Development

NewQuest Properties to Develop $62M Multifamily Project in Metro Houston

by Taylor Williams July 19, 2023

HOUSTON — An affiliate of locally based developer NewQuest Properties will develop a $62 million, 294-unit multifamily project within The Grand at Aliana, a shopping and dining destination in metro Houston. The development’s 11 residential buildings will house studio, one-, two- and three-bedroom units that will range in size from 594 to 1,482 square feet. Amenities will include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Dallas-based Humphreys & Partners designed the property. Construction is set to begin in September, and completion is slated for June 2025.

July 19, 2023

Development Illinois Industrial Midwest

Olympus Design and Development Breaks Ground on $65M Logistics Campus in Suburban Chicago

by Kristin Harlow July 19, 2023

SCHAUMBURG, ILL. — Olympus Design and Development has broken ground on a $65 million logistics campus in the Chicago suburb of Schaumburg. The four-building development will house headquarters office, warehouse and distribution space for Experior Global & Transport as well as one speculative office and industrial building for other users. David Haigh of NAI Hiffman represented Experior in the acquisition of the property. Completion is slated for the fourth quarter of 2024. The campus will feature a 24-hour surveillance system, parking for 800 trucks and trailers, a fully equipped gas station and convenience store, and a truck sales and repair shop to be operated by Experior.

July 19, 2023

Development Illinois Industrial Midwest

Meridian Design Build Completes 258,720 SF Spec Industrial Building in West Chicago

by Kristin Harlow July 19, 2023

WEST CHICAGO, ILL. — Meridian Design Build has completed construction of Dupage Crossings, a 258,720-square-foot speculative industrial building in West Chicago. Stotan Industrial and Stonemont Financial Group developed the facility, which is located on 17 acres at 348 Charles Court. The property features a clear height of 36 feet, 32 loading docks, four drive-in doors, 212 auto parking spaces and 46 trailer parking stalls. Harris Architects and civil engineer Spaceco made up the project team. Brian Kling and Reed Adler of Colliers are marketing the building for lease. The project was 66 percent leased shortly after completion.

July 19, 2023

Development Midwest Minnesota Retail

Drive Shack to Open 20,265 SF Puttery Minneapolis This Friday

by Kristin Harlow July 19, 2023

MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.

July 19, 2023

Development Healthcare Midwest South Dakota

Kraus-Anderson Completes Construction of $2.4M Dialysis Center in Huron, South Dakota

by Kristin Harlow July 19, 2023

HURON, S.D. — Kraus-Anderson has completed construction of a new $2.4 million dialysis center at Huron Regional Medical Center in Huron, a city in eastern South Dakota. Designed by Wold Architects, the 4,165-square-foot project features a 12-bay dialysis unit, including two isolation treatment rooms. The project replaces an outdated dialysis suite. Kraus-Anderson’s scope of work also included a new water system and utilities, a generator and updates to the exterior façade. The center is located at 172 4th St. SE.

July 19, 2023

California Development Loans Multifamily Western

JLL Arranges Equity for 200-Unit Axis @ Davis Apartment Project in Davis, California

by Jeff Shaw July 19, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit apartment community in the Sacramento suburb of Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground-floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis campus. The project is designed as a 100 percent electric project with rooftop solar panels and electric vehicle charging spaces. Anton Development Co. plans to begin construction in summer 2023, with the community slated for delivery in fall 2025.

July 19, 2023

Development Multifamily New York Northeast

NRP Group, RPW Group Complete 303-Unit Multifamily Project in White Plains, New York

by Taylor Williams July 19, 2023

WHITE PLAINS, N.Y. — A partnership between Cleveland-based developer The NRP Group and local owner-operator RPW Group has completed The Halden, a 303-unit multifamily project located north of New York City in White Plains. The site at 1133 Westchester Ave. spans 70 acres and is adjacent to a 620,000-square-foot office complex that formerly served as IBM’s world headquarters. The three-building community houses one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, fitness center, children’s play area and outdoor grilling and dining stations. Rents start at $2,800 per month for a one-bedroom apartment.

July 19, 2023

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Development Multifamily New York Northeast

Mid Hudson Construction Management Begins Leasing 20-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams July 19, 2023

POUGHKEEPSIE, N.Y. — Developer and general contractor Mid Hudson Construction Management has begun leasing Birchwood Commons, a 20-unit multifamily project located north of New York City in Poughkeepsie. The property consists of four buildings that each house five two-bedroom apartments. Residences are furnished with stainless steel appliances, quartz countertops and walk-in closets. Rents start at $2,750 per month.

July 19, 2023

Development Florida Retail Southeast Top Stories

Jacksonville Jaguars Open $120M Practice Facility in Downtown Jacksonville, Plan for ‘Stadium of the Future’

by Kristin Harlow July 19, 2023

JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …

July 19, 2023

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