Development

Donohoe Development, Aimco Complete Final Phase of $300M Mixed-Use Development in D.C.

by John Nelson March 7, 2024

WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

March 7, 2024

Development Loans Mixed-Use Multifamily Southeast Virginia

Kennedy Wilson Provides $96M Construction Loan for Office-to-Residential Conversion Project in Alexandria, Virginia

by John Nelson March 7, 2024

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River. Construction is scheduled to begin immediately, with completion expected in 2026.

March 7, 2024

Development Industrial North Carolina Southeast

Samet, Lee-Moore Deliver 340,000 SF Industrial Facility in Metro Raleigh for FedEx Ground

by John Nelson March 7, 2024

NEW HILL, N.C. — A joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office has delivered a 340,000-square-foot industrial facility located in New Hill, roughly 20 miles southeast of Raleigh. FedEx Ground fully occupies the newly completed building. The facility comprises Phase I of TIP West, a section of the 450-acre Triangle Innovation Point life sciences, manufacturing and industrial park with the capacity for an additional 2 million square feet of development. Matt Winters and Al Williams of JLL manage leasing at the property on behalf of the joint venture, along with Brian Hall of Samet Corp.

March 7, 2024

Development Multifamily Texas

Legacy Partners Completes 361-Unit Ovation at Galatyn Park Apartments in Metro Dallas

by Taylor Williams March 7, 2024

RICHARDSON, TEXAS — San Francisco-based developer Legacy Partners has completed Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various pieces of smart-home technology products. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Legacy developed the project in partnership with Bridge Investment Group. Construction began in June 2021. Rents start at $1,525 per month for a one-bedroom apartment.

March 7, 2024

Arizona Development Retail Western

Peak Development, Hungry Investments Acquire 5.5-Acre Retail Development Site in Chandler, Arizona

by Amy Works March 7, 2024

CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.

March 7, 2024

Build-to-Rent Development Illinois Midwest Single-Family Rental

Lynd Nears Completion of 178-Unit Build-to-Rent Community in Oswego, Illinois

by Kristin Harlow March 7, 2024

OSWEGO, ILL. — Lynd, a real estate development and property management firm, is nearing completion of Home at Ashcroft, a 178-unit build-to-rent community in the Chicago suburb of Oswego. The developer has opened decorated models at the property, which is located at 137 Dorset Ave. Home at Ashcroft offers three-bedroom, attached single-family homes starting at $2,591 per month. Originally designed as for-sale single-family homes, the property features wider layouts than most townhomes and offers features typically found in detached single-family homes such as open layouts, two-car garages with extended driveways, basements, fenced-in yards and back porches. Ranch and two-story floor plans range from 1,559 to 1,747 square feet. Groups of six homes share a cul-de-sac. An onsite management team provides services such as plant watering, yard care, snow removal, package receiving and dog walking. Work is underway on a $2 million community clubhouse with a fitness and wellness center, outdoor pool, covered pavilion, fountain, firepit and grills. Slated to open later this year, the 5,500-square-foot space includes a lounge that opens to a warming kitchen and coffee bar, private library, events room, coworking stations, conference rooms, game area and package delivery room.

March 7, 2024

Affordable Housing Development Georgia Multifamily Southeast

Gorman & Co. Delivers 60-Unit Mixed-Income Apartment Community in Atlanta

by John Nelson March 7, 2024

ATLANTA — Gorman & Co. has delivered Residences at Westview, a 60-unit mixed-income apartment community located at 1991 Martin Luther King Jr. Drive SW in Atlanta. Atlanta Mayor Andre Dickens attended the ribbon-cutting ceremony in late February. Situated near the West Lake MARTA Station, Residences at Westview features one-, two- and three-bedroom apartments, with 90 percent of the units affordable for households earning 50 to 60 percent of the area median income (AMI). Amenities include a playground, community garden and outdoor gathering spaces, as well as after-school services provided by Catholic Charities. Capital sources for Residences at Westview include Georgia Department of Community Affairs, Invest Atlanta, RBC, US Bank and Catholic Charities. Gorman & Co. has 350 units in its development pipeline in the metro Atlanta area over the next two years.

March 7, 2024

Development Retail Top Stories

Target Announces Plans to Open 300 Stores, Enhance 2,000 Locations

by Katie Sloan March 7, 2024

MINNEAPOLIS — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio. The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency. Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty “store-within-a-store” locations, upgrading fixtures and additions that help support same-day services. According to Target’s most recent earnings reports, same-day services like in-store pickup, drive-up and Shipt deliveries represent more than 10 percent of total sales and increased by 13.6 percent in the fourth quarter of 2023. Details on the 300 new locations were not released. The company has also announced plans to reintroduce its loyalty membership program, Target Circle, with a number of membership options that build off of each other. While Target Circle will remain free to join, a new paid membership will be introduced dubbed Target Circle 360, which allows consumers unlimited and free same-day product delivery. …

March 7, 2024

Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

Data Center Due Diligence Requires Focus on Power, Zoning, Fiber Availability

by Sarah Daniels March 7, 2024

The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …

March 7, 2024

Affordable Housing Development Multifamily Texas

Temenos, NHP Foundation Open 95-Unit Supportive Housing Complex in Houston

by Taylor Williams March 6, 2024

HOUSTON — Temenos Community Development Corp. and The NHP Foundation have opened a 95-unit supportive housing complex in Houston. The property includes an entire floor dedicated to at-risk youth, and 80 units replace those lost to The Texas Department of Transportation to make way for highway improvements. The City of Houston Housing & Community Development provided $12.5 million for the project, and The Harris County Community Services Department provided $11 million. The Houston Housing Finance Corp. and the Texas Department of Housing & Community Affairs also contributed to the capital stack.

March 6, 2024

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