ACWORTH, GA. — Wellstar Health System, an owner and operator of hospitals and healthcare clinics in Georgia, has received state approval to develop a new $1 billion hospital in Acworth, a northwest suburb of Atlanta in Cobb County. The construction timeline was not disclosed, but The Atlanta Journal-Constitution reported that Wellstar officials said the hospital could open to patients by 2031. The AJC also reported that competing hospitals have the right to appeal the Georgia Department of Community Health’s decision. In June, Wellstar filed for a certificate of need, a formal document that is necessary in the construction for new hospitals. The Marietta, Ga.-based health system plans to develop a 230-bed hospital spanning 675,000 square feet across Cobb Parkway from the existing Wellstar Acworth Health Park. In addition to the new Acworth hospital, Wellstar is underway on $1.4 billion in major construction projects, including expanding its flagship Wellstar Kennestone hospital in Marietta with a new tower and a $300 million expansion of Wellstar Paulding Medical Center in Hiram, Ga., with a new tower totaling 112 beds across two phases.
SARASOTA COUNTY, FLA. — Capital Funding Group (CFG) has provided a $179.8 million construction loan to Erickson Senior Living. The seniors housing owner and operator will use the financing for the first phase of development of Emerson Lakes, a continuing care retirement community (CCRC) currently underway in Sarasota County. Situated within the Lakewood Ranch community, the first phase of Emerson Lakes will comprise four buildings — three residential buildings and one community building. Together, the three residential buildings will total 319 independent living units. Upon completion, Emerson Lakes will span 87 acres with 1,015 independent living residences and 130 continuing care units. Erickson will operate the community.
BLACKSBURG, VA. — A joint venture between Cardinal Group Development and PGIM has broken ground on a 493-bed student housing development near the Virginia Tech campus in Blacksburg. Located at 501 S. Main St., the community will offer 215 units across two five-story buildings and 50 three-story townhomes. The property will also feature 17,456 square feet of retail space on the ground level. Shared amenities are set to include a pool and hot tub, fitness center, clubhouse and collaborative study lounges. Each townhome will offer a private rooftop terrace and two-car garage. The project is scheduled for completion ahead of Virginia Tech’s 2027-2028 academic year.
TERRELL, TEXAS — Kansas City-based VanTrust Real Estate will develop a 708,918-square-foot speculative industrial project in Terrell, an eastern suburb of Dallas. Phase I of Terrell Logistics Center will feature two buildings spanning 202,972 and 505,946 square feet on a 75-acre site. The smaller building will have a read-load configuration, and the larger facility will have a cross-dock configuration. Construction is scheduled to begin in the second quarter of next year and to last about a year. Project partners include Bob Moore Construction, Alliance Architects and Claymoore Engineering.
MINNEAPOLIS — Lupe Development and Wall Cos. have broken ground on a new affordable housing community in the Hiawatha neighborhood of Minneapolis. The four-story, 95-unit building will rise on the site of a former City of Minneapolis Public Works maintenance and storage facility. Named Snelling Yards, the development will feature generously sized units for families earning 30 to 80 percent of the area median income, with 13 units reserved for veterans experiencing homelessness. The building will share amenities with The Hillock, the neighboring, 100-unit active adult community managed by Ecumen. Completion of Snelling Yards is slated for fall 2026. The project received funding from the city, Hennepin County and Minneapolis Public Housing Authority. Allianz Investment Management provided tax-exempt bond financing and a construction bridge loan. R4 Capital is the low-income housing tax credit investor.
LENEXA, KAN. — Developer Copaken Brooks has broken ground on The Village at AdventHealth retail and office building at Lenexa City Center in Kansas. Located at the northeast corner of 87th Street Parkway and Scarborough Street, the 24,000-square-foot building will bring two new restaurants, Urban Egg and Stoney River Steakhouse and Grill. Additionally, Five Four is constructing a 10,000-square-foot standalone restaurant with an outdoor games area. The project will also feature 10,700 square feet of Class A office space on the second floor. Molly Crawford Munninghoff and John Coe of Copaken Brooks are handling leasing for the office space.
CAMBRIDGE, MASS. — Locally based general contractor Nauset Construction has completed a 49-unit multifamily project in Cambridge, located across the Charles River from Boston. Designed by Piatt Associates, 605 Concord at Fresh Pond is a six-story building that offers a mix of studio, one-, two- and three-bedroom units ranging in size from 419 to 1,238 square feet, as well as 2,500 square feet of retail space. The developer is an entity doing business as Acorn Holdings LLC. Rents start at $2,800 per month for a studio apartment.
ELKTON, VA. — Merck has broken ground on the Center of Excellence for Pharmaceutical Manufacturing, a $3 billion pharmaceutical manufacturing facility in Elkton. The 400,000-square-foot property will support more than 500 full-time jobs and 8,000 construction jobs, according to Merck. The facility will feature manufacturing and testing space for Merck’s active pharmaceutical ingredient and drug product divisions. In addition to the Elkton plant, Merck has announced nearly $6 billion in manufacturing investments in North Carolina, Delaware and Kansas, as well as $3.5 billion for its Rahway, N.J., headquarters.
HYATTSVILLE, MD. — Walker & Dunlop has secured $40.5 million in debt and equity for the construction of The Highlands, an affordable seniors housing development in Hyattsville, about seven miles east of downtown Washington, D.C. The borrower is a partnership between Community Housing Initiative Inc. and First Baptist Church of Highland Park. P.J. McDevitt of Walker & Dunlop originated the debt, which comprised an unfunded forward Freddie Mac TEL that Walker & Dunlop will service. The permanent loan is structured as a 30-month forward commitment with a 15-year term and 40-year amortization schedule. Macy Kisilinsky of Walker & Dunlop arranged the debt placement and equity syndication, a $12.3 million 4 percent LIHTC equity investment with United Bank. Prince George’s County Housing Investment Trust Fund and the Maryland Department of Housing and Community Development will provide additional subordinate financing. Situated on the First Baptist Church of Highland Park campus, The Highlands will feature one- and two-bedroom apartments that will be restricted to tenants age 62 and older. Five units will be reserved for households at 50 percent of the area median income (AMI) while the remaining 132 units will be restricted at 60 percent of AMI. Planned amenities include a dog …
TAMPA, FLA. — Atlanta-based Stonemont Financial Group has delivered TIA Executive Center, a 100,620-square-foot industrial facility located at 6101 Johns Road in Tampa. The property, which is situated two miles from Tampa International Airport, features 32-foot clear heights, spec office suites and space that is divisible down to around 33,000 square feet. Project partners include joint venture partner PCCP, general contractor Frampton Construction, architect Harley Commercial Architecture, engineer Kimley-Horn and leasing agents Peter Cecor and Harrison Pithers of JLL.