Development

Related Digital Secures Financing for $16B Oracle Data Center Project in Michigan

by Hayden Spiess April 27, 2026

SALINE TOWNSHIP, MICH. — Data center development and investment platform Related Digital has secured financing for Oracle’s $16 billion project in Saline Township, roughly 50 miles southwest of Detroit. Originally announced in October 2025, the development is being built for Oracle (NYSE: ORCL) as part of its partnership with OpenAI, an artificial intelligence (AI) research firm and operator best known for ChatGPT. In September 2025, OpenAI, Oracle and Softbank announced plans for the development of five new data centers as part of a $500 billion Stargate initiative. Financing for the project includes equity from Related Digital and funds affiliated with Blackstone (NYSE: BX), as well as fixed-rate, long-term financing from PIMCO (Pacific Management Investment Co.)-managed funds and accounts. Bank of America served as the structuring agent and financial advisor, and Goldman Sachs and Wells Fargo are acting as advisors to Related Digital. According to Related Digital, the new Michigan data center will create 2,500 construction jobs, as well as 450 permanent onsite positions and 1,500 permanent jobs throughout the county. The project will also preserve 750 acres of open space, farmlands and wetlands. DTE Energy is fully supplying power for the project, using existing resources and a new battery storage investment financed entirely by …

April 27, 2026

Development Florida Hospitality Loans Southeast

Newmark Arranges $94.4M Loan for Refinancing, Repositioning of Downtown Tampa Hotel

by John Nelson April 24, 2026

TAMPA, FLA. — Newmark has arranged a $94.4 million loan for the refinancing of Hotel Cala, formerly known as Hotel Tampa Riverwalk. The 281-room is located along the 2.6-mile Tampa Riverwalk overlooking the Hillsborough River in downtown Tampa. Jordan Roeschlaub, Nick Scribani, Ricky Braha, Tyler Dumon and Tate Keir of Newmark arranged the financing through Bain Capital and Smith Hill Capital on behalf of the borrower, a partnership between Newbond Holdings and Apollo. The ownership is executing a comprehensive repositioning strategy at Hotel Cala, including a full renovation and rebranding of the property into a luxury hotel under the Curio Collection flag. Renovations will include upgrades to guest rooms, meeting spaces and amenity offerings, including a flagship food-and-beverage concept. The construction timeline for the repositioning was not disclosed.

April 24, 2026

Development Georgia Hospitality Southeast

Noble Opens 148-Room Tempo by Hilton Savannah Historic District Hotel

by John Nelson April 24, 2026

SAVANNAH, GA. — Noble Investment Group has opened Tempo by Hilton Savannah Historic District, a 148-room hotel located at 220 E. Bryan St. in downtown Savannah. Situated off Reynolds Square and steps from the Savannah River, the hotel represents the first Tempo by Hilton property in Georgia. McKibbon Hospitality manages the hotel on behalf of Noble. Each hotel room offers spa-inspired bathrooms with Bluetooth speaker mirrors and Apotheke bath products; Sealy Accelerate mattresses; Peloton bikes; yoga mats; and resistance bands. Amenities include a lobby with gathering spaces, 3,000 square feet of meeting spaces and a 24-hour fitness center. Food-and-beverage offerings include Waving Girl Rooftop, a rooftop bar, and Bluestone Lane Café, an Australian-style café overlooking Reynolds Square.

April 24, 2026

Development Florida Industrial Southeast

FRP Development Completes 200,000 SF Industrial Facility in Delray Beach, Florida

by John Nelson April 24, 2026

DELRAY BEACH, FLA. — FRP Development Corp. has completed the first phase of Logistics Center at Delray, a 40-acre industrial park underway in west Delray Beach. Situated along Route U.S. 441 in South Florida’s Palm Beach County, Phase I of the park comprises a 200,000-square-foot facility with 36-foot ceiling heights, 215 parking spaces and 45 dock doors. Christopher Thomson, Matthew McAllister and Eric Cantor of Cushman & Wakefield are handling the leasing assignment for the facility, which is divisible to 30,000 square feet. FRP Development is developing the park in partnership with PCCP LLC. At full build-out, Logistics Center at Delray will span three buildings totaling approximately 600,000 square feet.

