TARRYTOWN, N.Y. — Signature Acquisitions has launched a renovation of the lobby, cafeteria and other common areas at Tarrytown Corporate Center, a 180,000-square-foot office building located on the northern outskirts of New York City.The regional owner-operator has also secured two lease renewals at the building: a 20,538-square-foot deal with coworking firm Regus and a 7,581-square-foot deal with office technology and IT firm Atlantic Tomorrow. Jeff Smith internally represented Signature Acquisitions in both sets of lease negotiations. Peter Dana, Jason Lee and Craig Ruof of Colliers represented Regus, and Harland Hollander of Savills represented Atlantic Tomorrow. Ownership has tapped JLL to lease the building following the completion of the capital improvement program.
ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, a 192-unit affordable housing development that repurposed buildings at the historic Fort Snelling site in St. Paul. Minneapolis-based BKV Group served as the architect. Preference is given to residents who are military members, veterans, first responders and their families. The 42-acre site included 26 buildings, including barracks, an administration building, gymnasium, morgue and hospital, all of which have been transformed into a residential community. Floor plans range from 285 to 2,676 square feet. The individual buildings were in poor condition, as some had stood vacant since the 1970s. But the project team was able to salvage original walls, doors and windows, entryways and staircases in many of them. Buildings requiring a more extensive structural overhaul were rebuilt to historical standards. Getting the project off the ground took years and the combined efforts of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Low-Income Housing Tax Credits contributed $70 million of the project’s $160 million total cost, making the below-market-rate rents …
DES MOINES, IOWA — The Annex Group has unveiled plans to develop Union at River’s Edge, a $62.9 million affordable housing community in Des Moines. The 216-unit development will offer one-, two- and three-bedroom residences to households whose income levels are at or below 60 percent of the area median income. The project will be situated on nearly four acres at 1600 Indianola Ave. Completion is slated for spring 2025. Amenities will include a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and onsite leasing office. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the property. Project partners include Civil Design Advantage, ASK Studio and Summit LIHTC Consulting. Affiliates of The Annex Group will complete construction and perform property management services for the community. Financing partners include WNC for more than $24 million in Low-Income Housing Tax Credit equity, Cedar Rapids Bank and Trust for tax-exempt bond financing of over $32 million, Iowa Finance Authority for tax-exempt bond allocation, and the City of Des Moines for tax-increment financing, tax abatement and $300,000 American Rescue Plan Act funds.
ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …
PHOENIX — McShane Construction Co., on behalf of owner Jomax Residences, has completed the development of The Livano Deer Valley, a multifamily property in Phoenix. Humphreys & Partners Architects designed the project. Situated on 10.8 acres, the three-story community features 242 apartments in a mix of studio, one- and two-bedroom layouts with wood-style flooring, granite countertops, stainless steel appliances, designer ceramic tile backsplashes and abundant natural light. On-site amenities include a 4,000-square-foot designer clubhouse, 60,000-gallon resort-style pool, a dog park and courtyards with ample seating, fire pits and barbecues.
LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.
HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.
BRUNSWICK, GA. — Buc-ee’s will develop a 74,000-square-foot travel center in Brunswick, a coastal Georgia city midway between Savannah and Jacksonville along I-95. Construction is scheduled to begin Jan. 29. Upon completion, the property will feature 120 fueling stations, as well as a store offering snack, meal and drink options. Buc-ee’s currently operates 47 stores throughout its home state of Texas, as well as Alabama, Florida, Georgia, Kentucky, South Carolina, Missouri and Tennessee. The company is also underway on two travel centers in Virginia — one near Richmond along I-64 and another near Harrisonburg along I-81.
LEXINGTON, KY. — RD1 Spirts has signed on to join as an anchor tenant at The Commons, a 40-acre mixed-use development in downtown Lexington. The locally based bourbon brand plans to invest $4.8 million to develop the two-story distillery at 113 Turner Commons Way, which will span 10,215 square feet and include an entrance off Main Street. The venue will include outdoor seating on both levels, four private tasting rooms, a glass-enclosed research-and-development space for wood finishing for RD1’s bourbon barrels, VIP speakeasy tasting room, craft cocktail bar and a gift shop. The venue will also include an 800-gallon pot, 175-gallon pot still, 750-gallon fermenter and a 1,000-gallon mash cooker that will cumulatively produce a barrel of bourbon per week. RD1 plans to open the distillery in August and support 11 full-time employees. The project team features law firm McBrayer and engineering firm VITOK, both out of Louisville, as well as architectural and design firm Lord Aeck Sargent. Ron Hardwick, a Louisville bourbon expert and shareholder of RD1, plans to lead the distillery design at the new venue. RD1 received approval for $521,000 in incentives from the Kentucky Tourism Development Finance Authority to help finance the project. In addition to …
SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.