Development

Intrinsic Development Breaks Ground on $900M Discovery Park Mixed-Use Project in Lee’s Summit, Missouri

by Kristin Harlow November 22, 2023

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in Lee’s Summit, a southeast suburb of Kansas City. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Two hotels, a Marriott TownePlace Suites and a Home2 Suites by Hilton, are among the first properties to be built at Discovery Park. Combined, the hotels will offer 230 rooms and are slated for completion prior to when Kansas City hosts games for the 2026 FIFA World Cup. Plans also call for 2,791 luxury apartment units within a development named Alura, as well as Class A office space, medical office buildings and retail space. Among Discovery Park’s amenities will be a riverwalk district featuring access to more than five miles of trails connected to the Nature Trail at Unity Village and seven acres of recreational lakes for kayaking and paddle boarding. The Discovery Athletic Club will be a state-of-the-art fitness facility available to both residents and employees, as well as the Poolside Day Club. Construction of Discovery Park will take place in four phases from now until 2031. The first phase is The Village, which will include the two …

November 22, 2023

Development Multifamily Seniors Housing Texas

Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin

by Taylor Williams November 21, 2023

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.

November 21, 2023

Development Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast

Joint Venture Releases Plans, Renderings for $500M Mixed-Use Destination in Downtown Orlando

by John Nelson November 21, 2023

ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.

November 21, 2023

Development Florida Mixed-Use Multifamily Restaurant Retail Southeast

PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project in Miami

by John Nelson November 21, 2023

MIAMI — PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district. The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys. Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

November 21, 2023

Development Massachusetts Multifamily Northeast

Toll Brothers Completes 190-Unit Apartment Complex in Medway, Massachusetts

by Taylor Williams November 21, 2023

MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit apartment complex in Medway, located southwest of Boston. Designed by Boston-based Cube3 Architects with interiors by Chicago-based Mary Cook Associates, Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies/patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck. Rents start at $2,450 per month for a one-bedroom apartment.

November 21, 2023

California Development Hospitality Loans Western

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works November 21, 2023

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

November 21, 2023

Development Illinois Midwest Multifamily

McShane Completes Construction of The Quin Apartments in Schaumburg, Illinois

by Kristin Harlow November 21, 2023

SCHAUMBURG, ILL. — McShane Construction Co. has completed The Quin Apartments in Schaumburg, a northwest suburb of Chicago. The Finger Cos. developed the 373-unit luxury apartment complex. The 708,000-square-foot development rises four stories and features an 802-space parking garage. Units are offered in one- and two-bedroom floor plans, with select floor plans featuring a den. Amenities include two clubrooms, a fitness center, golf simulator, guest suite, catering kitchen, business center and dog spa. Outdoors, tenants can enjoy lap and recreational pools, fire pits, grill stations, two gated dog parks and walking paths. Niles Bolton Associates provided architectural services. Monthly rents start at $2,010. Residents can now earn up to five weeks of free rent on select floor plans, according to the property’s website.

November 21, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Acquisitions Development Industrial North Carolina Southeast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson November 20, 2023

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

November 20, 2023

Acquisitions Development Healthcare Mixed-Use North Carolina Southeast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson November 20, 2023

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

November 20, 2023

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