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DevelopmentFloridaIndustrialSoutheast

BBX Logistics, FRP Development to Build 182,000 SF Industrial Park in Davie, Florida

by John Nelson

DAVIE, FLA. — BBX Logistics Properties has formed a joint venture with FRP Development Corp. to develop The Park at Davie, a two-building industrial park in South Florida spanning 182,000 square feet. Located just south of State Road 84, the 11.3-acre project is situated near Fort Lauderdale-Hollywood International Airport and Port Everglades, as well as the Florida Turnpike and I-595. The co-developers plan to break ground on The Park at Davie in the fourth quarter and complete construction in 2025. The duo is also partnering on the development of The Park at Lakeland in Lakeland, Fla.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

IPA Capital Markets Arranges $30.5M Construction Financing for Apartment Development in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $30.5 million in construction financing for Brooks North Apartments, a 340-unit multifamily development located at 4005 N. Church St. in Greensboro. Frank Montalto of IPA Capital Markets’ Chicago office arranged the financing with a regional lender on behalf of the borrower, a local development company. The ground-up development will feature three- and four-story garden-style buildings with an amenity package that includes a fitness center, pool, cabana clubhouse and a bark park. Brooks North will be delivered in phases, with Phase I (244 units) set to open next summer.

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DevelopmentIndianaMidwestOffice

Bradford Allen, Clark Construction Top Out Phase I of New Global Headquarters for Andretti in Fishers, Indiana

by Kristin Harlow

FISHERS, IND. — Developer Bradford Allen and Clark Construction Group have topped out the new headquarters for Andretti Global in the Indianapolis suburb of Fishers. The nearly 400,000-square-foot facility, part of a larger 90-acre campus, more than quadruples the size of Andretti’s current headquarters. In addition to housing day-to-day operations for the auto racing team, the building will be home to the advanced research and development of Andretti Technologies. The facility is slated to include a fitness center, walking trails, amphitheaters, employee gathering areas and dining options. The development will continue through a phased approach. The design team included U.K-based motorsport design consultants Ridge and Partners and Indianapolis-based international design firm RATIO. Michael Andretti, son of racing legend Mario Andretti, launched Andretti Global in the early 2000s.

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AcquisitionsDevelopmentIndianaIndustrialMidwest

John Deere Purchases 234 Acres in Northwest Indiana, Plans to Build 1.2 MSF Warehouse

by Kristin Harlow

LOWELL, IND. — John Deere has purchased 234 acres of land in Lowell, a city in northwest Indiana, for $7 million. The company plans to build a 1.2 million-square-foot warehouse and distribution facility. Nancy Frigo and Nicholas Smith of Coldwell Banker Commercial Realty represented the seller, Hallmark Construction Co. Venture One will serve as the developer for the project, which is expected to create approximately 1,200 union construction jobs and 400 to 500 permanent positions upon completion. The project site, located at the southwest corner of I-65 South and Route 2, has gas, sewer and water availability.

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25-Cottage-St.-Jersey-City
DevelopmentMixed-UseNew JerseyNortheast

Nasser Freres Breaks Ground on $300M Mixed-Use Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Developer Nasser Freres has broken ground on a $300 million mixed-use project that will be located at 25 Cottage St. in the Journal Square neighborhood of Jersey City. Designed by Handel Architects with AJD Construction serving as the general contractor, the development will consist of 622 apartments, approximately 45,000 square feet of Class A office space and ground-floor retail space, all within a 28-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will feature a double-height lobby lounge with a reception area. Other amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as a fitness center, coffee bar, podcast/TikTok room and a party lounge. Lastly, a landscaped rooftop envisioned by Melillo Bauer Carman Landscape Architecture will feature a lounge with kitchen and dining areas, private grilling stations and a pool with a deck and loungers. Completion is slated for the first quarter of …

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International-Place-Boston
DevelopmentMassachusettsNortheastOffice

Chiofaro Begins Phase II of $100M Redevelopment of Downtown Boston Office Complex

by Taylor Williams

BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the second of three phases of the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Phase II includes the renovation of the “IP Commons” central gathering space, as well as the Fort Hill Plaza and grand entrance, which link the downtown area to the Seaport District. The new central gathering space will feature increased seating, a new 55-foot signature water feature, raised planting beds and an expanded events program. The Fort Hill entrance, which has often been viewed as the project’s “front door,” will be replaced with a modern 32-foot-tall and 80-foot-wide glass portal connecting the updated plaza to the interior IP Commons venue. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, Phase I of which centered on the development of a 16,000-square-foot amenity center known as The Aries Club. Phase I began in October 2023, and the entire redevelopment is expected to take about two years to complete.

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DevelopmentLoansMultifamilyNew YorkNortheast

BHI Provides $95M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $95 million construction loan for a 226-unit multifamily project in Brooklyn. The site at 2359 Bedford Ave. is located in the Flatbush neighborhood, and the development will house 72 studios, 86 one-bedroom units and 68 two-bedroom units, as well as 23,000 square feet of commercial and storage space. Thirty percent of residences will be set aside as affordable housing. Specific income restrictions on those units were not disclosed. A tentative completion date was also not disclosed. The borrower is a partnership between David Bistricer of Clipper Equity and Anshel Friedman of Nalcorp.

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DevelopmentMultifamilyNew YorkNortheast

Davis Cos. Tops Out 97-Unit Multifamily Project in Harlem

by Taylor Williams

NEW YORK CITY — Boston-based developer The Davis Cos. has topped out a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. The building will also house a 2,500-square-foot community center. Construction began in late 2023. Completion is slated for late 2025.

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The-Blake-Phoenix-AZ
AcquisitionsArizonaDevelopmentMultifamilyWestern

CBRE Negotiates Sale of 400-Unit The Blake Multifamily Development in Phoenix

by Amy Works

PHOENIX — CBRE has arranged the sale of The Blake, a multifamily community currently under development in Phoenix. A venture between StreetLights Residential and an affiliate of RED Development sold the asset to a venture between RXR and Korman Communities for an undisclosed price. Slated for completion in early 2025, The Blake will offer 400 apartments featuring 10-foot ceilings with coves in the living rooms; wood-style flooring in living areas and bedrooms; tile flooring in bathrooms; both granite and quartz countertop design options in bathrooms; walk-in closets; washers/dryers; energy-efficient stainless steel appliances; custom cabinetry and hardware; and Sonos speaker systems in all units. Community amenities will include a clubhouse with library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. The private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills and dining areas. The Blake is part of the mixed-use project being developed on the former Paradise Valley Mall site. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the sellers in the transaction.

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Build-to-RentDevelopmentFeaturesMultifamilySingle-Family Rental

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Jeff Shaw

— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes.  For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home.  These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home.  New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals.  Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses.  In the past month, Oxenfree has hosted nearly 50 in-person tours and …

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