Development

Ritchie Group to Develop 3.2 MSF Spec Industrial Park in Spanish Fork, Utah

by Amy Works April 15, 2025

SPANISH FORK, UTAH — The Ritchie Group is developing Global Logistics Headquarters Development Park, a speculative industrial development in Spanish Fork. Located at 2100 N. 700 West, the project will feature 13 buildings totaling more than 3.2 million square feet of industrial space. The 1.9 million-square-foot first phase is scheduled for delivery by the end of the year, with full project completion expected by 2031. The development will feature tall clear heights, ample parking for trucks and cars, build-to-suit options tailored to tenant need and immediate access to Interstate 15. Jarrod Hunt, Gordon Jacobson and Andy Blunt of Colliers are handling leasing for the development.

April 15, 2025

Development Loans Multifamily Utah Western

Berkadia Secures $31.5M Bridge Loan for Apartment Project in Salt Lake City

by Amy Works April 15, 2025

SALT LAKE CITY — Berkadia has secured a $31.5 million bridge loan on behalf of Midtown Capital to complete construction of The Astoria, a multifamily community in Salt Lake City. Slated for completion in third-quarter 2025, the 149-unit property is situated in the city’s Fairpark District. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing for the sponsor, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, Fla., and Madrid, Spain. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion. Located at 11 N. 800 West, the seven-story Astoria will feature 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom layouts up to 955 square feet each. The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to SLC International Airport, the Delta Center and downtown Salt Lake City.

April 15, 2025

Development Hospitality Michigan Midwest Retail

Michigan State Approves Construction of $150M Spartan Gateway District Project, Selects Developer

by Kristin Harlow April 15, 2025

EAST LANSING, MICH. — The Michigan State University Board of Trustees has authorized the university to move forward with the construction of the Spartan Gateway District, a public-private campus community development project on the west side of campus along Harrison Road in East Lansing. The university has selected G&G Project Sparta LLC, a joint venture between Lansing, Mich.-based Gillespie Group and Omaha, Neb.-based Goldenrod Cos., as the developer. The project’s price tag is $150 million, according to Crain’s Detroit Business. The Spartan Gateway District encompasses a new hotel and retail space as well as an athletics arena. The Olympics Sports Arena will support volleyball, wrestling, gymnastics, locker rooms and coaching office space in addition to a number of university classrooms. The hotel and retail space would be part of the public-private partnership between the university and the developer. The Spartan Gateway District will be developed in multiple phases. The first phase will include the arena, which is slated to be operational by late 2027. Additional phases featuring a variety of commercial uses including a hotel, housing, office and retail spaces will follow. The timeline for the final phase, which will expand the university’s use of the facilities, is yet to …

April 15, 2025

Development Multifamily New York Northeast

Two Trees Management Completes Lease-Up of 279-Unit Multifamily Property in Brooklyn

by Taylor Williams April 15, 2025

NEW YORK CITY — Locally based developer Two Trees Management has completed the lease-up of One Domino Square, a 279-unit multifamily property in the borough’s Williamsburg area. Designed by Selldorf Architects, One Domino Square offers both apartments and condos in a variety of floor plans, including penthouses for the latter component. Amenities include a pool, spa, resident lounges, media room, children’s playroom, private dining room, chef’s kitchen and outdoor grilling and dining stations. The property’s rental units are now 99 percent occupied, with rents starting at $4,770 per month for a studio apartment.

April 15, 2025

Development Multifamily New Jersey Northeast

Hartz Mountain Begins Leasing 218-Unit Apartment Complex in Weehawken, New Jersey

by Taylor Williams April 15, 2025

WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has begun leasing The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Rents start at $3,300 per month for a studio apartment.

April 15, 2025

Development Industrial Texas Top Stories

NVIDIA to Develop Two AI Supercomputer Manufacturing Plants in Texas As Part of $500B U.S. Investment

by John Nelson April 15, 2025

SANTA CLARA, CALIF. — NVIDIA Corp. (NASDAQ: NVDA), a Santa Clara-based tech firm that primarily designs and manufactures graphics processing units (GPUs) for artificial intelligence (AI) use, plans to develop two new AI supercomputer manufacturing plants in Texas. The new projects will include a plant in Houston that NVIDIA is co-developing with Foxconn and a factory in Dallas that NVIDIA is building with Wistron. Further real estate specifics for the new facilities were not shared, but NVIDIA plans to create “digital twins” to design and operate the factories, which will be reliant on automation and robotics. Mass production of NVIDIA AI supercomputers at both plants is expected to ramp up in the next 12 to 15 months, according to NVIDIA. Additionally, NVIDIA announced that it has started production of NVIDIA Blackwell chips at the TSMC Arizona campus in Phoenix. NVIDIA is partnering with Amkor and SPIL for packaging and testing operations in Arizona. The new Texas plants and the production of NVIDIA Blackwell chips in Arizona are part of the company’s $500 billion push to mass produce NVIDIA AI supercomputers on U.S. soil, which would represent the first time that the company’s supercomputers were made entirely domestically. Together, the announcements …

