ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit apartment complex in St. Peters, a northwest suburb of St. Louis. The project will consist of two buildings and a parking garage. Amenities will include a pool, fitness center, pickleball courts and three courtyards. Completion is slated for May 2025. Tegethoff Development is the developer.
DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.
PASADENA, CALIF. — A partnership between Community Builders Group and Bridge Financial Advisors is opening Pasadena Studios, a $45 million affordable housing property in Pasadena. The six-story community will offer 180 micro-units, ranging from 245 square feet to 270 square feet. Each apartment will feature a private balcony, offering an indoor-outdoor living experience and additional square footage. The 56,000-square-foot asset features free internet service, a fitness center, laundry room, landscaped rooftop deck with seating, two grilling stations, fire features, landscaped courtyard, outdoor seating areas, lobby area seating with a kitchenette and community space, two elevators, secure entrances, security surveillance and bike storage. The project team includes Westport Construction, Natoma Architects and LCRA. WinnResidential, the property management arm of WinnCompanies, will manage the community.
LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …
JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.
HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has completed The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property, which is now 90 percent occupied, offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Rents at the remaining two-bedroom units start at $2,900 per month.
JACKSONVILLE, FLA. — Freedom Financial Funds has provided a $5.9 million construction loan for a single-tenant medical office building located in Jacksonville. The build-to-suit project is for an entity controlled by a national retail and single-tenant developer. The 15-month loan features two six-month extension options and was underwritten at an 80 percent loan-to-cost ratio. The construction timeline and address for the project were not disclosed.
LENEXA, KAN. — Copaken Brooks is set to begin development of Restaurant Row at Lenexa City Center. Located on the corner of 87th Street and Renner Boulevard, the project is adjacent to AdventHealth’s 13-building campus that is currently under construction. The first phase of Restaurant Row will include two restaurant concepts set to open in fall 2024, with two remaining spaces available for lease. Cactus Grill TexMex & Tequila, a local Kansas City restaurant that has operated for more than 30 years, will occupy 5,000 square feet. Restaurant Row will be Cactus Grill’s third location, following its original restaurant in Leawood and its newest in BluHawk. North Carolina-based Tupelo Honey will occupy 5,700 square feet. The Southern food chain currently operates 21 locations across the United States with six additional planned to open in the next 18 to 24 months. John Nolan of Crossroads Real Estate Group represented Cactus Grill, while Howard Zoldessy of Hatcher-Hill Brokerage LLC represented Tupelo Honey.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …