Development

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

University of Washington Bothell Phase 1 Residential Village

Development Multifamily Student Housing Washington Western

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Data Centers Development Georgia Southeast

DC Blox Breaks Ground on $1.2B Data Center Campus in Douglasville, Georgia

by John Nelson November 1, 2023

DOUGLASVILLE, GA. — Data center developer and operator DC Blox has broken ground on a $1.2 billion data center campus in Douglasville, about 22 miles west of Atlanta. Situated on a 55-acre site, the two-story data center campus will feature 12 data halls totaling 750,000 square feet. Tenants will have access to 180 megawatts of power and will be connected to DC Blox’s nearly 500-mile dark fiber route, which is slated for completion before the end of the year. The east-west fiber path will connect the company’s major hubs in Atlanta to its holdings in Augusta and on to its newly opened DC Blox Cable Landing Station in Myrtle Beach. Initial customer move-ins at the Douglasville campus is expected for third-quarter 2025. DC Blox is using tax incentives coordinated by Elevate Douglas Economic Partnership to help fund the development. The design-build team includes Evans General Contractors, DLB Associates, Bennett & Pless and Corgan, Thomas & Hutton.

November 1, 2023

Development Georgia Southeast Student Housing

Joint Venture Underway on 798-Bed Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson November 1, 2023

ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.

November 1, 2023

Affordable Housing Development Florida Multifamily Southeast

Related Urban Opens Two Affordable Housing Communities in Miami Totaling 497 Units

by John Nelson November 1, 2023

MIAMI — Related Urban, the affordable housing and mixed-income division of Related Group, has opened Robert King High and Paseo Del Rio, two newly completed affordable housing communities in Miami’s Little Havana neighborhood. The 315-unit Robert King High project is the substantial rehab of an elderly public housing high-rise built in 1964. The property is reserved for low-income seniors housing citizens and comprises residential towers, a one-story clubhouse that was also overhauled and a 1,500-square-foot convenience store. Paseo del Rio is a 182-unit, seven-story residential tower reserved for households earning 30, 60 and 80 percent of the area median income (AMI). Amenities will include a multipurpose room, fitness center, business center, dog park, bike storage, outdoor grill areas, resident courtyard and a 3,000-square-foot Pinecrest Bakery shop, which is set to open in early 2024. Robert King High and Paseo del Rio are now fully leased and occupied. The properties represent the fourth and fifth phases of the River Parc master plan, which will ultimately comprise 2,500 affordable housing, workforce housing and market-rate apartments. Full completion of the master plan’s 10 phases is slated for 2027.

November 1, 2023

Build-to-Rent Development Single-Family Rental Texas

Wan Bridge Completes 127-Unit Build-to-Rent Residential Project in Metro Dallas

by Taylor Williams November 1, 2023

WAXAHACHIE, TEXAS — Wan Bridge, a Texas-based owner-operator, has completed Sonata Estates, a 127-unit build-to-rent residential project in Waxahachie, a southern suburb of Dallas. The development houses three- to four-bedroom townhomes that range in size from 1,612 to 1,854 square feet. Amenities include a pool and splash pad, playground, outdoor sports courts, covered picnic areas and baseball fields. Residents also have access to onsite maintenance services and a walking path that connects to a nearby park. Rents start at $2,250 per month.

November 1, 2023

Development Life Sciences New York Northeast

Georgetown Co., Beacon Capital to Develop 185,000 SF Life Sciences Facility in Manhattan

by Taylor Williams November 1, 2023

NEW YORK CITY — A partnership between The Georgetown Co. and Beacon Capital Partners will develop a 185,000-square-foot life sciences facility at 707 Eleventh Ave. on Manhattan’s Far West Side. Designed by Elkus Manfredi Architects, the seven-story facility will house lab, research and office space, as well as private terraces, conference facilities and a lobby with a café and wine bar. Additional eco-friendly and wellness features will include bike storage and locker rooms, LEED Gold certification and rooftop solar panels. Completion is slated for 2026. JLL will market the facility for lease.

November 1, 2023

Development Illinois Midwest Office

Onni Group Nears Completion of 643,323 SF Office Building Renovation in Chicago

by Kristin Harlow November 1, 2023

CHICAGO — Onni Group is nearing completion of the renovation of 200 N LaSalle Street in Chicago. The owner expects to finish the project by the end of the year. Onni purchased the 643,323-square-foot office building in 2012. The third floor of the property is being transformed with a new tenant lounge and bar, refreshed conference center with seating for up to 150 people, private lounge for hosting events, café and bar seating, wine and whiskey lockers, an upgraded fitness center, massage and treatment room, and multiple wellness rooms. Additional features include a lobby-level lounge and game room, golf simulator, arcade games, seating areas, a catering kitchen, secure indoor bike parking and changing rooms. Mark Gunderson and Ben Cleveland of Stream Realty Partners handle leasing for the property. Since earlier this year, the duo has leased more than 60,000 square feet of office space at the property to companies such as Wasserman, CoxReps, The Planet Group and Everest Transportation Systems.

November 1, 2023

Development Industrial Loans Washington Western

PCCP Provides $252.3M Construction Financing for 2.2 MSF Industrial Project in Fredrickson, Washington

by Amy Works October 31, 2023

FREDRICKSON, WASH. — PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital. The funds will be used for the development of three industrial buildings in Fredrickson, approximately 40 miles south of downtown Seattle. Eastdil Secured arranged the construction financing on behalf of the borrowers. Totaling 2.2 million square feet, the cross-docked distribution buildings will feature 40-foot clear heights. The project includes two speculative buildings, Building G (611,206 square feet) and Building D (753,069 square feet). It also features a build-to-suit Building E (782,875 square feet), which a national tool and equipment retailer has already reserved. The three warehouse/distribution buildings are slated for delivery in summer 2024. The facilities are the first phase of FRED310, a 310-acre, five-building industrial parking totaling 3.7 million square feet at Canyon Road East and E. 176th St.

October 31, 2023

Arizona Development Industrial Western

Parklane, Miramar Complete 1.2 MSF Southern Industrial Center in Buckeye, Arizona

by Amy Works October 31, 2023

BUCKEYE, ARIZ. — Parklane Development Group and Miramar Industrial Partners have completed the development of Southern Industrial Center, a 1.2 million-square-foot, speculative, Class A industrial project in Buckeye. Totaling 1.2 million square feet, Southern Industrial Center features 40-foot clear heights, 202 sectional overhead dock doors, four drive-through dock doors, reinforced speed bays and parking for 914 autos and 250 trailers. The project team included Graycor Construction Co., Ware Malcomb, DWS, Westpine Partners and Bank OZK. Marc Hertzberg, John Lydon and Kelly Royle of JLL’s Phoenix office are the exclusive leasing brokers.

October 31, 2023

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