April 15, 2025

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Center Park Group to Deliver 155 Build-to-Rent Townhomes in Charleston’s West Ashley Neighborhood

by John Nelson April 14, 2025

CHARLESTON, S.C. — Center Park Group has announced that it is on track to complete the vertical construction of 155 build-to-rent townhomes at Bellerose at Bees Ferry by mid-April. Located within the West Ashley neighborhood of Charleston, the 17-acre, pet-friendly community will offer townhomes that total 1,400 square feet with three bedrooms, two-and-a-half baths and an attached one-car garage. Amenities include a swimming pool with lounge chairs, dog park, an open-air pavilion and walking paths, as well as onsite maintenance and management. Atlanta-based RangeWater Real Estate is the developer. Framing for the project began in October 2023, and Center Park Group has delivered each townhome building with the goal to complete the project in under 18 months. Center Park Group managed construction of the community dog park, the mail kiosk and landscaping, while Linden Construction oversaw construction of the community pool and clubhouse. RangeWater is overseeing property management at Bellerose at Bees Ferry in-house.

April 14, 2025

Arizona California Development Hospitality Western

Choice Hotels Opens Three Everhome Suites Locations in Arizona, California, Alabama

by Amy Works April 14, 2025

CHANDLER, ARIZ., TEMECULA, CALIF., AND HUNTSVILLE, ALA. — Choice Hotels International has opened Everhome Suites properties in Chandler, Temecula and Huntsville. Choice Hotels now maintains 10 Everhome Suites across the country and is on track to have 25 hotels open by year’s end with 20 currently under construction. The new hotels include:– The 114-room Everhome Suites Chandler at 3200 W. Willis Road. The project team included ServiceStar Capital Management and Genesis Cos. as developers, 101 Architecture as architect and PATH Construction as general contractor.– The 117-room Everhome Suite Temecula at 27165 Madison Ave. The hotel was developed and is owned by Paladin Equity Capital. The project team included Woolpert Architects and Buffalo Construction.– The 98-room Everhome Suites Huntsville at 5581 Holmes Ave. The project team included EHS Huntsville LLC as developer, Woolpert as architect and Integrated Construction as contractor. Each Everyhome Suites offers a variety of amenities, including:– Fully equipped kitchens with full-sized refrigerators, dishwashers, stovetops, microwaves, flatware, cookware and counter space– Spa-like bathrooms with high-quality fixtures– Large closets and additional open and closed storage– Weekly housekeeping– Free WiFi– Pet-friendly options– Contemporary multipurpose lobbies– Communal outdoor amenity areas with barbecue grills, fire pits and green spaces; pools at select locations– 24/7 …

April 14, 2025

Development Retail Texas

D-BAT to Open 15,000 SF Baseball, Softball Training Facility at Valley Ranch in Porter, Texas

by Taylor Williams April 14, 2025

PORTER, TEXAS — Baseball and softball training operator D-BAT will open a 15,000-square-foot facility at the Valley Ranch, Signorelli Co.’s master-planned development located northeast of Houston. The facility, which will be constructed on a 1.3-acre site that D-Bat purchased, will offer lessons, camps, workshops, event space, batting cage rentals, a fully stocked pro shop and monthly memberships. The facility will be D-Bat’s 10th in the Houston area and is scheduled to open this summer.

April 14, 2025

Development Loans Multifamily New Jersey Northeast

BridgeInvest Provides $60M in Financing for Newark Multifamily Redevelopment Project

by Taylor Williams April 14, 2025

NEWARK, N.J. — Miami-based lender BridgeInvest has provided $60 million in financing for Cosmo 440, a 216-unit multifamily redevelopment project in Newark that is nearing completion. Cosmo 440 was originally built in 1969 as Carmel Towers and is located adjacent to Weequahic Park. The redevelopment encompassed new infrastructure and elevators, as well as redesigned floor plans and upgraded common areas. The building now features 48 one-bedroom apartments, 120 two-bedroom units and 48 three-bedroom residences, and amenities include a fitness center, resident lounge, coworking space and an onsite bar. The borrower is YB Properties. Delivery is slated for the end of the month.

April 14, 2025

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