Development

Bryan Rader Multifamily WiFi Pavlov Media

Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …

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WILMINGTON, N.C. — Woodfield Development has begun leasing The Cordelia, a new 426-unit apartment community underway in the coastal North Carolina city of Wilmington. Situated between Wrightsville and Carolina Beach at 4711 Azalea Landing Drive, the development will feature a mix of studio, one-, two- and three-bedroom apartments designed by Shelton Taylor. Amenities will include a resort-style pool with poolside cabanas and lap lanes, an indoor-outdoor fitness center, dog park and dog spa, coworking space, game room, pickleball courts, local coffee and cold brew on tap, community walking trail, resident lounge, gas grills and outdoor dining spaces. Rental rates range from $1,515 to $2,514 per month, according to the property website.

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MIAMI — The Container Store and Sweet Paris Creperie & Café have signed leases to join the tenant roster at Miami Worldcenter. The Container Store will occupy 15,681 square feet and Sweet Paris will occupy 2,330 square feet at the $6 billion, 27-acre mixed-use development underway in downtown Miami. Both retailers are set to open by the end of 2024. Miami Worldcenter Associates, led by developers Art Falcone and Nitin Motwani, is the master developer of Miami Worldcenter in partnership with CIM Group. More than 90 percent of the development’s 300,000 square feet of planned retail, dining and entertainment space has been leased, according to the developers. CIM Group and The Comras Co. are leading retail leasing.

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FreezPak-Logistics-Baytown

BAYTOWN, TEXAS — Bank OZK and PGIM Real Estate have provided $75.9 million in construction financing for a 281,849-square-foot cold storage facility that will be located on a 30.7-acre site within TGS Cedar Port Industrial Park in the eastern Houston suburb of Baytown. Bank OZK provided a $50 million senior loan for the development, and PGIM provided the remaining $25.9 million. The borrower and developer is Philadelphia-based BG Capital. New Jersey-based FreezPak Logistics will operate the facility, which will house a range of temperature-controlled spaces to accommodate operations such as storage, processing, packaging and distribution. Completion is slated for next August.

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JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre multifamily development site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop a luxury rental tower with approximately 800 units. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer. Additional details about the development were not disclosed.

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Artisan-at-Tuscan-Village

SALEM, N.H. — Tuscan Brands has debuted a 165-room, Marriott-branded hotel at Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. The Artisan at Tuscan Village features an outdoor pool, fitness facility, business center, sundries market and 12,000 square feet of meeting and event space. Guests of the boutique hotel, which is part of the Marriott International Tribute Portfolio family of brands, also have access to an adjacent full-service restaurant, as well as a rooftop bar and café located off the lobby.

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Topaz-Apts-San-Diego-CA

SAN DIEGO — Pierce Education Properties has completed Topaz Apartments, a 169-bed student housing development located near San Diego State University. The property offers a mix of one-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include study rooms, a game room, vertical tanning bed, spa and fitness center. The community also features ground-floor retail space, which is currently leased to McDonald’s, Handel’s Ice Cream, Jimmy John’s, Dunkin and The Alley.

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340-Crossroads-Blvd-Windsor-CO

WINDSOR, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a 7.5-acre parcel in Windsor. The city has already approved plans for a 78,550-square-foot storage facility on the site. A local land developer sold the asset to a local investment group for an undisclosed price. The purchase includes a fully entitled, light industrial-zoned site at 340 Crossroads Blvd. with plans for an enclosed single-story self-storage facility. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the transaction.

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WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.

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OLATHE, KAN. — Hunt Midwest is building its sixth and largest StorTropolis self-storage facility in Olathe, a southwest suburb of Kansas City. The project is located at 601 N. Millridge St. next to Walmart and Aldi stores. The development will total 112,987 leasable square feet across 867 climate-controlled units with a variety of sizes. Completion is slated for September 2024. With this sixth location, StorTropolis will offer more than 4,000 self-storage units in Clay County, Platte County, Blue Springs, Shawnee, Lenexa and Olathe. Hunt Midwest partnered with Strickland Construction and Storage Asset Management to build and operate the facility in Olathe. Both partners also built and operate the existing StorTropolis locations across the metro area.

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