BASTROP, TEXAS — Atlanta-based multifamily developer Wood Partners has acquired 26 acres in Bastrop, about 30 miles east of Austin, for the construction of a 650-unit project. The site is located within a larger mixed-use development by Houston-based Pearl River Cos. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented Pearl River Cos. in the disposition of the land. Wood Partners plans to break ground in the coming weeks and expects for construction to last 24 to 36 months. Information on floor plans and amenities was not disclosed.
OKLAHOMA CITY — Locally based developer The Medallion Group has broken ground on The Stacks, a 34,000-square-foot retail project in Oklahoma City. The site is located just east of Garth Brooks Boulevard on NW 10th Street. Tenants that have already committed to the development include Mediterranean restaurant Cava, fast-casual eatery Pickleman’s and locally based food-and-beverage concept The Surf Bar. Additional retail and medical users will be announced later this year. The Stacks is scheduled to open in the first half of 2024.
JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.
MIAMI — Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected to close later this year. The site offers 800 feet of direct frontage along Biscayne Bay, adjacent to Miami’s Museum Park and roughly midway between Miami Beach and Miami International Airport. A mixed-use property is planned for the site, details of which were not disclosed. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young brokered the sale, and a team led by Suzanne Amaducci at law firm Bilzin Sumberg provided counsel to Genting. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity in the transaction. “The scale and location of this site offers the opportunity to do something spectacular — something that all of Miami can take pride in — and we will deliver nothing short of that,” says Martin. “For now, our team is focused on understanding the full potential of …
PATTONVILLE, TEXAS — General contractor Harrison, Walker & Harper has broken ground on a $17 million project for the Prairiland Independent School District in the northeastern Texas community of Pattonville. The project includes the construction of a 46,000-square-foot multi-purpose facility for the high school campus that will house athletics facilities and event space, as well as a 21,000-square-foot career and technical education center. Those pieces of the project are valued at roughly $11.5 million and $5.5 million, respectively. Architecture and engineering firm Parkhill is also a partner on the project. A tentative completion date was not released.
BRADENTON, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024. Funding sources for Astoria on 9th include Fifth Third Bank, Capital One (via Freddie Mac), Bradenton CRA and Raymond James, as well as a State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund (NHTF) loan; and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL. The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton …
JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …
RIVERSIDE, CALIF. — AO has completed construction of The Mark, a seven-story apartment building the Inland Empire city of Riverside. The community is situated across from the Fox Theater and is steps from the historic Mission Inn Hotel. The project included 20,000 square feet of retail space hosting street-level boutiques and restaurants below 165 apartments ranging from studio to three-bedroom units. AO served as the project’s designer. The project included restoration and preservation of three historic buildings on the site, including the city’s first fire station.
BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.
TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.