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Development

AcquisitionsDevelopmentIllinoisIndustrialMidwest

swissQprint America Acquires 3-Acre Site in Metro Chicago for New North American Headquarters

by Kristin Harlow

WEST DUNDEE, ILL. — swissQprint America, the U.S. arm of the Swiss digital printing technology company, has acquired a 3-acre parcel within Canterfield Corporate Campus in the northwest Chicago suburb of West Dundee. The company plans to use the land to house its new 30,000-square-foot North American headquarters, which will include modern office space, a high-tech showroom and a parts warehouse. The development marks the third building within Canterfield Corporate Campus. The remaining land is owned by HLC Partners, a West Dundee-based, family-owned business and division of Haeger Industries. NAI Hiffman is the leasing agent for the campus. Site design is led by Karl Heitman, president of Heitman Architects. Development Solutions Inc. (DSI) is the general contractor.

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1011-First-Avenue-Manhattan
AcquisitionsDevelopmentMultifamilyNew YorkNortheastTop Stories

Vanbarton Group Receives $250M in Financing for Manhattan Multifamily Conversion Project

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …

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Westside-Village-Fort-Worth
DevelopmentMixed-UseTexas

Keystone Group, Larkspur Capital Underway on $1.7B Mixed-Use Redevelopment in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between two locally based developers, Keystone Group and Larkspur Capital, is underway on Westside Village, a $1.7 billion mixed-use redevelopment project in Fort Worth. The 37-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Plans currently call for 880,000 square feet of office space, 238,000 square feet of retail, restaurant and entertainment space, 1,785 multifamily units and a 175-room hotel, all of which will be developed over four phases. Demolitions of multiple existing buildings on the site are now complete, and the project team has successfully rezoned about half the acreage. In addition, the first office and multifamily buildings within the development are now in the design phase, and construction of both buildings is expected to begin before the end of the year. Negotiations with several retailers are also underway, with construction of those individual buildings also slated to commence before the end of the year. 

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GCP-Paper-New-Caney
DevelopmentIndustrialLoansTexas

CBRE Arranges Construction Financing for 565,765 SF Manufacturing Project in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — CBRE has arranged an undisclosed amount of construction financing for a 565,765-square-foot manufacturing project in New Caney, a northeastern suburb of Houston. The 32-acre site is located within East Montgomery Industrial Park, and the project is a build-to-suit for GCP Paper, a Mexican company that provides toilet paper, facial tissue and paper towels. The facility will consist of two interconnected single-story structures: an office/production warehouse and a mill building. The office/production warehouse will feature dock-high loading bays and concrete tilt-wall panel construction. Construction is slated for a summer 2026 completion. John Fenoglio and Brock Hudson of CBRE arranged the debt through Cadence Bank on behalf of GCP Paper in conjunction with Pontikes, which is serving as the fee developer for the project as well as the general contractor. The loan was structured with a loan-to-cost ratio of 80 percent.

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Eva-White-Apartments-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

CSTO, WinnDevelopment Begin $40M Repositioning of Boston Affordable Housing Complex

by Taylor Williams

BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …

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AcquisitionsDevelopmentIllinoisMidwestMultifamily

Kayne Anderson, JDL to Acquire Former Lincoln Yards North Development Site in Chicago

by Kristin Harlow

CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.

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DevelopmentIllinoisLife SciencesMidwest

Beacon Capital Partners, TCC Deliver 300,000 SF Hyde Park Labs in Chicago

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have completed Hyde Park Labs in Chicago. The partnership has also opened its STEM engagement center for local youth, Southside STEM Station, on the ground floor of the 300,000-square-foot development. The learning hub offers free STEM programs for students, families and educators on the city’s South Side. Located at 5207 S. Harper Ave. and rising 13 stories, Hyde Park Labs features nine full floors of Class A lab and office space, ground-level retail and four levels of parking. The developers say the project marks the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building. More than 40,000 square feet of tenant amenities includes a fifth-floor terrace dubbed “The Lawn” with grills, firepits and direct access to the interior tenant lounge. The development also features private terraces on each floor, secure bike storage, an indoor bar and lounge and an executive boardroom. The University of Chicago has pre-leased approximately 55,000 square feet at Hyde Park Labs. In addition to faculty research, the university’s space includes its new UChicago Science Incubator, a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Five UChicago-affiliated companies are among the …

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DevelopmentKansasLeasing ActivityMidwestRetail

WIRED Nears Completion of 7,000 SF Wellness, Beauty Hub in Prairie Village, Kansas

by Kristin Harlow

PRAIRIE VILLAGE, KAN. — Women in Real Estate Development (WIRED) is nearing completion of a wellness and beauty destination at the corner of 75th Street and State Line Road in Prairie Village near Overland Park. The 7,000-square-foot property is named “c u r a t e d.” In August 2024, a group of 22 local women investors, led by Sheryl Vickers of Select Sites LLC, acquired the property. They have reimagined the building from 1958 into a commercial space tailored for health, beauty and wellness practitioners looking to reach consumers across Mission Hills, Waldo, Brookside, Leawood, Overland Park and Fairway. The interior space features new paint, flooring and lighting. The project’s suites feature natural light, private entries and modern finishes. The project also included the installation of new energy-efficient windows. Final plans call for a new parking surface and concrete with ADA access and new landscaping. The anchor tenant is The Healing Collective, which occupies eight suites and brings the building’s occupancy to 70 percent.

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MXWL
DevelopmentKentuckySoutheastStudent Housing

Gilbane Breaks Ground on 655-Bed Student Housing Development Near University of Kentucky

by Abby Cox

LEXINGTON, KY. — Gilbane Development has broken ground on MXWL, a 655-bed student housing development near the University of Kentucky campus. Located at 201 E. Maxwell St. in Lexington, the property will offer 277 fully furnished units with bed-to-bath parity. Amenities will include a rooftop deck, game-day courtyards, fire pits, grilling stations, outdoor lounges, coworking spaces and a fitness center with a sauna. The property will also offer a 140-space underground parking garage, as well as covered bike storage. Construction began in June, while completion is scheduled for fall 2027. Humphreys & Partners Architects designed MXWL.

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Verdant-Fort-Greene-Brooklyn
AcquisitionsAffordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Joint Venture Acquires Verdant Fort Greene Apartments in Brooklyn for $209M

by Abby Cox

NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers.   Additionally, Verdant Fort Greene features more than 30,000 …

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