Development

American Campus Communities Underway on $631M Student Housing Project at University of Michigan

by Kristin Harlow November 29, 2023

ANN ARBOR, MICH. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as the architect of record and Elkus Manfredi Architects is the interior architect. According to ACC, the development signifies the first Central Campus residence halls built specifically for first-year students since 1963 and will significantly alleviate a decades-long shortage of on-campus housing. “This important new student residential community allows all first-year students who want to live on the University of Michigan Central Campus to do so,” says Graham Wyatt, partner at RAMSA. “It will provide affordable and uniquely appropriate residential communities and amenities for the first- and second-year students who live there, and it will create a crucial link between Central Campus and the Athletic Campus.” To make way for the …

November 29, 2023

Development Multifamily Student Housing Texas

Ascendant Development Completes 649-Bed Student Housing Project in Houston

by Taylor Williams November 28, 2023

HOUSTON — Ascendant Development has completed Haven at Elgin, a 649-bed student housing project that serves students at the University of Houston. The 16-story building sits on a 1.3-acre site that is adjacent to campus. Units range in size from 497 to 1,985 square feet and are furnished with vinyl plank flooring, granite countertops, kitchen backsplashes, and stainless steel appliances. Amenities include study rooms on every floor, a fitness center with yoga and spin studios, outdoor kitchen space and a resort-style saltwater pool.

November 28, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Urban Network Capital, Vertical Development Break Ground on $170M Mixed-Use Residential Project in Metro Orlando

by John Nelson November 28, 2023

DAVENPORT, FLA. — Urban Network Capital Group and Vertical Developments have broken ground on Visions Resort & Spa, a $170 million mixed-use development located at 7007 Osceola Park Line Road in Davenport, a suburb of Orlando. The property will comprise 48 single-family homes, 132 multi-level townhomes, a 180-unit condo/hotel and 70,000 square feet of retail and restaurant space. Starting sales prices range from $229,000 for condo-hotel units to $879,000 for single-family homes, according to the co-developers. The townhomes are completely presold and the single-family and condo-hotel units are 85 percent presold. Visions Resort will include a 12,000-square-foot clubhouse and an amenity package comprising a pool with cabanas with a wet bar for poolside refreshments, sports courts, a meditation garden, Pilates/yoga center, a gym facility and an outdoor cross-training gym. First residential units at Visions Resort are expected to deliver in first-quarter 2025.

November 28, 2023

Development Georgia Leasing Activity Mixed-Use Multifamily Restaurant Retail Southeast

Connolly Signs Retail Tenants for $70M Parkside on Dresden Mixed-Use Project in Brookhaven, Georgia

by John Nelson November 28, 2023

BROOKHAVEN, GA. — Connolly has recently signed new retail tenants at Parkside on Dresden, a $70 million mixed-use development underway in the Atlanta suburb of Brookhaven. The four-acre development is set to open in fall 2024 and will comprise the 183-unit Solis Dresden Village apartment community that Terwilliger Pappas is developing. The project will also include 32,000 square feet of retail and restaurant space that will be leased to tenants including Confab Kitchen and Bar, Honeysuckle Gelato, Café Vendome, Clean Juice, El Valle, MIRAE and F45 Training. Mindy Elms and Ed O’Connor of Lavista Associates Inc. are handling the retail leasing assignment at Parkside on Dresden on behalf of Connolly. The development will be situated at 1350 Dresden Drive between Caldwell Road and Parkside Drive, which is within walking distance to the Brookhaven-Oglethorpe MARTA station.

November 28, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Jim Chapman Construction Nearing Completion of 327-Unit Build-to-Rent Project Near Savannah

by John Nelson November 28, 2023

POOLER, GA. — Jim Chapman Construction Group has broken ground on The Cottages at New Hampstead, a 327-unit build-to-rent residential development underway in Pooler, a western suburb of Savannah. Situated off Little Neck Road near the Savannah/Hilton Head International Airport, the gated, 66-acre project will include attached townhomes offering a mix of floor plans ranging from 1,020 to 1,466 square feet. Amenities at The Cottages at New Hampstead will include onsite management and leasing offices, 24-hour emergency maintenance, a clubhouse, swimming pool, fitness center, sidewalks and streetlights. The project is on track for completion in December and leasing will begin in January 2024.

November 28, 2023

Development Georgia Multifamily Southeast

Novare Group, BCDC Open 316-Unit Apartment Community in Pooler, Georgia

by John Nelson November 28, 2023

POOLER, GA. — Novare Group and Batson-Cook Development Co. (BCDC) have opened Populus Pooler, a 316-unit apartment community located at 5000 Populus Drive in Pooler. The 30-acre project is situated near Hyundai’s $5.5 billion manufacturing plant that is set to open in 2025, as well as the Port of Savannah. Populus Pooler features one-, two- and three-bedroom apartments with monthly rental rates ranging from $1,585 to $2,491, according to the property website. Amenities include an onsite car care center, game room, library nook, coworking micro-offices, fitness center with a yoga and spin room, resort-style pool with a sun deck and tanning ledge, a dog park and pet spa and an outdoor fire pit. The project team includes architect Dynamik Design, general contractor Classic Plains Construction, lender Citizens Bank and property manager Livcor, which also provided mezzanine financing.

November 28, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

WinnDevelopment Breaks Ground on $55.3M Affordable Seniors Housing Project in Western Massachusetts

by Taylor Williams November 28, 2023

HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.

November 28, 2023

California Development Multifamily Seniors Housing Western

Community HousingWorks Opens 58-Unit Portola Senior Apartments in Lake Forest, California

by Amy Works November 28, 2023

LAKE FOREST, CALIF. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest. CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples age 62 years and older who are living on 50 percent of the area median income (AMI) or less (approximately $50,000 per year). Over 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Rent is $1,264 per month (after a utility allowance) and the waiting list currently has more than 1,000 applicants. Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The development team included general contractor Sunrise Pacific Construction Inc.; architectural firm AVRP Studios; civil …

November 28, 2023

Development Midwest Ohio Retail

Victoria’s Secret Opens Renovated Store at Easton Town Center in Columbus, Ohio

by Kristin Harlow November 28, 2023

COLUMBUS, OHIO — Victoria’s Secret has opened its newly renovated store at Easton Town Center, a shopping destination in Columbus. The “store of the future” concept aims to create a more welcoming space for all shoppers with mannequins representing a range of sizes, inclusive product offerings and an easy-to-navigate layout. The store also features more efficient lighting and HVAC systems along with low-flow toilets. New fitting room technology, Crave, links each product with the store’s computer system through radio frequency identification tags. The technology enables customers to communicate with store associates from their fitting rooms.

November 28, 2023

Arizona Development Industrial Loans Western

JLL Arranges $12M Construction Loan for ATLAS Germann Industrial Development in Gilbert, Arizona

by Amy Works November 28, 2023

GILBERT, ARIZ. — JLL Capital Markets has arranged $12 million in construction financing for ATLAS Germann, an industrial development in Gilbert. The borrowers are ATLAS and OakPoint. Jason Carlos, Jarrod Howard, Steve Larsen and Kyle Westfall of JLL Capital Markets secured the five-year, fixed-rate loan from a regional bank. Snack-food manufacturer Frito-Lay Inc., a subsidiary of PepsiCo, will fully occupy the 60,500-square-foot property that is situated on 8.2 acres.

November 28, 2023

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