Development

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

by Taylor Williams August 29, 2023

MIAMI — Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature a 58-acre public park that will have soccer and youth athletic fields for the community, as well as office, hospitality, retail and restaurant uses. Leasing campaigns for the retail and restaurant components are already underway, as are efforts to cultivate corporate partnerships. Crews are now performing preliminary earthwork and sitework that will overlap with the start of vertical construction. A formal groundbreaking ceremony will take place later this year, and the development is slated for a 2025 completion. Redevelopment plans were previously approved by voters and the City of Miami Commission. A major impetus behind the development has been the club’s signing of international superstar Lionel Messi. The Miami Herald reports that the club intends for Messi, who previously signed a 2.5-year, $150 million deal that includes a future ownership stake in the team after he retires, to play at …

August 29, 2023

Acquisitions Build-to-Rent Content Partner Development Features Leasing Activity Midwest NAI Northeast Single-Family Rental Southeast Texas Western

Single-Family Rental, Built-to-Rent Investment Sales Outlook Remains Positive Despite Economic Challenges

by Sarah Daniels August 29, 2023

The multifamily sector is under general disruption from a variety of factors, such as falling valuations, financing difficulties, questions about forward net operating income, shifts in regulations and more. Chris Town, who works in commercial sales and leasing at NAI Latter & Blum in Baton Rouge, La., is an expert in single-family rental (SFR) and built-to-rent (BTR) investment sales. Town says that there are challenges, but a solid future ahead for the sector. The overarching challenges take the form of the Federal Reserve interest rate hikes. “It’s the major factor behind the immediate slowdown of home construction and home buying,” Town explains. “Another factor, of course, is land. These are true whether you’re talking true multifamily or the submarkets of BTR and SFR.” A combination of factors has created a tug-of-war among incentives. High interest rates, with home prices at or near historical highs, mean millions of people need places to live. Many of these potential homeowners have families and want the ameliorations and amenities of a detached single-family housing. “Depending on the metric and organization’s research used, you could say the country is five to six million units short on single-family homes,” Town says. The Larger Economy’s Impact on …

August 29, 2023

Affordable Housing Development District of Columbia Multifamily Southeast

Hoffman & Associates Nears Completion of 449-Unit Westerly Apartment Community in Southwest D.C.

by John Nelson August 28, 2023

WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.

August 28, 2023

Development Loans Multifamily New York Northeast

LCOR Underway on 307-Unit Apartment Building in New Rochelle, New York

by Taylor Williams August 28, 2023

NEW ROCHELLE, N.Y. — Locally based developer LCOR is underway on construction of a 307-unit apartment building at 247 North Ave. in New Rochelle, located north of New York City. The 28-story development will include 18,000 square feet of commercial space and offer studio, one- and two-bedroom apartments. Roughly 10 percent (31) of the units will be reserved as affordable housing for renters earning 80 percent or less of the area median income. Bob Tonnessen and Steven Klein of JLL arranged $94 million in construction financing through Pacific Life for the project. Completion is slated for mid-2025.

August 28, 2023

Connecticut Development Multifamily Northeast

Vessel Technologies to Develop 96-Unit Rental Project in Rocky Hill, Connecticut

by Taylor Williams August 28, 2023

ROCKY HILL, CONN. — Vessel Technologies, a New York City-based provider of modular and prefabricated housing, will develop a 96-unit rental project in Rocky Hill, a southern suburb of Hartford. The property will be developed at a vacant site at 125 Henkel Way. The majority of the units will have one-bedroom floor plans to accompany several residences with two-bedroom floor plans. Fabrication will commence in September, and the first move-ins are scheduled for late 2024.

August 28, 2023

Development Life Sciences Massachusetts Northeast

JC&A Delivers 37,000 SF Life Sciences Project in Waltham, Massachusetts

by Taylor Williams August 28, 2023

WALTHAM, MASS. — Locally based construction management firm J. Calnan & Associates has delivered a 37,000-square-foot life sciences project in the western Boston suburb of Waltham. The space, which is a build-to-suit for Biocytogen Pharmaceuticals, is located at 300 Third Avenue, a 143,533-square-foot building that is owned by Dallas-based Lincoln Property Co. The facility features an open-floor design, climate-controlled vivarium and advanced cell culture and procedure suites.

August 28, 2023

California Development Retail Western

Developer Completes Repositioning of 40,000 SF Retail Center in Los Angeles

by Amy Works August 28, 2023

LOS ANGELES — Developer Jeff Appel has completed the redevelopment of a 40,000-square-foot retail center located in Los Angeles. Matt Saker and Richard Rizika of Beta Agency will lead retail leasing efforts at the property, dubbed The Now.

August 28, 2023

Development Illinois Midwest Office

Sterling Bay, lulafit Debut The Factory Fitness Space at Office Building in Chicago

by Kristin Harlow August 28, 2023

CHICAGO — Through a partnership with lulafit, Sterling Bay has opened The Factory, a new fitness and wellness space at its office building located at 600 W. Chicago Ave. The Factory totals 30,000 square feet. Users pay $35 per month and have access to a variety of offerings, including a yoga studio and meditation suite; recovery room with Therabody technology; spaces designed exclusively for HIIT, cardio, heavy bag workouts and group exercises; a sauna; steam room; and large turf installation. Built in 1908, the eight-story building formerly served as the Montgomery Ward catalog building until 2000. In 2021, with the building under the ownership and management of Sterling Bay, lulafit started designing a complete overhaul of the property’s fitness center. The Factory received more than 100 membership sign-ups on its first day, and almost 200 in its first two weeks. During its initial six months of operations, The Factory added 460 members. Data shows members utilize the space three to five times per week.

August 28, 2023

Development Multifamily North Carolina Property Type Southeast

SPG Breaks Ground on 360-Unit Multifamily Community in Metro Charlotte

by Hayden Spiess August 25, 2023

MONROE, N.C. — Signature Property Group (SPG) has broken ground Elevate Rocky River, a 360-unit multifamily community in Monroe, roughly 30 miles outside of Charlotte. The community will be part of Rocky River Crossing, a mixed-use development that will feature self-storage space and a hotel. Amenities at Elevate Rocky River will include a clubhouse with a fitness center, game room, private work pods and a complimentary coffee bar, as well as a swimming pool, fire pits, grilling areas, an off-leash dog park and electric vehicle charging stations. SPG expects first units to deliver for occupancy in fall 2024.

August 25, 2023

Development Florida Industrial Property Type Southeast

Miller Construction Underway on 80,000 SF Warehouse in Orlando

by Hayden Spiess August 25, 2023

ORLANDO, FLA. — Miller Construction is underway on the site work for an 80,000-square-foot warehouse at 2140 N. John Young Parkway in Orlando. Miller is completing the $8.3 million project on behalf of MSI, a California-based flooring, countertop, wall, tile and hardscaping supplier that will utilize the property for the company’s storage and distribution needs in the Southeast. Upon completion, which is scheduled for the first half of 2024, the warehouse will feature 25 columns with 50-foot by 54-foot spacing, 29 parking spots, 13 dock doors, full warehouse lighting, exhaust fans and louvers. Additionally, the facility will include four private offices and one 9,500-square-foot open office space. The project team includes Elven18 Architecture, Construction Engineering Group, Gutherman Structural Inc. and NV5.

August 25, 2023

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