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Development

Origin-at-Symphony-Park_Las-Vegas
DevelopmentMarket ReportsNevadaWesternWestern Market Reports

Developers Consider Redevelopment Amidst Vegas’ Evolution

by Jeff Shaw

— By Megan Husic — For a long time, Las Vegas could not seem to attract major sports venues due to fear of sports gambling. But perceptions changed and opportunity skyrocketed when the supreme court struck down the federal law that prohibited sports gambling outside of Nevada in 2018, allowing other states to open sports books. Perception about major sports in Las Vegas seemed to change almost overnight.  Since 2017, Las Vegas has attracted successful NHL and WNBA franchises, lured the Raiders from Oakland, Calif., and hosted high-profile events like the NFL draft, Super Bowl, the NCAA men’s Final Four and a Formula 1 Grand Prix. Now, Major League Baseball is on deck as Vegas is currently making plans to develop a $1.5 billion stadium at a site that included the former Tropicana hotel, which is due to be demolished later this year in anticipation of the stadium.  Identifying Property with Potential Many sites along the Las Vegas Strip have been developed since the early 1960s. In some instances, these sites have been redeveloped several times over. In the environmental world, redevelopment sites typically occur on brownfields, defined by the U.S. Environmental Protection Agency (EPA) as a property, expansion, redevelopment or …

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AlabamaDevelopmentMultifamilySoutheast

Arey Group Begins Leasing 198-Unit Taylor Apartments in Historic Downtown Opelika, Alabama

by John Nelson

OPELIKA, ALA. — Arey Group has begun leasing The Taylor, a 198-unit apartment community underway at 411 S. 10th St. in historic downtown Opelika, about seven miles from Auburn, Ala. Designed by Geheber Lewis Associates, the property will feature one-, two- and three-bedroom apartments available at monthly rates starting at $1,250. Focus Design Interiors designed the apartments, which will feature stainless steel appliances, quartz countertops and black and wood tone accents. Amenities will include a fitness center and an entertainment area. Arey Group plans to deliver The Taylor in the third quarter.

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AcquisitionsAffordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

NewPoint-Sponsored Fund Provides $13.3M Bond Financing for Affordable Housing Rehab in Southeast D.C.

by John Nelson

WASHINGTON, D.C. — NewPoint Real Estate Capital’s NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing for Ridgecrest Apartments Phase II, a 128-unit affordable housing community in southeast Washington, D.C.’s Anacostia submarket. The New York-based borrower, The NHP Foundation, will use the funds to acquire, rehabilitate and recapitalize the community. Bryan Dickson of NewPoint arranged and structured the tax-exempt construction-to-permanent phased bond financing. Other capital partners in the development include DC Green Bank, the Office of the Deputy Mayor for Planning and Economic Development, DC Department of Housing and Community Development (DCHD) and the District of Columbia Housing Authority. The new financing will be combined with $29.2 million in soft debt and grants from the DCHD. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that NHPF purchased in 2019. After recapitalization, 20 percent of the Phase II units will be restricted at 30 percent of the area median income (AMI) to serve as permanent supportive housing. The remaining 80 percent of units will be restricted at 50, 60 and 80 percent of AMI. The garden-style apartment community features a mix of two- and three-bedroom units ranging in size from …

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Carney-Commerce-Center
DevelopmentIndustrialNew JerseyNortheast

Portman Completes 587,000 SF Industrial Project in Carneys Point, New Jersey

by Taylor Williams

CARNEYS POINT, N.J. — Atlanta-based developer Portman has completed Carney Commerce Center, a 587,000-square-foot industrial project in the Southern New Jersey community of Carneys Point. The site is located about 10 miles from the New Jersey-Delaware border and 30 miles from Philadelphia. The cross-dock facility features a clear height of 40 feet, 140 dock doors, 2,000 square feet of office space and parking for 318 cars and 244 trailers.

