Development

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson June 7, 2023

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

June 7, 2023

Development Florida Loans Multifamily Southeast

PCCP Provides $67.8M Construction Loan for Central Florida Multifamily Development

by John Nelson June 7, 2023

KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.

June 7, 2023

Development Industrial Michigan Midwest

GM to Invest $1B in Two Manufacturing Facilities in Flint, Michigan

by Kristin Harlow June 7, 2023

FLINT, MICH. — General Motors Co. (NYSE: GM) has unveiled plans to invest more than $1 billion in two of its manufacturing facilities in Flint — Flint Assembly and Flint Metal Center. The investments will be utilized to prepare the plants for the production of internal combustion engine (ICE) heavy-duty trucks. At Flint Assembly, GM will invest $788 million for a body shop building expansion, general assembly conveyor expansion and new tooling and equipment. At Flint Metal Center, GM will invest $233 million for new stamping dies as well as press refurbishments and new equipment. GM has announced more than $1.7 billion in investments for Flint-area operations in 2023.

June 7, 2023

Development Illinois Midwest Multifamily

Related Midwest Opens 300-Unit Luxury Apartment Tower in Chicago’s Fulton Market District

by Kristin Harlow June 7, 2023

CHICAGO — Related Midwest has opened The Row Fulton Market, a 300-unit luxury apartment tower located at 164 N. Peoria St. in Chicago’s Fulton Market District. Designed by Morris Adjmi Architects, the building rises 43 stories. Units range from 617 to 1,933 square feet. A select number of premium penthouse residences on floors 42 and 43 range from 2,358 to 3,418 square feet. Monthly rents start at $2,705. The penthouses start at $15,250 per month. Twenty percent of the units are designated as affordable housing. The Row features 22,600 square feet of amenity spaces, including an entertainment suite, gathering room, workspace options, fitness center, wellness studio and children’s play area. MAWD designed the interiors. The sixth floor features a 13,800-square-foot landscaped deck with a pool, grilling kitchens, fire pits and hammocks. The Row offers a range of services, including a 24-hour concierge, door attendant, move-in coordination, housekeeping and dog-walking services. Residents also have access to valet dry cleaning, package service, bike storage and 144 parking spaces, 12 of which are electric vehicle charging stations.

June 7, 2023

Development Retail Texas

Vista Cos. Breaks Ground on 8,400 SF Retail Project in Sugar Land, Texas

by Taylor Williams June 7, 2023

SUGAR LAND, TEXAS — Houston-based developer Vista Cos. has broken ground on Vista Sugar Land III, an 8,400-square-foot retail project that will be located on the city’s southwestern outskirts. The center is 83 percent preleased. United Constructors is the general contractor for the project, which is slated for a fourth-quarter delivery. Stellar Bank provided construction financing.

June 7, 2023

Affordable Housing Development Multifamily New York Northeast

Slate Property Group, RiseBoro Begin Work on $146M Affordable Housing Project in Brooklyn

by Taylor Williams June 7, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and nonprofit RiseBoro Community Partnership has begun construction on a $146 million affordable housing project in the Brownsville area of Brooklyn. The unit mix will consist of 130 supportive housing residences for formerly homeless young adults and families; 34 residences that will be reserved for renters earning 60 percent or less of the area median income (AMI); 51 apartments that will be restricted for households earning 50 percent or less of AMI; and one superintendent’s unit. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will also house a 3,800-square-foot community center and 1,600 square feet of ground-floor retail space, as well as a fitness center, rooftop terrace, classroom spaces, children’s play area and a community room. Aufgang Architects designed the project, and SD Builders & Construction is serving as the general contractor. Completion is slated for summer 2025.

June 7, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

POAH Breaks Ground on 168-Unit Affordable Housing Redevelopment in Somerville, Massachusetts

by Taylor Williams June 7, 2023

SOMERVILLE, MASS. — The Preservation of Affordable Housing (POAH) has broken ground on Phase I of Clarendon Hill, a multifamily redevelopment project in the northern Boston suburb of Somerville that will add 168 affordable housing units to the local supply. The entire development, which is located on Powder House Boulevard, will ultimately consist of 591 units. Phase I will feature 41 one-bedroom apartments, 121 two-bedroom residences and six three-bedroom units that will be reserved for residents earning between 30 and 80 percent of the area median income. Bank of America provided construction financing for the project, which is being developed in partnership with the Somerville Community Corp. and the Somerville Housing Authority. Phase I is slated for a fall 2024 completion. Clarendon Hill was originally built in 1948 as a residence for veterans returning from WWII. MassHousing also provided financing to fund renovations and preserve the property’s affordability status.

June 7, 2023

Development Multifamily Southeast Tennessee Top Stories

Albion Residential to Build Two-Tower, 850-Unit Luxury Apartment Project in Nashville

by Kristin Harlow June 7, 2023

NASHVILLE, TENN. — Albion Residential has purchased land in Nashville with plans to build Albion Music Row, a two-tower luxury apartment project totaling 850 units. The first tower will rise 29 stories and 350 feet. Albion plans to begin construction prior to the end of the year on the 458-unit building, followed by the second tower, which will feature 392 units and rise 20 stories. Both buildings will offer retail and restaurant spaces on the ground floors. The centerpiece of the development will be a public green space that will feature art, a performance stage and a lawn designed for music uses. Albion Music Row will also feature an active recording studio. Albion Music Row will offer micro units at a lower price point in addition to studios, one-, two- and three-bedroom floor plans. There will also be duplex units. The site comprises five lots located at the southwest corner of the intersection of McGavock Street and 14th Avenue. Albion paid $31 million for the property. The project team includes Hartshorne Plunkard Architecture, civil engineer Barge Cauthen & Associates, landscape architect Hodgson Douglas, structural engineer SDL and MEP engineer I.C. Thomasson. Albion Residential is pursuing a LEED Silver designation for …

June 7, 2023

Development Mixed-Use Multifamily North Carolina Southeast Virginia

Hoffman & Associates to Enter Charlotte, Richmond with $433M in Multifamily Projects

by John Nelson June 6, 2023

CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.

June 6, 2023

Development Industrial Mixed-Use North Carolina Southeast

Beacon Partners Breaks Ground on 380-Acre Apex Gateway in Metro Raleigh

by John Nelson June 6, 2023

APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.

June 6, 2023

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