PHILADELPHIA — The Children’s Hospital of Philadelphia (CHOP) has topped out the Morgan Center for Research & Innovation, a healthcare project valued at $480 million. The 17-story, 350,000-square-foot facility is located on CHOP’s campus in South Philadelphia and will include both wet and dry lab space. Construction began in October 2022, and the development team includes a trio of general contractors and construction managers: Gilbane Building Co., Pride Enterprises and McKissack & McKissack. Mitchell Morgan, founder and chairman of multifamily development firm Morgan Properties, and his family donated $50 million to the project. Full completion is slated for some time next year.
PEABODY, MASS. — New York City-based Tishman Speyer will undertake a 700,000-square-foot industrial redevelopment project in Peabody, a northern suburb of Boston. For the past 40 years, the 60-acre site at 8 Centennial Drive served as the headquarters of Analogic, a multinational corporation that specializes in healthcare technology and aviation security products and services. The project will convert the former 515,000-square-foot office and manufacturing campus into a warehouse and distribution center with four buildings that will range in size from 130,000 to 260,000 square feet. Tishman Speyer is redeveloping the property in partnership with Mitsui Fudosan America. A construction timeline has not yet been established. Analogic was also the seller of the property.
BALA CYNWYD, PA. — Federal Realty Investment Trust has broken ground on a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment, will convert a former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Bernardon is the project architect, and Bohler is the civil engineer. Construction is slated for a 2026 completion. Federal Realty received zoning approval for the project in February.
ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity.
DORAL, FLA. — Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory Center. Sevilla’s floor plans will include one-, two- and three-bedroom apartments ranging in size from 720 to 1,708 square feet. Amenities will include a resort-style pool deck with outdoor loungers, barbecue stations, a large beach-entry pool, private cabanas, Zen courtyard and a large dog park. Codina Partners will develop the community in two phases, with Phase I move-ins slated for second-quarter 2026. The developer expects to fully complete Sevilla by late 2026.
LOCUST GROVE, GA. — JLL has arranged a $42.5 million construction loan for Stonemont Park 75 South, a three-building industrial park in the South Atlanta city of Locust Grove. Gregg Shapiro, Dan Kearns, Kelsey Bawcombe and Hunter Rich of JLL arranged the loan through Principal Asset Management on behalf of the locally based borrower, Stonemont Financial Group. At full completion, Stonemont Park 75 will span more than 900,000 square feet and feature clear heights ranging from 32 to 40 feet, 143 dock-high doors, 130-foot truck courts, 280 trailer parking stalls and 645 car parking stalls. The construction timeline for Stonemont Park 75 South was not disclosed.
DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.
DESERT HOT SPRINGS, CALIF. — Shopoff Realty Investments has acquired a 55-acre property in Desert Hot Springs, a city in the Inland Empire East region of Southern California, with plans to develop an industrial project at the site. Upon completion, the development will comprise 1.1 million square feet of distribution and warehouse space. The property, which is situated with proximity to the site of an Amazon warehouse and with direct access to I-10, will feature 167 docks, 498 trailer stalls and a clear height of 42 feet. “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space,” says William Shopoff, president and CEO of the firm. “With neighbors such as Amazon and FedEx, this location has the potential to provide a great investment for many years to come and will offer third-party logistics companies significant drayage savings compared to projects in Arizona and Las Vegas.” Construction on the project is scheduled to begin in the third quarter of this year, with an anticipated timeline of 12 months. Ian DeVries and Christ DeVries of Colliers, along …
MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.
AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.