LLC — a joint venture between Morehouse and Spelman colleges — has entered into a 50-year lease agreement with Madrone as part of the transaction. The development team for the project includes Clark Construction, CD Moody Construction, Moody Nolan and Pape-Dawson. Raymond James and Loop Capital Markets served as underwriter for the bond financing. Brailsford & Dunlavey …

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