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CivicColoradoDevelopmentWestern

Colorado Christian University Nears Completion of $170M Expansion Project in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Colorado Christian University (CCU) is nearly the completion of $170 million of new facility construction at the Lakewood campus, just west of Denver. The facilities include Leprino Hall, an academic building; Yetter and Rockmont Halls, apartment-style residence halls; Anschutz Student Center; and the soon-to-be-completed Armstrong Center. The 60,000-square-foot Armstrong Center will enable the school of music to return to CCU’s main campus, expand the library, offer a 500-seat performance theater and provide the university with its first dedicated chapel. Additionally, CCU is investing $45 million for a new science and engineering building and athletic facilities.

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DevelopmentMidwestMixed-UseOfficeOhioTop Stories

Joint Venture Plans $100M Mixed-Use Redevelopment of Former Medical Mutual Headquarters in Downtown Cleveland  

by Kristin Harlow

CLEVELAND — Spark GHC and Cleveland Construction Inc. have formed a joint venture to redevelop a 400,000-square-foot office building in downtown Cleveland into mixed-use space. Dubbed Project Scarlet, the $100 million development involves the adaptive reuse of the Rose Building, which formerly served as the headquarters of insurance company Medical Mutual. The joint venture plans to transform the property into a boutique hotel with apartment units and ground-floor retail space. The project team says the development will not only breathe new life into a historic structure, but also address the evolving needs of the Cleveland community for contemporary living spaces and upscale hospitality offerings. Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. The Rose Building had served as the home of Medical Mutual since 1947, but the insurer announced in late 2022 that it would leave the downtown offices for its suburban headquarters in Brooklyn, Ohio, according to Cleveland.com. Since 2020, the Cleveland market has emptied nearly 2.4 million square feet of office space due to negative absorption, according to Newmark. The office vacancy rate increased to 23.4 percent in the first quarter of 2024, up 50 basis points …

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DevelopmentIndustrialTexas

Finial Group Completes 90,328 SF Industrial Project in South Houston

by Taylor Williams

HOUSTON — Locally based development and brokerage firm Finial Group has completed a 90,328-square-foot industrial project in South Houston. The project represents the third and final phase of Independence Business Park and consists of three buildings that total 46,378, 18,525 and 25,425 square feet. Each building features more than 2,000 square feet of office space. All told, Independence Business Park comprises seven freestanding buildings on a roughly 19-acre site.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

Klotz, Longleaf to Develop $250M Residential Project in North Myrtle Beach, South Carolina

by John Nelson

NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to soon break ground on The Preserve, a $250 million residential development in the coastal city of North Myrtle Beach. The plans for the 110-acre project call for 370 luxury apartments, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. Situated between the Intercoastal Waterway and the Carolina Bays Parkway, The Preserve will eventually be a part of a planned development district (PDD) that will feature more than 3,500 dwelling units and 1 million square feet of commercial space, including a 165,000-square-foot Amazon delivery facility. The construction timeline was not disclosed, but Klotz and Longleaf plan to break ground on The Preserve this summer.

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DevelopmentNorth CarolinaRetailSoutheast

Branch, Columbia Acquire Development Site in Fayetteville, North Carolina for Publix-Anchored Shopping Center

by John Nelson

FAYETTEVILLE, N.C. — Branch Properties and Columbia Properties have purchased a 16.7-acre development site in Fayetteville, a city in south-central North Carolina. The Atlanta-based developers plan to break ground on Rockfish Village, a grocery-anchored shopping center that will span 76,237 square feet, including a 48,387-square-foot Publix store. Situated at the signalized intersection of Rockfish and King roads, the property will also feature 27,850 square feet of inline retail space and 2.4 acres of outparcels. Branch and Columbia plan to break ground on the development early next year and deliver the center by the end of 2025. In addition to Kingfish Village, Branch is underway on five other Publix-anchored shopping centers across the Southeast, including One Nexton in the Charleston suburb of Summerville, S.C.

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Affordable HousingConnecticutDevelopmentLoansMultifamilyNortheast

KeyBank Provides $51.5M in Financing for Multifamily Conversion Project in Meriden, Connecticut

by Taylor Williams

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a multifamily conversion project in Meriden, located roughly midway between New Haven and Hartford. The sponsor, Trinity Financial, will redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Amenities will include a fitness center, community room and a children’s play area. KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package, and Trinity secured another $27 million in equity financing from a multitude of different sources. A tentative completion date was not disclosed.

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DevelopmentIllinoisMidwest

Northwestern University Breaks Ground on New $800M Ryan Field

by Kristin Harlow

EVANSTON, ILL. — Northwestern University has broken ground on its new Ryan Field in Evanston. Total project costs of the new football stadium are estimated at $800 million, according to local media reports. The privately funded project is expected to create more than 2,900 jobs and nearly $660 million in economic impact to the city and surrounding areas. Most of the funding comes from Pat Ryan Sr., founder of Aon Corp. The facility is slated to open in 2026 and will include a community park and public green spaces. Northwestern is targeting 35 percent of total subcontracted spending between local, minority-owned and women-owned businesses for the construction of the new stadium, totaling an estimated $208 million. Turner-Walsh is leading construction. Demolition of the former 98-year-old stadium wrapped up this month, according to the Chicago Tribune.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamilySeniors Housing

Volunteers of America National Services Opens 80-Unit Affordable Seniors Housing Community in Anoka, Minnesota  

by Kristin Harlow

ANOKA, MINN. — Volunteers of America National Services has opened Nolte River Place, an 80-unit affordable seniors housing community in Anoka, a northern suburb of Minneapolis. The property features one- and two-bedroom units, eight of which are reserved for formerly unhoused senior veterans and 10 are designated units for Project Rental Assistance Contracts vouchers. Amenities include a community room, exercise room, underground parking, hair salon and library. Volunteers of America is a faith-based nonprofit with programs in 46 states.

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ArizonaDevelopmentLoansMultifamilyWestern

JLL Arranges $120M Construction Loan for 26-Story Multifamily Project in Phoenix

by Amy Works

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 26-story residential building in downtown Phoenix. Michael Gigliotti, Brad Miner and Frank Choumas of JLL Capital Markets Debt Advisory secured the financing for the borrower, VeLa Development Partners and Ray, through an affiliate of RXR Realty Investments LLC. Located at 777 N. Central Ave., Ray Phoenix will offer 401 studio, one- and two-bedroom apartments, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tiles. The property will feature 20,000 square feet of amenity space, including a large fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, and workspaces. Situated within an Opportunity Zone, Ray Phoenix will be located on the Phoenix light-rail line and less than a mile north of the Footprint Center and Chase Field.

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ArizonaDevelopmentIndustrialWestern

Formation Interests, Crescent Real Estate Break Ground on 427,000 SF Formation Park Industrial Project in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Dallas-based Formation Interests and Crescent Real Estate has broken ground on the first phase of Formation Park 10, an industrial development at the corner of Bullard Avenue and Celebrate Life Way in Goodyear, a suburb west of Phoenix. Willmeng Construction is serving as general contractor for the project. The first phase of Formation Park 10 will consist of 427,000 square feet spread across two buildings and includes a large, first-of-its-kind park to serve as an amenity for future tenants and the surrounding community.

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