Development

McBride Cohen Receives Financing for First Phase of 3.2 MSF Mixed-Use Project in Tempe, Arizona

by Jeff Shaw June 2, 2023

TEMPE, ARIZ. — The McBride Cohen Co. has received a $53.2 million mezzanine loan to develop the first phase of South Pier at Tempe Town Lake, a waterfront mixed-use project in Tempe. South Pier is a seven-phase project that will span 18 acres and 3.2 million square feet along the southern shoreline of Tempe Town Lake. The first phase of South Pier will consist of 724 multifamily units across three towers, as well as parking garage with 850 spaces, 280 spaces of surface parking and 26,500 square feet of ground-floor commercial space. Construction on the first phase began in January and is slated for completion by spring 2026. The Davis Experience is the architect for the project and Clayco is the general contractor. At full build-out, South Pier will offer 18 total buildings, including thousands of housing units, 600,000 square feet of high-rise office space, two hotels and South Pier Isle, an entertainment district providing dining, retail, night life and entertainment venues. South Pier Isle also includes the Arizona Amazing Wheel, an 80-meter-tall observation wheel. The development site is located adjacent to the main campus of Arizona State University. Pearlmark originated the mezzanine loan on behalf of Pearlmark Mezzanine Realty …

June 2, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

by Hayden Spiess June 1, 2023

CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.

June 1, 2023

Development Florida Multifamily Southeast

Crest Residential Breaks Ground on 251-Unit Multifamily Development in Palm Coast, Florida

by Hayden Spiess June 1, 2023

PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.

June 1, 2023

Development Multifamily Southeast Student Housing Tennessee

Landmark, Manulife to Develop 834-Bed Student Housing Project in Knoxville, Tennessee

by Hayden Spiess June 1, 2023

KNOXVILLE, TENN. — A joint venture between Landmark Properties and Manulife Investment Management has announced plans for an 834-bed student housing project in Knoxville, in the University of Tennessee market. Upon completion, the community will feature units in studio, one-, two-, three-, four- and five-bedroom layouts. Amenities at the property will include a rooftop pool, 24-hour study lounge, pickleball court, clubhouse, fitness center and a 25,000-square-foot courtyard with fire pits, grilling stations and hammock groves. Construction is scheduled to begin in June for a planned opening in August 2025. Landmark Construction will serve as general contractor on the project.

June 1, 2023

Development Georgia Hospitality Southeast

Bridgeline Starts Construction of 45-Room Bridge Creek Inn in Clayton, Georgia

by Hayden Spiess June 1, 2023

CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.

June 1, 2023

Development Industrial Texas

Lovett Industrial Breaks Ground on 960,956 SF Project in West Dallas

by Taylor Williams June 1, 2023

DALLAS — Houston-based developer Lovett Industrial has broken ground on a 960,956-square-foot project within the 140-acre Trinity West Business Park in West Dallas. Buildings II and III will total 763,960 and 196,996 square feet and are being developed as build-to-suits for a global logistics company and Dallas County, respectively. Arch-Con Corp. is the general contractor for the project, completion of which is slated for the fourth quarter.

June 1, 2023

Civic Development Texas

Suffolk Breaks Ground on 56,325 SF Civic Project in Mesquite, Texas

by Taylor Williams June 1, 2023

MESQUITE, TEXAS — Boston-based general contractor Suffolk has broken ground on the Dallas County Mesquite Government Center, a 56,325-square-foot civic project that will be located on the eastern outskirts of Dallas. The project will allow the Dallas County government to expand its presence in Mesquite. As such, the two-story building will house offices for tax appraisers, the county constable, justice of the peace and juvenile services, as well as an area for community events and early voting. Completion is slated for next June.

June 1, 2023

Development Industrial Leasing Activity Self-Storage Washington Western

Stuf Self-Storage Expands into Seattle

by Jeff Shaw June 1, 2023

SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.

June 1, 2023

Development Midwest Minnesota Multifamily

Ryan Cos. Tops Out Construction of 25-Story Apartment Building in Downtown Minneapolis

by Kristin Harlow June 1, 2023

MINNEAPOLIS — Ryan Cos. US Inc. has topped out construction of Fourth & Park, a 25-story apartment building located one block west of U.S. Bank Stadium in downtown Minneapolis. Ryan is developing Fourth & Park in partnership with Weidner Apartment Homes. The project will include 350 apartment units, 100 parking stalls, a sixth-floor green roof and a rooftop pool deck. The project is now less than a year away from being move-in ready. Fourth & Park is part of Downtown East, a five-block redevelopment project that started in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $708 million project includes 1.2 million square feet of office space across two 17-story towers for Wells Fargo, a 200-unit mid-rise apartment complex, multi-tenant office building, 4.2-acre public green space, hotel, parking ramp and skyways.

June 1, 2023

Development Illinois Industrial Midwest

Logistics Property Co. Begins Development of 665,000 SF Oak Forest Logistics Center in Suburban Chicago

by Kristin Harlow June 1, 2023

OAK FOREST, ILL. — Logistics Property Co. (LPC) has begun development of Oak Forest Logistics Center in Oak Forest, a southern suburb of Chicago. The nearly 665,000-square-foot development features immediate access to the I-57 four-way interchange at 167th Street. The building will feature four drive-in doors, 117 exterior docks and parking for 116 trailers and 500 cars. The project team includes general contractor FCL Builders, Architects Plus Design Studio and civil engineer SPACECO Inc. Jason West, Sean Henrick and Ryan Klink of Cushman & Wakefield are marketing the project for lease. Completion is slated for the end of the year.

June 1, 2023

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