KANSAS CITY, MO. — Developer Hunt Midwest is scheduled to break ground Wednesday, June 21 on KCI 29 Logistics Park in Kansas City. The 3,300-acre project, situated near the Kansas City International Airport, is the largest contiguous industrial site in Missouri, according to the developer. Hunt Midwest says the development has the potential to accommodate up to 20 million square feet of industrial space, attract 9,000 jobs and generate $2.5 billion of capital investment. The site is located just north of the new KCI terminal with direct access to the KCI air cargo hub as well as interstates 29 and 435. The State of Missouri has awarded project funding via an industrial grant program and a transportation cost-share program.
BATAVIA, ILL. — Velocis, a Dallas-based private equity real estate fund manager, has begun development of Batavia Logistics Center in suburban Chicago. The 543,603-square-foot distribution center is being developed in partnership with SCOA Real Estate Partners, a fully owned subsidiary of Sumitomo Corp. of Americas. Located four miles north of I-88 at the intersection of Kirk Road and Fabyan Parkway, the project will feature 54 dock doors, four drive-in doors, 117 trailer stalls, parking for more than 400 cars and a clear height of 36 feet. A team of brokers led by Ryan O’Leary of KBC Advisors is handling leasing. Completion is slated for the first quarter of 2024.
FONTANA, CALIF. — JLL Capital Markets has arranged $49.2 million in construction financing for Birtcher Logistics Center Fontana, a Class A industrial distribution facility currently being built in Fontana. The 330,048-square-foot project is set for completion in the first quarter of 2024. Situated on more than 13 acres, the facility will feature 36-foot clear heights, 51 dock-high doors, 85 trailer parking stalls and a 185-foot truck court. The borrower, Birtcher Development LLC, secured the three-year loan with two one-year extensions from a life insurance company. JLL Capital Markets’ debt advisory team, led by Greg Brown, Peter Thompson and Spencer Seibring, arranged the financing.
NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …
WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).
HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …
HOUSTON — Locally based firm Clay Development is underway on construction of Main Central I, a 523,640-square-foot distribution center in Houston. The 33.4-acre site is located at the intersection of South Main/U.S. Highway 90 and the Fort Bend Toll Road on the city’s southwest side. Main Central I will feature a cross-dock configuration, 36-foot clear heights, parking for 151 trailers and 109 employee vehicles and an ESFR sprinkler system. Completion is scheduled for the third quarter. Clay Development has tapped Cushman & Wakefield to assist with its internal marketing and leasing efforts.
MCKINNEY, TEXAS — Kaizen Development Partners has completed a 200,000-square-foot office building within the $250 million District 121 mixed-use development in the northern Dallas suburb of McKinney. Designed by Perkins&Will, the eight-story, Class A building was developed on a speculative basis in partnership with the McKinney Economic Development Corp. Amenities include a fitness center, tenant lounge and outdoor recreational spaces.
CHULA VISTA, CALIF. — Sudberry has started construction on the second phase of Otay River Business Park in Chula Vista. Phase II will include two manufacturing and warehouse buildings that will total 205,335 square feet. A 97,230-square-foot building and 108,205-square-foot building will be located at 2995 and 2855 Faivre Street, respectively. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet. Sudberry’s development team includes TFW Construction, SCA Architecture, Lightfoot Planning Group, Ridge Landscape Architects (RLA) and Southland Paving. Michael Mossmer of Voit Real Estate Services is providing brokerage services.
MINDEN, NEV. — A joint venture between Greystone Housing Impact Investors LP (NYSE: GHI) and ISL Ventures has broken ground on Valage Carson Valley, a seniors housing community in Minden, a small municipality of approximately 3,000 people just east of Lake Tahoe. The property will feature 56 assisted living units and 46 memory care units. The project is scheduled for completion in fall 2024. PI Architects designed the community, which Metcalf Builders is constructing, managed by Leading Light Development and Construction Consulting. Integral Senior Living will be the operator upon completion. Centrally located in the heart of the Carson Valley, the site is within walking distance of medical services including Carson Tahoe Health.