Development

Roosevelt-Rehabilitation-&-Healthcare-Center-Philadelphia

Marquis Completes Phase I of Renovations at 240-Bed Seniors Housing Property in Philadelphia

by Taylor Williams April 17, 2024

PHILADELPHIA — Marquis Health Consulting Services has completed Phase I of a renovation project at Roosevelt Rehabilitation & Healthcare Center in the Rhawnhurst neighborhood of Philadelphia. The 240-bed skilled nursing facility provides post-hospital care, short-term rehab and long-term residential care. A centerpiece of the renovation to date is the addition of a 3,600-square-foot rehab therapy gym and the incorporation of a spacious activities of daily living suite. Renovation highlights also include modernized dining area and lounges, as well as updates to resident rooms and nurses’ stations.

April 17, 2024

Development Maryland Mixed-Use NAI Southeast

NAI Michael Cos. to Develop 600,000 SF Mixed-Use Project in Bowie, Maryland

by John Nelson April 17, 2024

BOWIE, MD. — NAI Michael Cos. will develop South Lake Marketplace, a 600,000-square-foot mixed-use project within the $1.3 billion South Lake development underway in Bowie, a city in suburban Maryland that is roughly equidistant from Baltimore and Washington, D.C. Karington LLC, an affiliate of NAI Michael Cos., owns South Lake, which also features residential units being developed by Chesapeake Realty Partners. South Lake Marketplace will feature a grocery anchor, as well as other retail, restaurant, sports entertainment and hospitality concepts. The development will be situated adjacent to Liberty Sports Park, which features 10 professional sports fields and attracts 344,000 tournament attendees annually, according to NAI Michael Cos. The ceremonial groundbreaking for South Lake Marketplace is expected to take place in May or June.

April 17, 2024

Development Loans Multifamily Southeast Tennessee

Albion Residential Secures Funding, Breaks Ground on 29-Story Apartment Tower in Nashville

by John Nelson April 17, 2024

NASHVILLE, TENN. — Albion Residential has secured a construction loan for the first of two residential towers at Albion Music Row, the company’s previously announced multifamily development in Nashville. The Chicago-based developer and Clark Construction recently broke ground on the first tower, a 29-story high-rise comprising 458 units. Matthew Schoenfeldt, Mary Dooley and Brian Dawson led the JLL team that secured the undisclosed amount of financing for the first tower through Pacific Life Insurance Co. The first high-rise will include micro, studio, one-, two- and three-bedroom apartments, as well as 4,000 square feet of ground-level restaurant/brewery space. Amenities will include indoor and outdoor fitness studios, a rooftop pool and library, coworking space and a music lounge with a recording studio and podcast room. Albion Residential expects to deliver the first units in fall 2026. Upon completion, Albion Music Row will span two acres and comprise 850 apartments, as well as restaurants, shops and a public plaza on the ground level. The design-build team includes Chicago-based Hartshorne Plunkard Architecture and several Nashville-based companies: Barge Cauthen & Associates (civil engineer), Hodgson Douglas (landscape architect), SDL (structural engineer) and I.C. Thomasson (MEP engineer).

April 17, 2024

Acquisitions Development Industrial New Jersey Northeast

CBRE Arranges Sale of Industrial Development Site in Wharton, New Jersey

by Taylor Williams April 17, 2024

WHARTON, N.J. — CBRE has arranged the sale of an industrial development site at 100 E. Dewey Ave. in the Northern New Jersey community of Wharton. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer, a partnership between Commercial Realty Group and North Jersey Development Group, in the transaction. NAI Hanson represented the seller, Air Products and Chemicals Inc. The new ownership plans to construct a 95,000-square-foot building with a clear height of 28 feet, with construction beginning in the coming weeks.

April 17, 2024

Development Multifamily New Jersey Northeast

Vida Capital Nears Completion of 44-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams April 17, 2024

BAYONNE, N.J. — Locally based developer Vida Capital is nearing completion of Prospect Crossing, a 44-unit multifamily project in the Northern New Jersey community of Bayonne. The five-story building houses studio, one- and two-bedroom units that range in size from 459 to 1,210 square feet and are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a fitness center, lounge, clubrooms and coworking office space. Leasing will begin later this month.

