Development

CBRE Secures Construction Financing for Whole Foods-Anchored Development in Rogers, Arkansas

by John Nelson October 27, 2023

ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025.

October 27, 2023

Development Georgia Multifamily Southeast

Opus Group Delivers 104-Unit Helmsman Apartments in Downtown Savannah

by John Nelson October 27, 2023

SAVANNAH, GA. — The Opus Group has delivered The Helmsman, a 104-unit, five-story apartment building located at 645 E. Broughton St. in downtown Savannah. Situated near the Savannah College of Art and Design (SCAD), the boutique community features studios, one-, two-, three- and four-bedroom apartments, all with private bathrooms for each bedroom. All units are fully furnished, and select apartments have balconies. Amenities include an art studio, private and group study areas, resident lounge, clubroom, spa with sauna and relaxation room, fitness center, outdoor pool, outdoor dining area with grills, outdoor entertainment area, indoor secure bike storage, bike maintenance room and covered parking. Opus recently completed the lease-up of The Helmsman to both SCAD students and non-student renters. The project team included development partner Atlantic American Partners, construction lender Huntington Bank, architect of record Myefski Architects, general contractor Rabren General Contractors, civil engineer Thomas & Hutton, structural engineer LBYD and interior designer Creative License International.

October 27, 2023

Development Texas

Partnership Nears Completion of 345-Unit Multifamily Project in Uptown Dallas

by Taylor Williams October 27, 2023

DALLAS — A partnership between Hines, Mitsui Fudosan American and McNair Interests is nearing completion of Maple Terrace Residences, a 345-unit multifamily project in Uptown Dallas. The 22-story building houses studio, one-, two- and three-bedroom apartments, as well as some two- and three-bedroom penthouses, that range in size from 600 to 2,900 square feet. Amenities include a pool, fitness center, golf simulator, dog park, library, creative studio, clubroom with kitchen, media lounge, coworking spaces and a rooftop terrace. Leasing will begin in January.

October 27, 2023

Development Indiana Industrial Midwest

NewCold Opens $300M Cold Storage Facility in Lebanon, Indiana

by Kristin Harlow October 27, 2023

LEBANON, IND. — NewCold has opened a $300 million cold storage facility in Lebanon, about 30 miles northwest of Indianapolis. The highly automated warehouse is one of the largest cold storage facilities nationwide, according to the firm. NewCold aims to make its warehouses increasingly grid-dependent, using their own power generated from a variety of sources, including renewable energy. NewCold says its properties are about 50 percent more energy efficient than traditional warehouses. The Lebanon facility serves global food producers.

October 27, 2023

Development Midwest Missouri Multifamily

Opus, Balboa Complete 255-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow October 27, 2023

KANSAS CITY, MO. — The Opus Group and Balboa Real Estate Partners have completed The Darby at Briarcliff, a 255-unit luxury apartment complex in Kansas City. Owned by Balboa, the property is situated in the Briarcliff West neighborhood and consists of two buildings. Amenities include a pool, lounge, private event space, fitness center, patio, work-from-home lounge, coffee bar, pet spa and dog run. The development is part of a master-planned community initiated by Charles Garney of Briarcliff Development Co. Over the course of two decades, the firm has revitalized what was once a 400-acre infill site by developing single-family residences, apartments, commercial spaces and hotels. Monthly rents at The Darby at Briarcliff start at $1,203. Residents can now earn one month of free rent, according to the property’s website. Coastal Ridge is the property manager for The Darby at Briarcliff. Opus served as developer, design-builder, interior designer, architect and structural engineer.

October 27, 2023

California Development Multifamily Western

Lowe, Centennial Open 309-Unit Paloma Apartments at MainPlace Mixed-Use Redevelopment in Santa Ana, California

by Amy Works October 27, 2023

SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.

October 27, 2023

Affordable Housing Development Multifamily New York Northeast

Habitat Receives Approval for $400M Affordable Housing Redevelopment in Buffalo

by Taylor Williams October 27, 2023

BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.

October 27, 2023

Development Massachusetts Northeast Office

Chiofaro Begins $100M Transformation of International Place Office Complex in Downtown Boston

by Taylor Williams October 27, 2023

BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are connected by a public courtyard. The complex is home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, the centerpiece of which will be a 16,000-square-foot amenity center that will be known as The Aries Club. The capital improvement program also calls for the renovation of the entrance of One International Place with upgraded lighting and protective glass canopies to imbue the building with more hospitality-like curb appeal. Ownership will also modernize the retail storefronts at One International Place. At Two International Place, Chiofaro is planning a similar renovation of the entrance to elevate lighting, seating and accessibility. The lobby will also be redesigned to feature tech-enabled seating options, enhanced security measures and new art installations. Lastly, the retail space will be revamped to support an 8,000-square-foot restaurant. IP Commons, the courtyard that links the two buildings and International Place’s central gathering area, will …

October 27, 2023

Development Life Sciences Mixed-Use Texas Top Stories

Texas Medical Center Opens First Building at 37-Acre Helix Park Life Sciences Campus in Houston

by Jeff Shaw October 27, 2023

HOUSTON — Texas Medical Center, The University of Texas MD Anderson Cancer Center (MD Anderson), Texas A&M University Health Science Center and The University of Texas Health Science Center at Houston have opened the TMC3 Collaborative Building in Houston. The building is the first project completed within Helix Park, a life sciences campus spanning 37 acres and approximately 5 million square feet of planned development. At full build-out, the Helix Park campus will also offer a 700,000-square-foot industry research building called Dynamic One, six future industry and institutional research buildings, a hotel, a residential tower and a mixed-use building with retail space. Helix Park will also include 18.7 acres of green space across six public parks, which will link together in a double helix configuration. Each park will comprise approximately 55,000-square feet. The parks will offer gathering space, water features, cafes, retail shops and other public spaces. Individual gardens will be available as event spaces. The TMC3 Collaborative Building comprises 250,000 square feet at the heart of Helix Park. According to the Texas Medical Center, the property was designed to foster collaboration between academic institutions and industry partners. The building offers purpose-built wet laboratories, as well as office and co-working space. The building will …

October 27, 2023

Development Florida Multifamily Southeast

Related Group, W5 to Deliver 63-Unit Co-Living Project in Miami’s Wynwood District

by John Nelson October 26, 2023

MIAMI — Related Group and single-family residential investment firm W5 Group are nearing completion for the first co-living development in Miami’s Wynwood neighborhood. Located at 51 N.W. 28th St., the nine-story property, named i5 Wynwood, will feature 63 fully furnished apartments that comprise 217 private suites that are available for rent. Residents will have shared common areas including living spaces, communal kitchens and dining spaces. Residents can choose between three-bed/three-bath and four-bed/four-bath apartments that will feature queen-size beds, writing desks, multiple shelving units, modern light fixtures, dining tables and chairs, couches, coffee tables, entertainment consoles and flat-screen TVs. Related and W5 plan to launch preleasing in November with rental rates beginning at $1,895 per suite. The design-build team includes architect Arquitectonica and interior designer Michael Wolk. Amenities will include 3,900 square feet of ground-floor retail space surrounding a 6,600-square-foot shaded central courtyard, along with a rooftop pool, an indoor/outdoor gym and coworking and meeting spaces.

October 26, 2023

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