Development

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan December 7, 2023

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees. Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots. CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys. The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s. Chicago-based McDonald’s is …

December 7, 2023

The-Trailhead-at-Chisholm-Trail-Ranch-Fort-Worth

Development Multifamily Texas

Titan Development, Aberg Property Top Out $63M Multifamily Project in Fort Worth

by Taylor Williams December 6, 2023

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has topped out The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and MW Builders the general contractor. Completion is slated for fall 2024. Construction of a second phase will begin in early 2024.

December 6, 2023

Development Loans Multifamily New York Northeast

Bank OZK Provides $95M Construction Loan for Manhattan Multifamily Project

by Taylor Williams December 6, 2023

NEW YORK CITY — Bank OZK has provided a $95 million construction loan for a 194-unit multifamily project that is under construction at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood. Designed by BKSK Architects, the 23-story building will feature studio, one-, two- and three-bedroom units and amenities such as a fitness center, coworking lounge, rooftop garden, grilling terrace and a catering kitchen. The project also includes 4,888 square feet of commercial space, and 30 percent of the units will be reserved as affordable housing. The borrower and developer is a joint venture between locally based developer MAG Partners, global investment firm Safanad and Global Holdings Management Corp. Completion is scheduled for late 2025.

December 6, 2023

California Development Multifamily Student Housing Western

McCarthy Building Co. Breaks Ground on $285M Student Housing Project at University of California, Riverside

by Amy Works December 6, 2023

RIVERSIDE, CALIF. — McCarthy Building Cos. has broken ground on the $285 million North District Phase II student housing development at University of California, Riverside (UCR). The intersegmental projects, one of the first of its kind in California, will house students from UCR and Riverside Community College District (RCCD). The 424,000-square-foot project will feature 429 single- and double-occupancy apartment-style units ranging from one to four bedrooms complete with kitchen/living room spaces, high-speed Wi-Fi, air conditioning and designated study areas. Additionally, the community will feature a café/market, recreation fields and a central park. The project has received funding through the State Higher Education Student Housing Grant Program to provide affordable beds for UCR and RCCD students, bringing the total number of beds to 1,568. The first students are expected to move-in in 2025.

December 6, 2023

Affordable Housing Development Loans Multifamily New Mexico Western

KeyBank Provides $12.5M Construction Loan for Three Sisters Affordable Housing Development in Las Cruces, New Mexico

by Amy Works December 6, 2023

LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.

December 6, 2023

Arizona Development Healthcare Office Western

Cypress West Partners Completes Construction of 22,000 SF Ocotillo Medical Collaborative in Queen Creek, Arizona

by Amy Works December 6, 2023

QUEEN CREEK, ARIZ. — Cypress West Partners has completed the construction of Ocotillo Medical Collaborative, a $10 million medical office building located at 223663 E. Domingo Road in Queen Creek. The 22,000-square-foot building is fully occupied by five tenants, including Action Behavior Centers, a leading applied behavior analysis therapy for autism provider in the area. According to Cypress West Partners, the building is the first off-campus, for-lease medical office building to come to market in Queen Creek. Prior to this development, Queen Creek’s only existing medical office buildings were two on-campus properties occupied by a health system.

December 6, 2023

Development Illinois Industrial Midwest Minnesota

Sam’s Club to Open Two New Distribution Centers in Metro St. Louis, Minneapolis

by Kristin Harlow December 6, 2023

EDWARDSVILLE, ILL. AND SHAKOPEE, MINN. — Sam’s Club, a division of Walmart Inc., plans to open two new distribution centers in early 2024 in metro St. Louis and Minneapolis. The retailer says the new facilities are part of a multi-year growth plan to transform the supply chain at Sam’s Club. The first center will open in the greater St. Louis area in Edwardsville, Ill., in January. The 370,000-square-foot property will serve as a distribution and fulfillment center, creating more than 100 jobs across the area. The second facility will be located in Shakopee, Minn., and is scheduled to open in March. The 365,000-square-foot property will serve as a multipurpose distribution center and will employ more than 80 associates.

December 6, 2023

Acquisitions Data Centers Development Southeast Virginia

Greysteel Arranges Sale of 85-Acre Site in Culpepper, Virginia for Future Data Center Campus

by John Nelson December 6, 2023

CULPEPPER, VA. — Greysteel has arranged the sale of an 85-acre site in Culpepper, a city in Northern Virginia that sits about 70 miles outside of Washington, D.C. The buyer is DataBank, a data center development firm that plans to develop a 1.4 million-square-foot data center campus on the site. The development will include up to three two-story data centers and an onsite substation. The buyer recently purchased 95 acres in the Atlanta market and 34 acres in New York. Zach Benlemlih of Greysteel’s Mid-Atlantic team represented the land seller and DataBank in the transaction. The construction timeline for the project was not disclosed.

December 6, 2023

Development Georgia Multifamily Southeast

McShane Delivers 280-Unit Apartment Community in McDonough, Georgia

by John Nelson December 6, 2023

MCDONOUGH, GA. — McShane Construction Co. has delivered Crofthouse McDonough, a 280-unit apartment community located at 2080 Jonesboro Road in McDonough, a southern suburb of Atlanta. South City Partners is the developer of the community, which is the multifamily component of a 31-acre mixed-use development that includes for-sale homes and retail/commercial space. Designed by Dynamik Design, Crofthouse McDonough features one-, two- and three-bedroom apartments, as well as a clubhouse with a game room, fitness center and yoga room, coworking space, pet spa, resort-style swimming pool, fire pit, grilling stations, putting green, dog park and a gazebo with a TV, bar and mini fridge. Alpha Management Partners manages the community, according to the property website. Rental rates range from $1,529 to $2,339.

December 6, 2023

Development North Carolina Southeast Student Housing

Stratus Breaks Ground on 153-Bed Student Housing Property Near Wake Forest University in North Carolina

by John Nelson December 6, 2023

WINSTON-SALEM, N.C. — Stratus Development Group has broken ground on The Haven at Wake, a 153-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will offer a mix of two-, three- and four-bedroom units with bed-to-bath parity. Located at 450 Polo Road, the project is a half-mile from the Wake Forest campus. Shared amenities will include parking, a swimming pool and sundeck, clubhouse, study rooms, fitness facilities, community green space and a dog park. A timeline for the project was not announced.

December 6, 2023

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