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Development

DevelopmentMultifamilySoutheastVirginia

GW Real Estate, Griffin Capital Break Ground on 250-Unit Apartment Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — GW Real Estate Partners and capital partner Griffin Capital Co. have broken ground on The Arrowood Charlottesville, a 250-unit apartment community located at 463 Rio Road W in Charlottesville. Situated two miles from The Shops at Stonefield and a short drive to University of Virginia, the property features studio to three-bedroom layouts, as well as a clubhouse with a fitness center, coworking space, resort-style swimming pool and a grill/lounge area. Fifth Third Bank provided construction financing for the project. The design-build team includes general contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, MEP engineer GTP Consulting Engineers and landscape architect LandDesign. The developers expect first buildings at The Arrowood to be ready for occupancy in mid-2025, with full community completion expected by March 2026.

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Friendswood-City-Center
DevelopmentMixed-UseTexas

Tannos, Wolfgramm to Develop 106-Acre Mixed-Use Project in Friendswood, Texas

by Taylor Williams

FRIENDSWOOD, TEXAS — A partnership between two locally based firms, Tannos Development Group and Wolfgramm Capital, will develop a 106-acre mixed-use project in Friendswood, a southeastern suburb of Houston. Friendswood City Center will feature an apartment complex with roughly 500 units and a luxury hotel with a convention center that can house up to 500 people. Plans also call for approximately 150,000 square feet of retail and restaurant space and 200,000 square feet of medical and office space. The development will also have a 52-acre public park with more than four miles of walking and jogging trails and a fishing lake with a pier. Various infrastructural improvements are also being made as part of the project. The City of Friendswood is partnering with Tannos and Wolfgramm on Friendswood City Center, which represents more than $750 million in regional capital investment.

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Publix Opens 48,000 SF Grocery Store in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — Publix Super Markets has opened a 48,000-square-foot grocery store at Fruitville Farms, a mixed-use development underway in Sarasota. Benderson Development is the master developer of the public-private partnership, which will feature 600 apartments, 150,000 square feet of retail and restaurants and a new 120,000-square-foot Sarasota County Administration Center. Located at the intersection of Fruitville Road and Lakewood Ranch Boulevard, the new Publix is the first tenant to open at the shopping center within Fruitville Farms.

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AcquisitionsDevelopmentIndustrialTexas

Younger Partners Arranges Sale of 76-Acre Industrial Development Site in Grayson County, Texas

by Taylor Williams

GRAYSON COUNTY, TEXAS — Dallas-based brokerage firm Younger Partners has arranged the sale of a 76-acre industrial development site located along FM 1417 in Grayson County, about 70 miles north of Dallas. The site offers immediate proximity to Texas Instruments’ semiconductor manufacturing plant in Sherman and will be marketed to industrial users supporting that facility. John St. Clair, Davis Willoughby and Tyler Hemenway of Younger Partners represented the seller, a family estate, in the transaction. The buyer was a local entity doing business as Investment Catalysts LLC.

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Ivy-&-Green-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Hornrock Properties Begins Leasing 168-Unit Apartment Complex in Hackensack

by Taylor Williams

HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing a 168-unit multifamily project in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building represents Phase II of a larger development known as Ivy & Green, Phase I of which totaled 221 units. Residences come in studio, one- and two-bedroom floor plans, and the campaign begins with 30 percent of the units preleased. Ivy & Green offers amenities such as a pool, coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start at $2,215 for a studio.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $24.5M in Bond Financing for Metro Boston Affordable Housing Project

by Taylor Williams

CHELSEA, MASS. — MassDevelopment has provided $24.5 million in tax-exempt bond financing for a 66-unit affordable housing project that will be located just south of Boston in Chelsea. The building at 170 Cottage St. will ultimately house 11 three-bedroom units, 43 two-bedroom apartments and 12 one-bedroom residences. Units will be reserved for households earning up to 30, 50 or 60 percent or the area median income. The development will also include onsite parking and 15,000 square feet of open green space. A subsidiary of Eastern Bank purchased the bond, and the project is also being funded by $19.7 million in federal tax credits. The developer is nonprofit agency The Community Builders.

