Development

Brand Atlantic, Wheelock Street Capital Complete Redevelopment of Office Building in Downtown West Palm Beach

by John Nelson June 13, 2023

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have completed the redevelopment of 111 Olive, a boutique office building in downtown West Palm Beach. The building is the first phase of Banyan & Olive, a Class A mixed-use development within the city’s Clematis Waterfront District. 111 Olive features newly renovated offices with 14-foot ceilings and pine timber wood ceilings. The building offers two 9,000-square feet suites and two 5,000-square feet suites, with one of the smaller suites fully built out for immediate move-in. Tenant amenities include a golf simulator lounge and clubroom seating; art installations throughout the main lobby, elevator lobby lounges and office corridors; shower cabana changing rooms with private lockers and towel service; dedicated parking at 300 Banyan garage with direct connection from the main lobby; concierge attendant at main lobby desk for security, guest registry, mail, package storage and tenant requests; and club-level amenities at 300 Banyan, featuring an indoor/outdoor fitness center, open-air lounge and reservable outdoor event space.

June 13, 2023

California Development Loans Mixed-Use Office Retail Western

Citivas Provides Construction Financing for 25,000-SF Mixed-Use Project in Santa Monica, California

by Jeff Shaw June 13, 2023

SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.

June 13, 2023

Garden-State-Logistics-Center-Pennsville-Township

Development Industrial Loans New Jersey Northeast

Affinius Capital Provides $180M Construction Loan for Southern New Jersey Industrial Project

by Taylor Williams June 13, 2023

PENNSVILLE TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $180 million construction loan for Garden State Logistics Center, a 1.7 million-square-foot industrial development in Pennsville Township. The 282-acre site is located in the southern part of the Garden State along I-295 and adjacent to the Delaware Memorial Bridge. The development will feature separate 1.2 million-square-foot and 500,000-square-foot distribution buildings, both of which will feature 40-foot clear heights and a total of 2,568 car and trailer parking stalls and 276 dock doors. The borrower and developer is a joint venture between PGIM Real Estate and CTR Partners. Delivery is slated for the fourth quarter.

June 13, 2023

Development Multifamily New Hampshire Northeast Seniors Housing

Capitol Seniors Housing Opens 87-Unit Complex in Evesham Township, New Jersey

by Taylor Williams June 13, 2023

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has opened Arbor Terrace Marlton, an 87-unit complex in Evesham Township, located in Southern New Jersey’s Burlington County. Designed by Philadelphia-based architecture firm Meyer and built by IMC Construction, the property offers 60 assisted living units and 27 memory care residences. Amenities include a theater, bistro, salon, lounges, shared and private dining rooms and an outdoor garden. Rents start at $6,850 per month for an assisted living studio.

June 13, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes 180-Unit Bryk on Broadway Affordable Housing Community in Rochester, Minnesota

by Kristin Harlow June 13, 2023

ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.

June 13, 2023

Development Indiana Industrial Midwest Top Stories

GM, Samsung SDI to Build $3B Electric Vehicle Battery Plant in Northern Indiana

by John Nelson June 13, 2023

OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …

June 13, 2023

Affordable Housing Development Florida Multifamily Southeast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson June 12, 2023

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

June 12, 2023

Acquisitions Development Multifamily Southeast Virginia

Walton Global Sells 25-Acre Multifamily Development Parcel in Fredericksburg, Virginia

by John Nelson June 12, 2023

FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.

June 12, 2023

Development Industrial Texas

ARCO/Murray to Build 972,380 SF Spec Industrial Facility in Grapevine, Texas

by Taylor Williams June 12, 2023

GRAPEVINE, TEXAS — Design-build firm ARCO/Murray will construct a 972,380-square-foot speculative industrial facility in Grapevine, located in the northern-central part of the metroplex. The developer was not disclosed. Phase I will consist of a 200,340-square-foot, rear-load warehouse that will feature 37 dock positions, two drive-in ramps, 119 car parking spaces and 49 trailer parking stalls on a 16-acre site. The building is designed to accommodate up to four tenants. Phase II will include three buildings totaling 772,040 square feet (504,000, 183,040 and 85,000 square feet) with a total of 216 dock positions, eight drive-in ramps and 700-plus car parking spaces on the remaining 72 acres. All necessary approvals have been secured, and construction is set to begin in September.

June 12, 2023

California Development Industrial Western

North Palisade Partners Acquires Industrial Development Site in Redlands, California for $44.5M

by Jeff Shaw June 12, 2023

REDLANDS, CALIF. — North Palisade Partners has acquired a nearly 17-acre site at 1101 California St. in Redlands for $44.5 million. The site previously housed a waterpark that closed in 2018. North Palisade plans to transform the space into a modern, Class A warehouse distribution facility. Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.

June 12, 2023

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