April 17, 2024

Development Nevada Restaurant Retail Western

Partners Capital, CNR Retail Unveil Plans for 100,000 SF Office-to-Retail Conversion in Las Vegas

by Amy Works April 17, 2024

LAS VEGAS — Partners Capital and CNR Retail have released plans to convert a 100,000-square-foot office complex, located at 2500-2550 Paseo Verde Parkway in Las Vegas’ Green Valley Ranch neighborhood, into an artisanal, food-driven, open-air lifestyle retail center. Dubbed The Cliff, the $30 million adaptive reuse development will offer 25 retail spaces, ranging from 1,800 square feet to 17,000 square feet; a central bar; a 26,000-square-foot covered outdoor dining lounge with communal meeting spaces; live performance area; fire pits; kiosks; and public art installations. The development team has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs. The joint venture acquired the property in August 2023 for $17.2 million in an off-market transaction. Built in 2000, the property was 80 percent leased to office tenants at the time of sale. Pending final approval from the city, construction is scheduled to begin in October for completion in second-quarter 2025. AO Architects is serving as architect for the project.

April 17, 2024

Colorado Development Multifamily Seniors Housing Western

MorningStar Senior Living Opens 160-Unit Community in Centennial, Colorado

by Amy Works April 17, 2024

CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development have opened MorningStar at Holly Park, a 160-unit seniors housing property in Centennial. Situated on three acres at 6675 S. Holly St., MorningStar at Holly Park offers 85 independent living, 50 assisted living and 25 memory care units in a four-story residential building. Community amenities include an indoor pool, fitness center, therapy center, dining venues, several private courtyards and a rooftop club room and terrace with city and mountain views. The project team includes Rosemann & Associates as architect, JHL Constructors as general contractor and Thoma-Holec Design as interior designer. MorningStar and Edgemark co-developed and co-own the community.

April 17, 2024

California Development Multifamily Retail Western

CIM Group Opens 69-Unit The Jayne Apartment Building in Los Angeles’ West Adams Neighborhood

by Amy Works April 17, 2024

LOS ANGELES — CIM Group has opened The Jayne, a six-story multifamily building at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 apartments, with six units designated as affordable, and 5,453 square feet of ground-floor retail space. The building features studio and one-bedroom floorplans with in-unit laundry and contemporary design elements. Community amenities include outdoor gathering spaces, including a second-floor deck with seating and a sixth-floor deck with barbecue grills, lounge chairs and high-top tables and chairs. Other amenities include a fitness center, bike racks, storage and Amazon lockers.

April 17, 2024

Development Mixed-Use Southeast Top Stories Virginia

Bruce Smith Enterprise, Cordish Cos. Propose $1.4B Mixed-Use Casino Development in Petersburg, Virginia

by Kristin Harlow April 17, 2024

PETERSBURG, VA. — Bruce Smith Enterprise and The Cordish Cos. have responded to a request for proposal issued by the City of Petersburg with plans to co-develop a $1.4 billion mixed-use project. Plans call for a gaming and entertainment district anchored by a Live!-branded casino and hotel. The project site is located at the intersection of Wagner Road and I-95 in Petersburg, about 24 miles south of Richmond. The partners intend to quickly open an initial Phase I casino within a year to begin creating jobs, vendor opportunities and economic benefits for the city. This first phase will include 1,000 slot machines, 23 table games, a 15-table poker room, casino bar and casual restaurant, and more than 1,500 free parking spots. Upon full build-out, Live! Casino & Hotel Virginia would feature more than 400,000 square feet of gaming, hotel and dining space; 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food options. The project is expected to create 7,500 new jobs, including 6,000 construction jobs and 1,500 “living-wage” jobs averaging $70,000 in annual compensation, according to the development team. In its first 10 years, …

April 17, 2024

Development Multifamily Texas

CTC Residential to Develop 384-Unit Apartment Community in Kyle, Texas

by Taylor Williams April 16, 2024

KYLE, TEXAS — Houston-based developer CTC Residential will build an apartment community in Kyle, about 20 miles south of Austin. CTC Residential acquired the 15-acre site at 5839 Kyle Parkway, which is located across the street from Seton Hospital, in October 2022 before having it rezoned to support multifamily. Preliminary plans call for 384 apartments and a 38,000-square-foot open green space that will be activated by a 7,500-square-foot food-and-beverage anchor space and other retail uses. Weitzman is handling retail leasing for the project. Information on floor plans and amenities was not disclosed.

April 16, 2024

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