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DevelopmentIndustrialMidwestOhio

Alston Construction Completes Three-Building Columbus Castings Industrial Redevelopment in Ohio

by Kristin Harlow

COLUMBUS, OHIO — Alston Construction has completed Castings Commerce Park, a three-building speculative industrial park developed on the site of the former Columbus Castings steel foundry. The project team included developer and owner Stonemont Financial and architect and interior designer Ware Malcomb. The project totals 862,000 square feet with 171 loading positions. The 71-acre site once served as the largest steel foundry in North America, according to Ware Malcomb, which designed office uses into each of the buildings.

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Samsung_Austin-Texas
Company NewsDevelopmentIndustrialTexasTop Stories

Samsung Secures $6.4B CHIPS Funding Commitment for Central Texas Semiconductor Manufacturing Sites

by Hayden Spiess

AUSTIN AND TAYLOR, TEXAS — South Korea-based Samsung Electronics will receive up to $6.4 billion in direct funding under the CHIPS and Science Act for multiple projects at two separate locations in Central Texas. The U.S. Department of Commerce has signed a non-binding preliminary memorandum of terms (PMT) with the tech giant, which now plans to increase its investment in the state of Texas to $40 billion.  Funding will be used for the development of new facilities in Taylor — roughly 35 miles northeast of Austin — as well as for the expansion of Samsung’s existing Austin facility. The proposed investment is expected to support the creation of more than 20,000 jobs, including 4,500 manufacturing positions. Samsung, which has been manufacturing computer chips in the United States since 1996, previously announced plans for the Taylor facilities and an investment of $17 billion in November 2021. The company also plans to claim the Department of the Treasury’s investment tax credit, which is expected to cover up to 25 percent of qualified capital expenditures.  In Taylor, the manufacturing site will include two fabrication plants, a research-and-development (R&D) facility focused on the development and research of new technology and an advanced packaging facility …

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DevelopmentLoansMixed-UseMultifamilyRetailSoutheastTennessee

Naftali Credit, J.P. Morgan Provide $120M Financing for Mixed-Use Project in Nashville

by John Nelson

NASHVILLE, TENN. — Naftali Credit Partners and J.P. Morgan have provided $120 million in financing for 1111 Church Street, a recently developed multifamily and retail project in Nashville. New York City-based Tidal Real Estate Partners is the borrower. The five-year financing comprises a senior loan from J.P. Morgan and a mezzanine loan from Naftali, which will be used to refinance an existing construction loan and provide bridge financing to a sale or permanent financing. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower. Located in the North Gulch neighborhood, the property features 380 multifamily units in studio, one- and two-bedroom layouts, in addition to 52,000 square feet of amenities, 45,000 square feet of retail space and dedicated parking. Amenities include an outdoor pool, fitness center, pickleball court and golf simulators, and a recently opened Puttshack.

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DevelopmentHospitalitySoutheastTennessee

3H Group Breaks Ground on 123-Room Hyatt-Branded Hotel in Chattanooga, Tennessee

by John Nelson

CHATTANOOGA, TENN. — Developer 3H Group has broken ground on a new, 123-room Hyatt-branded hotel in Chattanooga. Dubbed the Caption by Hyatt Chattanooga, the property is being developed under a franchise agreement between 3H and Hyatt Hotels Corp. The Caption brand reflects Hyatt’s aim for the hotel to cater to “sociable travelers who want to work, eat, or socialize in communal spaces that encourage meaningful conversations.” Upon completion, the hotel will feature a 24-hour market, workspaces, a rooftop bar, meeting space and food-and-beverage concept Talk Shop. This will mark the second Caption by Hyatt hotel in Tennessee. A construction timeline for Caption by Hyatt Chattanooga was not disclosed.

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