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Development

120-E.-144th-St.-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

SCALE Lending Provides $150M Construction Loan for Bronx Multifamily Project

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.

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DevelopmentMultifamilyNew YorkNortheast

Developer Nears Completion of 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams

POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is nearing completion of 44 Springside, a 28-unit multifamily project in Poughkeepsie, about 80 miles north of Manhattan. Designed by Tinkelman Architecture, the five-story building is located within the Arlington area and will house amenities such as an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The development will also feature 7,000 square feet of commercial space. Delivery is slated for this summer. Rents start at $2,500 per month.

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ArizonaDevelopmentIndustrialTop StoriesWestern

Taiwanese Semiconductor Manufacturer to Build Third Factory at Phoenix Plant Using $6.6B from CHIPS Act

by John Nelson

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a third semiconductor plant on its TSMC Arizona campus in North Phoenix. In connection with the announcement, the U.S. Department of Commerce has entered into a preliminary memorandum of terms (PMT) with the Taiwanese company to provide $6.6 billion in direct funding through the CHIPS and Science Act. The PMT also allows for the federal government to provide TSMC with up to $5 billion in loans. The company plans to apply for U.S. Treasury Department Investment Tax Credits of up to 25 percent of the qualified capital expenditure at TSMC Arizona. Additionally, $50 million of the CHIPS funding at TSMC Arizona will be used in the training and development of the local workforce, according to a statement issued by President Joe Biden. The third factory will increase TSMC’s investment at the Arizona manufacturing site to more than $65 billion. TSMC is making the site the largest foreign direct investment in Arizona history and the largest foreign direct investments in a greenfield project in U.S. history. The company estimates that the three facilities will employ roughly 6,000 direct high-tech jobs, 20,000 construction jobs and tens of thousands of …

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CivicDevelopmentTexas

Hoar Construction Breaks Ground on 43,974 SF Civic Building in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — Austin-based Hoar Construction has broken ground on a 43,974-square-foot civic building in the Central Texas city of Killeen. The site is located on the Texas A&M University — Central Texas campus, and the building will house the consolidated operations of various utility facilities as well as the campus police force. Completion is slated for next summer.

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DevelopmentFloridaHealthcareSoutheast

BayCare Health to Break Ground on $548M Hospital in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — BayCare Health System plans to break ground on a new $548 million hospital in Sarasota, a city in west-central Florida’s Manatee County. Named BayCare Hospital Manatee, the hospital will feature 154 beds in private patient rooms and include a 45,000-square-foot medical arts building. The property will sit one mile north of the I-75 and I-275 interchange along Moccasin Wallow Road and offer services including general, orthopedic and specialty surgery; urology, gastroenterology, cardiology, diagnostic and interventional imaging; emergency care; obstetrics; and neonatology. Gresham Smith designed BayCare Hospital Manatee, including the hospital’s potential expansion to 207 beds. BayCare Health plans to break on the hospital, the health system’s 17th, in October, with anticipated delivery in 2027.

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DevelopmentNorth CarolinaRestaurantRetailSoutheast

Topgolf to Open New Venue in Durham, North Carolina

by John Nelson

DURHAM, N.C. — Topgolf plans to open a new venue in south Durham on Friday, April 12. The new Topgolf will represent the third Topgolf in North Carolina, with the other two venues in the Charlotte area. In December, the company also announced a new Topgolf coming to nearby Greensboro, N.C. The Durham venue will be located off the Page Road exit on I-40 at 4901 Topgolf Way, a short drive from Research Triangle Park and about 12 miles from Duke University. The new Topgolf will feature 102 climate-controlled hitting bays across three levels, as well as a full-service restaurant, 28-foot video wall, more than 200 high-definition TVs, an outdoor patio, private event rooms and a rooftop terrace. Topgolf plans to employ roughly 500 staffers at the Durham venue, which will be the company’s 99th location globally and 89th in the United States.

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DevelopmentGeorgiaMixed-UseOfficeRestaurantRetailSoutheast

CP Group Rebrands 1.2 MSF CNN Center in Downtown Atlanta to The Center

by John Nelson

ATLANTA — CP Group has rebranded CNN Center, an iconic 1.2 million-square-foot office and retail building in downtown Atlanta, to The Center. The property has served as the headquarters for CNN for over 40 years and also features a large food court on the ground level that connects to State Farm Arena, home arena of the NBA’s Atlanta Hawks. The site also includes the Omni Atlanta Hotel at Centennial Park. CP Group plans to overhaul the former CNN Center to become a hub of world-class retail, dining, content creation and entertainment uses. CP Group has tapped Coleman Weatherholtz of Healey Weatherholtz Properties as The Center’s retail leasing agent and Jeff Keppen and Nicole Goldsmith of CBRE to handle office leasing. In 2021, CP Group purchased CNN Center from AT&T, the former parent company of CNN, in a sale-leaseback transaction that expires this year.

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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

PrizePicks to Move Corporate Headquarters to Star Metals Offices in Atlanta

by John Nelson

ATLANTA – PrizePicks, a daily fantasy sports operator based in Atlanta, has selected the Star Metals Offices at 1055 Howell Mill Road for its new corporate headquarters. The owner and office landlord of the building in Atlanta’s West Midtown district is Coral Gables, Fla.-based Allen Morris Co. PrizePicks will occupy 33,000 square feet at Star Metals and will invest $25 million in its new headquarters space. The company estimates it will expand its workforce at the new space by 1,000 employees over the next seven years. Organizations involved in the site selection process for the PrizePicks headquarters include the Georgia Department of Economic Development, the Metro Atlanta Chamber, Invest Atlanta, Select Fulton and Georgia Power.

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Manchester-by-the-Sea-Life-Sciences
AcquisitionsDevelopmentLife SciencesMassachusettsNortheast

Cell Signaling Technology Buys 50-Acre Site in Metro Boston, Plans Life Sciences Redevelopment

by Taylor Williams

MANCHESTER-BY-THE-SEA, MASS. — Massachusetts-based life sciences company Cell Signaling Technology has purchased a 50-acre site in Manchester-by-the-Sea, about 30 miles northeast of Boston, with plans to undertake a life sciences redevelopment. Designed by architecture firm HGA, the project will convert the site of an abandoned rock quarry into a research and innovation campus that will feature 250,000 square feet of space. Ten acres of the site are occupied by the Manchester Athletic Club. A construction timeline for the project, which will be developed in phases, is still being finalized.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Beacon Communities Completes Renovation of 285-Unit Affordable Housing Complex in Boston

by Taylor Williams

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing project in Boston dedicated to serving African Americans. The renovation was funded through a mix of state and federal housing and historic tax credits, as well as public and private loans.

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