Development

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

Development Leasing Activity New York Northeast Office Top Stories

Wells Fargo Plans 400,000 SF Adaptive Reuse Office Project at Hudson Yards in Manhattan

by John Nelson November 28, 2023

NEW YORK CITY — Wells Fargo & Co. (NYSE: WFC) has announced formal plans to expand its office footprint within Hudson Yards, a mixed-use district on Manhattan’s west side. The San Francisco-based banking giant, which already occupies space within the $25 billion Hudson Yards campus, has purchased additional space from Related Cos., the master developer behind Hudson Yards along with Oxford Properties Group. Multiple media outlets have reported that Wells Fargo purchased the space at 20 Hudson Yards, which formally housed a Neiman Marcus store, for $550 million. The bank plans to convert the 400,000 square feet of space to offices in synergy with its current 500,000-square-foot footprint at 30 Hudson Yards, according to Bloomberg News. Forbes reported that the Neiman Marcus location closed in summer 2020. Wells Fargo plans to begin moving employees from its existing office space at 150 E. 42nd St. to the new Hudson Yards office beginning in late 2026. The property is expected to house 2,300 Wells Fargo employees at full operation. The 11-story building will also include a dedicated entrance on 10th Avenue and naming rights to Wells Fargo for signage on the exterior of the property. “This investment further solidifies our longstanding commitment …

November 28, 2023

Affordable Housing Financing Timeline Quote Tracy Peters

Affordable Housing Content Partner Development Features Loans Lument Midwest Northeast Southeast Texas Western

How to Clear Affordable Housing’s Construction Financing Hurdle

by Sarah Daniels November 28, 2023

Developers are finding it tougher than ever to finance affordable housing. And often, the biggest hurdle for the sector’s borrowers involves construction — either obtaining that initial loan at a manageable cost or qualifying for take-out financing after a protracted construction period — which has strained resources and delivery schedules for a number of developments. Limitations on rent increases make the industry especially vulnerable to rising costs, and expenses today have risen precipitously across the board. Rents have also grown, but not on pace with construction and operating costs driven up by inflation, wage pressures, soaring insurance premiums and a series of interest rate hikes, observes Tracy Peters, a senior managing director on Lument’s affordable housing production team. “Borrowers are squeezed by a number of things in this marketplace,” Peters says. “The fed funds rate climbing 5 percent over the last two years means the interest rates on construction loans have basically come up 5 percent or more over that time. Now folks who had budgeted for a much lower interest rate — if they are still in construction mode — are trying to figure out how to deal with these higher interest rates.” At the same time, the …

November 28, 2023

Development Florida Mixed-Use Southeast

PTM to Develop 500,000 SF Second Phase of Mixed-Use EDGE Collective Project in St. Petersburg, Florida

by John Nelson November 27, 2023

ST. PETERSBURG, FLA. — PTM Partners will expand EDGE Collective, a mixed-use development in St. Petersburg, with a 500,000-square-foot second phase. Phase II will feature 350 multifamily residential units in studio, one-, two- and three-bedroom layouts across two buildings, as well as 45,000 square feet of commercial and retail space and 260 parking spaces. The first phase of the development comprises a 163-room Moxy Hotel and a redevelopment of 1246 Central Avenue building, which features 16,000 square feet of office space that will be available for tenancy in early 2024 and 8,000 square feet of ground-floor food-and-beverage retail space.

November 27, 2023

Alabama Development Restaurant Retail Southeast

Topgolf Opens Third Alabama Venue in Mobile

by John Nelson November 27, 2023

MOBILE, ALA. — Topgolf has opened a new venue in Mobile, marking the third in Alabama for the Dallas-based brand. Situated within McGowan Park Shopping Center, the venue features 60 outdoor climate-controlled hitting bays across two levels, as well as a full-service restaurant, 22-foot video wall and more than 100 TVs. According to the company, Topgolf Mobile will employ roughly 200 associates and is the 95th outdoor Topgolf venue in the country.

November 27, 2023

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