April 24, 2026

Development Multifamily Southeast Tennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson April 24, 2026

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

April 24, 2026

Development Industrial Loans Texas

CapRock Partners Begins Development of 483,128 SF Industrial Project in Sunnyvale, Texas

by Taylor Williams April 24, 2026

SUNNYVALE, TEXAS — California-based development and investment firm CapRock Partners has broken ground on Clay Road Business Park, a 483,128-square-foot industrial project in Sunnyvale, an eastern suburb of Dallas. Clay Road Business Park will consist of three shallow-bay buildings that will total 124,140, 155,802 and 203,186 square feet. Buildings will feature 32- to 36-foot clear heights, 81 dock-high doors, six grade-level doors and parking for 517 cars and 67 trailers. Greg Brown, Greg Napper, Peter Thompson, Kyle White and Nick Englhard of JLL arranged an undisclosed amount of construction financing for the project through an unnamed regional bank. The loan carried a floating interest rate and a 3.5-year term with two one-year extension options.

April 24, 2026

Development Industrial Texas

Partners Development Breaks Ground on 108,750 SF Industrial Project in Buda, Texas

by Taylor Williams April 24, 2026

BUDA, TEXAS — Partners Development, a division of Partners Real Estate, has broken ground on a 108,750-square-foot industrial project in Buda, a southern suburb of Austin. The project represents Phase I of a larger, 23-acre development that will be known as Onion Creek Trade Center (formerly known as South Austin Commerce Center) and will span 216,750 square feet across eight freestanding buildings. Buildings will range in size from 16,875 to 36,000 square feet and will feature 25-foot clear heights, grade-level loading and dedicated office space. Completion is slated for the fourth quarter. Method is the project architect, and Kimley-Horn is the civil engineer. Partners is also the leasing agent.

April 24, 2026

Arizona Build-to-Rent Development Single-Family Rental Western

Partnership Delivers 283-Unit Build-to-Rent Community in North Phoenix

by Amy Works April 24, 2026

PHOENIX — Mark-Taylor Residential, Scottsdale, Ariz.-based Sunbelt Holdings and Boston-based Rockpoint have developed The Hillburn, a build-to-rent multifamily community in North Phoenix. Located at 2550 W. North Foothills, the community is minutes from the Norterra shopping and dining district and near the Taiwan Semiconductor Manufacturing Co. facility. The Hillburn features 283 three-bedroom townhomes, ranging from 1,729 square feet to 2,291 square feet, and two-, three- and four-bedroom single-family detached homes, ranging from 1,323 square feet to 2,338 square feet. Each residence offers two-car garages with electric vehicle charging, covered patios, porches and private backyards. The floor plans feature expansive living areas, modern kitchens with oversized islands, spa-inspired bathrooms, smart-home technology and premium finishes throughout. Community amenities include a 6,200-square-foot clubhouse with a pool, fitness center, golf simulator and a complimentary coffee bar. Additional amenities include a dog walking path, park, children’s playground, pickleball court and basketball court.

April 24, 2026

Development Illinois Industrial Midwest

Opus Completes 52,172 SF Build-to-Suit Facility for Elgin Recycling in Gilberts, Illinois

by Kristin Harlow April 24, 2026

GILBERTS, ILL. — Opus has completed construction on a 52,174-square-foot build-to-suit facility for Elgin Recycling at 58 Center Drive in Gilberts, a far northwest suburb of Chicago. Situated in the Turnberry Lakes Business Park, the facility is blocks away from Elgin Recycling’s headquarters and serves as one of its four Chicago-area recycling scrap yards. Elgin Recycling is a family-owned operation that processes ferrous and non-ferrous metals, exotic alloys and electronics. The new Gilberts location processes recycled electronics from public drop-off facilities, breaking them down into components that are transported to downstream recyclers. The facility, which will be fully operational in July, features a clear height of 28 feet, six dock doors, two drive-in doors and up to 58 vehicle parking stalls. Opus served as the design-builder and worked in partnership with Architects Plus Design Studio PLLC, Structural Enginuity Inc. and Spaceco.

April 24, 2026

Development Restaurant Retail Texas

NewQuest Underway on 100,000 SF Retail Expansion Project in New Braunfels, Texas

by Taylor Williams April 23, 2026

NEW BRAUNFELS, TEXAS — Houston-based development and brokerage firm NewQuest is underway on construction of a 100,000-square-foot retail expansion project in New Braunfels, a northeastern suburb of San Antonio. The expansion of New Braunfels Town Center at Creekside, which is part of the 400-acre Creekside Town Center master-planned development, involves construction of new single-tenant buildings for EöS Fitness, Chick-fil-A, Portillo’s and Chase Bank. The project will also feature a roughly 10,000-square-foot multi-tenant building that is fully preleased to Chipotle Mexican Grill, CAVA, Potbelly, Blo Dry Bar and Menchie’s Frozen Yogurt. A tentative completion date was not announced.

April 23, 2026

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