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3000-Quarry-Road-West-Rockhill-Pennsylvania
DevelopmentIndustrialLoansNortheastPennsylvania

JLL Arranges Financing for 330,000 SF Industrial Project in West Rockhill, Pennsylvania

by Taylor Williams

WEST ROCKHILL, PA. — JLL has arranged an undisclosed amount of construction financing and joint venture equity for a 330,000-square-foot industrial project in West Rockhill, located roughly midway between Philadelphia and Allentown. The building will be situated on a 29.6-acre site and feature 36-foot clear heights, 85 loading positions and parking for 280 cars and 76 trailers. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL worked on behalf of the developer, J.G. Petrucci, to arrange the loan with Provident Bank and structure the joint venture with Boston-based Cabot Properties.

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DevelopmentMidwestMissouriMultifamily

Thompson Thrift Opens 300-Unit Luxury Apartment Community in Suburban Kansas City

by Kristin Harlow

RAYMORE, MO. — Thompson Thrift has opened The Depot, a 300-unit luxury apartment community in the Kansas City suburb of Raymore. The property is nearly 30 percent leased. Located at 101 S. Dean Ave., The Depot offers nine three-story buildings with one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, resort-style pool, dog park and speakeasy-inspired clubhouse. The Depot sits adjacent to the Raymore Galleria, a 400,000-square-foot shopping center. Monthly rents start at $1,295. Residents can earn six weeks of free rent if they move in prior to June 30, according to the property’s website.

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Leland-South-Congress-Austin
DevelopmentMultifamilyTexas

Intracorp Homes to Develop 270-Unit Multifamily Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Intracorp Homes will develop Leland South Congress, a 270-unit multifamily project in the Bouldin Creek area of Austin. The property will offer studio-, one-,  two- and three-bedroom for-sale units as well as penthouses on the top level and 22,000 square feet of retail and restaurant space. Amenities will include a pool, fitness center, private garden, pet play area, private dining room, catering kitchen, library, coworking lounges and a clubroom. The design team consists of Kirksey Architecture (lead architect), Michael Hsu Office of Architecture (interiors and amenities) and Nudge Design (landscaping). Construction is scheduled to begin later this year and to be complete in 2027.

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DevelopmentOfficeTexas

JT Magen Completes Renovation of 8,000 SF Office Space in Austin

by Taylor Williams

AUSTIN, TEXAS — National general contractor JT Magen has completed the renovation of the 8,000-square-foot office space of JBGoodwin Realtors in Austin. The space is located at 1613 S. Capital of Texas Highway in the city’s Westlake neighborhood. The project increased the flow of natural light via floor-to-ceiling windows and added a variety of functional spaces for staff training and client hosting, as well as additional desking areas. Seventh Spectrum Studios handled the interior design.

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DevelopmentFloridaIndustrialLoansSoutheast

BGFP International Obtains $72M Construction Financing for Cold Storage Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — BGFP International, a partnership between BG Capital, Saoud Development and FreezPak Logistics, has secured $72 million in construction financing to develop a 275,000-square-foot cold storage facility in Jacksonville. The capital providers include senior lenders Valley National Bank and the Israel Discount Bank of New York (IDB), as well as Nuveen Green Capital, which provided Commercial Property-Assessed Clean Energy (C-PACE) financing. Tyler Huffman and Joseph Byrne of BG Capital originated the debt execution on behalf of BGFP International. Construction is underway and expected to be completed in November. FreezPak Logistics will lease the entirety of the complex, which will feature 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. Situated on 20 acres, the property will offer 53,000 new pallet positions, 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and clear heights of 67 feet. The new Jacksonville facility will represent the third build-to-suit facility for BGFP International, joining developments in Philadelphia and Houston.

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Bronx-Logistics-Center
DevelopmentIndustrialNew YorkNortheast

Joint Venture Completes 1.3 MSF Spec Industrial Project in The Bronx

by Taylor Williams

NEW YORK CITY — A joint venture between Turnbridge Equities, Dune Real Estate Partners and Sterling Project Development has completed Bronx Logistics Center, a 1.3 million-square-foot speculative industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The multi-story facility offers a clear height of 32 feet and more than 1,500 parking spaces. ARCO Design/Build provided architectural and general contracting services for the project. The project was first announced in September 2020.

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