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ColoradoDevelopmentIndustrialWestern

Ryan Cos., PGIM Real Estate to Develop 343,000 SF Northwest Commerce Center Industrial Project in Broomfield, Colorado

by Amy Works

BROOMFIELD, COLO. — Ryan Cos. and PGIM Real Estate, on behalf of its U.S. core-plus investment strategy, have formed a joint venture and received financing for the development of Northwest Commerce Center. The Class A industrial development will be located in Broomfield, a suburb north of Denver. Situated within Verve Innovation Park, Northwest Commerce Center will consist of two buildings offering a total of more than 343,000 square feet with 32-foot clear heights, LED lighting, an ESFR sprinkler system, 22 trailer parking spots and heavy power with 4000-amp electrical service. The buildings are designed to accommodate a wide range of tenants such as warehousing, advanced manufacturing and other industrial uses. Ryan is the developer and builder for Northwest Commerce Center. Ware Malcomb is the architect of record. Carmon Hicks, Patrick McGettigan and Jason White of JLL have been selected to market and lease the project. Construction is slated to begin in August, with completion scheduled for second-quarter 2025.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Delivers 324-Unit Prose Cypress Pointe Apartments in Winter Haven, Florida

by John Nelson

WINTER HAVEN, FLA. — Alliance Residential Co. has delivered Prose Cypress Pointe, a 324-unit apartment community located at 3110 Gowan Drive in Winter Haven. The property represents the fourth Prose-branded community in Central Florida for the Arizona-based developer. Situated 20 miles from Lakeland and 35 miles from Tampa, Prose Cypress Pointe features one- and two-bedroom apartments averaging 1,008 square feet in size. Monthly rental rates begin at $1,655, according to Prose Cypress Pointe’s property website. Amenities include a clubroom with an entertainment kitchen, business center with coworking spaces, 24/7 package access via a Parcel Pending package locker, 24-hour fitness center, fenced pet park, resort-style pool with a tanning ledge and in-pool lounge seating, gas grill stations and a poolside entertainment cabana with an outdoor TV and lounge seating.

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DevelopmentLoansNorth CarolinaSeniors HousingSoutheast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

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DevelopmentIllinoisMidwestMixed-Use

Crown Community Development Submits Plans for 760-Acre Mixed-Use Project in Sugar Grove, Illinois

by Kristin Harlow

SUGAR GROVE, ILL. — Crown Community Development (CCD) has submitted its formal land development application to the Village of Sugar Grove for The Grove, a 760-acre, master-planned mixed-use project. Plans call for several housing options, a town center, over 200 acres of open space, public amenities and a variety of commercial uses. The Grove is proposed for land surrounding the I-88 and Route 47 interchange, about 45 miles west of Chicago. Named after the maple trees scattered across Sugar Grove, the new proposal for The Grove is the result of re-envisioning the plan CCD presented to the village in 2019 for the same parcel of land. The new plan includes an increase in green space and the preservation of existing tree groves, which were based on public feedback from community meetings held by CCD in 2023. As part of the land development application for The Grove’s updated master plan, which covers zoning, subdivision and annexation, CCD is proposing Planned Development District (PDD) zoning that will accommodate uses that meet market and community needs. Proposed land uses via the PDD zoning for The Grove include: multiple residential areas offering a variety of housing options, from single-family homes and active adult living …

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DevelopmentIndianaMidwest

Prince Property Group Launches in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Brian Prince, formerly with Flaherty & Collins Properties, has launched real estate development firm Prince Property Group (PPG) in Indianapolis. The firm will focus on development projects in both Indiana and Florida. During his tenure at Flaherty & Collins, Prince was responsible for an estimated $400 million of real estate development. PPG specializes in urban infill mixed-use development and fosters public-private partnerships, particularly for smaller communities.

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DevelopmentIndustrialSoutheastVirginia

Campbell County Economic Development to Build 100,000 SF Industrial Facility in Central Virginia

by John Nelson

RUSTBURG, VA. — Campbell County Economic Development plans to develop a 100,000-square-foot industrial facility in Rustburg, a city in central Virginia. The $11 million project will be situated on 7.5 acres within Seneca Commerce Park along U.S. Route 29 and Wards Road. The facility represents the largest undertaking for the department in a decade. The design and oversight of the construction project is currently being procured by Campbell County Economic Development, with site development scheduled to be advertised for bidding in the fall. The selected architect and engineering firms will work with the county to design the building and provide ongoing construction management throughout the project. The Tobacco Regional Revitalization Commission has awarded grant funding for the site, which has also been recommended for funding by the Southeast Crescent Regional Commission. The projected timeline has the tenant-ready building delivering in spring 2026.

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DevelopmentLeasing ActivityLouisianaRetailSoutheast

GBT Realty Adds New Retailers at River Marketplace in Lafayette, Louisiana

by John Nelson

LAFAYETTE, LA. — GBT Realty Corp. has executed leases with new retailers at River Marketplace, a 168,000-square-foot shopping center in Lafayette. J. Crew Factory, Sephora and lululemon have signed leases to occupy a freestanding, 16,700-square-foot building within the shopping center that once housed Books-A-Million, which shuttered earlier this year. All three retailers are expected to open in early 2025. A final 3,450-square-foot space remains available for lease in the building. Situated on a 43-acre site, River Marketplace is anchored by a Super Target. The property is currently 99 percent leased to tenants including Ross Dress for Less, Total Wine & More, Rack Room Shoes, Cato, 2nd & Charles, Toasted Yolk Café, Buckle, Crumbl Cookies and Games Workshop.

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ColoradoDevelopmentIndustrialTop StoriesWestern

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

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Affordable HousingDevelopmentLoansMultifamilySeniors HousingTexas

Hunt Capital Arranges $13.2M Equity Financing for Affordable Seniors Housing Project in Stafford, Texas

by Taylor Williams

STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.

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DevelopmentIndustrialTexas

IAC Properties Completes 553,030 SF Industrial Project in South Dallas

by Taylor Williams

DALLAS — Developer IAC Properties has completed Wintergreen Distribution Center, a 553,030-square-foot industrial project in South Dallas. Wintergreen Distribution Center is a multi-tenant speculative building that sits on a 34-acre site and features 40-foot clear heights, 1,550 square feet of office space, four drive-in doors and parking for 151 trailers and 328 automobiles. Krusinski Construction Co. served as the general contractor for the project.

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