Development

Cappelli Development Begins Leasing 241-Unit Apartment Building in New Rochelle, New York

by Taylor Williams December 11, 2023

NEW ROCHELLE, N.Y. — Cappelli Development Co. has begun leasing Encore, a 241-unit apartment building in New Rochelle, a northern suburb of New York City. The 28-story building offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, multi-sport simulator, coworking lounge and a catering kitchen. Rents start at roughly $1,900 per month for a studio apartment.

December 11, 2023

Development Hospitality New York Northeast

T-Rex Capital, Shaner Near Completion of 137-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams December 11, 2023

HYDE PARK, N.Y. —A partnership between locally based developer T-Rex Capital and Pennsylvania-based owner-operator Shaner Hotel Group is nearing completion of a 137-room, Marriott-branded hotel in Hyde Park, about 85 miles north of Manhattan. The hotel will be located within Bellefield at Historic Hyde Park, a $1 billion mixed-use development, and will operate under Marriott’s Residence Inn brand. Rooms will feature kitchens and workstations, and amenities will include a fitness center, 3,180 square feet of meeting space, a 150-person ballroom and multiple onsite food-and-beverage options. The hotel will welcome its first guests early next year.

December 11, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Chelsea Senior Living Opens Community in Washington Township, New Jersey

by Taylor Williams December 11, 2023

WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing (CSH) owns the property. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, which is projected to open in 2025.

December 11, 2023

Development Industrial Midwest Wisconsin

Brinkmann Constructors Completes Two Spec Industrial Buildings Totaling 1.2 MSF in Kenosha, Wisconsin

by Kristin Harlow December 11, 2023

KENOSHA, WIS. — Brinkmann Constructors has completed two speculative industrial buildings totaling 1.2 million square feet at Flint 94 Commerce Center, a 128-acre industrial park in Kenosha. Flint Development is the developer. One of the buildings totals 735,000 square feet, while the other spans 510,000 square feet. Both facilities feature a shipping office build-out and amenities such as ample heavy trailer parking, ESFR sprinklers and LED lighting.

December 11, 2023

Development Indiana Midwest Retail

Drip Auto Spa Opens New Car Wash in Highland, Indiana

by Kristin Harlow December 11, 2023

HIGHLAND, IND. — Drip Auto Spa has opened a new car wash at 8955 Indianapolis Blvd. in Highland, a city in northwest Indiana. The 45,000-square-foot redevelopment project took nearly three years of planning, zoning approvals, design and construction. F & E Ventures LLC acquired the one-acre site that included a long-defunct night club in a state of near collapse. The new auto spa on the site features the latest technology for washing cars and light-duty trucks. Multi-lane automated vehicle entry and payment systems enhance the flow and eliminate long lines. Bill Loy and Jeff Bennett of McColly Bennett Commercial Advantage brokered the transaction. Loy represented F & E Ventures in the acquisition of the land. Bennett represented the seller, Goulas Inc. Design Alliance was the project architect, and Torrenga Engineering provided engineering services. Drip Auto Spa owners plan to add new locations in Cape Coral, Fla., and Lakemoor, Ill., in 2024.

December 11, 2023

Development Hospitality Mixed-Use North Carolina Southeast

NexPoint, Alamo Manhattan to Develop 250-Room Hotel in North Carolina’s Research Triangle Park

by John Nelson December 8, 2023

RESEARCH TRIANGLE PARK, N.C. — An affiliate of NexPoint Advisors has acquired land within Research Triangle Park (RTP) for the development of a 250-room Marriott Renaissance-branded hotel. The buyer has partnered with Dallas-based developer Alamo Manhattan to deliver the project, which will be situated at 4175 Sancar Way within Hub RTP, a $1.5 billion mixed-use development serving as RTP’s downtown. Construction is scheduled to begin next summer. Dubbed Renaissance RTP, the property will feature a full-service restaurant and bar, as well as 13,000 square feet of meeting space. Upon full build-out, Hub RTP will comprise up to 1 million square feet of office and life sciences lab space, 38,000 square feet of retail space and 1,200 multifamily units, in addition to the hotel.

December 8, 2023

Development Georgia Multifamily Southeast

Greystar Opens 281-Unit NOMIA Apartment Community in Midtown Atlanta

by John Nelson December 8, 2023

ATLANTA — Greystar has opened NOMIA, a 281-unit high-rise apartment community located in Midtown Atlanta. Amenities at the property, which features residences in studio, one-, two- and three-bedroom layouts, include vending service TULU, complimentary e-scooters through TULU Ride, coworking space, a spa room, rooftop swimming pool and a fitness studio. Additionally, the community will feature activations including wine tasting with Barcelona Wine Bar, instruction by Evolation Yoga Studio, boxing with Pepper Boxing Club, facials by Woodhouse Spa and rooftop spirits provided by Drop to the Rim Bartend. Monthly rental rates at NOMIA begin at $1,680, according to the community website.

December 8, 2023

Development Georgia Multifamily Southeast

Brook Farm Group, Emory Equity Break Ground on 388-Unit Multifamily Development in Metro Atlanta

by John Nelson December 8, 2023

COVINGTON, GA. — Brook Farm Group and Emory Equity have broken ground on The Sinclair at Callaway Farm, a 388-unit multifamily project in Covington, roughly 35 miles southeast of Atlanta. Situated adjacent to the 180-acre Covington Town Center mixed-use development, the community will feature two distinct neighborhoods comprising 11 residential buildings and amenities. SilverCap Partners provided preferred equity for the project, with construction financing provided by First Horizon Bank and TrustMark Bank. Completion is expected by the end of 2025.

December 8, 2023

Development Loans Mixed-Use Texas

Joint Venture Underway on 1 MSF Mixed-Use Project in Dallas

by Taylor Williams December 8, 2023

DALLAS — A joint venture that includes MSD Partners and Trammell Crow Co. is underway on a 1 million-square-foot mixed-use project in the Knox Street area of Dallas. The site spans four acres and is adjacent to the Katy Trail. Plans call for a 140-room hotel with 48 for-sale residences, 150,000 square feet of office space that will be anchored by ISN Software Corp., 100,000 square feet of retail and restaurant space, a 173-unit apartment building and a half-acre park. Plano-based Beal Bank provided $619.5 million in construction financing for the project, which is slated for a 2026 completion. Highland Park Village Associates is leasing the retail and restaurant space, and CBRE is marketing the remainder of the office space for lease. Balfour Beatty and Andres Construction are the general contractors. JLL arranged the construction debt.

December 8, 2023

Connecticut Development Healthcare Northeast Retail

Seligson Properties Completes $20M Healthcare, Retail Conversion Project in Norwalk, Connecticut

by Taylor Williams December 8, 2023

NORWALK, CONN. — Locally based developer Seligson Properties has completed a $20 million healthcare and retail conversion project in Norwalk, located in southern coastal Connecticut. Seligson redeveloped a three-story, 27,000-square-foot historic bank building that was originally constructed in 1955 into a 24,000-square-foot medical facility for Stamford Health and a 3,000-square-foot bank branch office for Wells Fargo. The gut renovation delivered new roofing, windows, doors and lighting, as well as a covered exterior entrance. The development team also reimagined the lobby and updated the building interiors, parking areas and landscaping. Liberty Bank financed the project.

December 8, 2023

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