Development

LPC, Intercontinental Top Out 10-Story Life Sciences Project in Seattle’s South Lake Union

by Amy Works November 22, 2023

SEATTLE — Lincoln Property Co. (LPC) and Intercontinental Real Estate Corp., along with MEP as general contractor, have topped out 222 Fifth, a 10-story life sciences building under construction in Seattle’s South Lake Union neighborhood. The Class A property is on scheduled for completion in August 2024. Situated adjacent to the Seattle Space Needle, the 197,919-square-foot building will have three floors of move-in-ready Class A laboratory suites ranging in size from 11,222 square feet to 26,696 square feet. The suites can be combined for a total of 73,663 square feet of contiguous built-out lab space. Each lab suite will feature lab benches, shelving, built-in case work and a BSC and fume hood to allow immediate occupancy for tenants, as well as directly adjacent office workspace. 222 Fifth will feature robust lab amenities, including a common glass wash and autoclave/air and vacuum system/fume exhaust system/emergency power, lab-specialized loading dock with dockmaster for lab deliveries, freight elevator to all floors and lab storage. Additionally, the building will offer a 9,000-square-foot rooftop deck with views of Lake Union, Elliott Bay and the Olympic Mountains for group meetings, lunches or events. Other amenities will include a conference room, on-site retail space, on-site bike parking …

November 22, 2023

Arizona Development Industrial Western

Cushman & Wakefield Arranges JV Equity for 1.3 MSF Spec Industrial Development in Phoenix

by Amy Works November 22, 2023

PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.

November 22, 2023

Development Illinois Midwest Multifamily

Synergy Proposes 147-Unit Luxury Apartment Complex in Winfield, Illinois

by Kristin Harlow November 22, 2023

WINFIELD, ILL. — Synergy Construction & Development Co. has proposed plans for a 147-unit luxury apartment complex in the Chicago suburb of Winfield. Named Winfield Reserve, the project will feature a mix of studio, one-, two- and three-bedroom units. Plans also call for a 142-space parking garage, 6,000-square-foot indoor amenity space and a large outdoor area with a pool. Synergy expects to break ground in August 2024 and complete the project in early 2026. The project is part of the Town Center revitalization plan. The project site spans 2.4 acres at the intersection of Jewell Road and Church Street, 0.7 acres of which are currently owned by Metra and 1.7 acres by Northwestern Medicine Central DuPage Hospital (NM-CDH). NM-CDH and Synergy have entered into a Letter of Intent for the sale and purchase of the hospital property for $2.5 million, contingent upon the village’s final approval of the development. To facilitate acquisition of the Metra-owned property, village officials worked closely with Metra on an arrangement to swap ownership of commuter parking lots, which allowed assembly of parcels necessary for the project. The Town Center redevelopment plan is based on an agreement the village negotiated with NM-CDH to provide funding and …

November 22, 2023

Development Illinois Industrial Midwest

Industrial Outdoor Ventures Nears Completion of Phase I of Spec Development in Zion, Illinois

by Kristin Harlow November 22, 2023

ZION, ILL. — Industrial Outdoor Ventures is nearing completion of the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in Northeast Illinois. Completion is slated for early 2024. The first phase, which is part of a larger $35 million project, is situated on nine acres adjacent to a FedEx freight terminal. Construction on the first phase includes an 11,440-square-foot maintenance/service facility and a paved parking area that will feature 180 stalls. ISFs provide supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and the utility industry. When completed, the property will include a secured storage yard with fencing, security lighting and keypad access. The second phase of Trumpet Park will involve a larger 47-acre parcel. The project team includes Spaceco for civil engineering and surveying services, and Arete Design Studio for architecture, planning and design services. Chris Volkert, Ned Frank and Pat Hake of Colliers are the leasing agents.

November 22, 2023

Development Midwest Missouri Mixed-Use Top Stories

Intrinsic Development Breaks Ground on $900M Discovery Park Mixed-Use Project in Lee’s Summit, Missouri

by Kristin Harlow November 22, 2023

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in Lee’s Summit, a southeast suburb of Kansas City. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Two hotels, a Marriott TownePlace Suites and a Home2 Suites by Hilton, are among the first properties to be built at Discovery Park. Combined, the hotels will offer 230 rooms and are slated for completion prior to when Kansas City hosts games for the 2026 FIFA World Cup. Plans also call for 2,791 luxury apartment units within a development named Alura, as well as Class A office space, medical office buildings and retail space. Among Discovery Park’s amenities will be a riverwalk district featuring access to more than five miles of trails connected to the Nature Trail at Unity Village and seven acres of recreational lakes for kayaking and paddle boarding. The Discovery Athletic Club will be a state-of-the-art fitness facility available to both residents and employees, as well as the Poolside Day Club. Construction of Discovery Park will take place in four phases from now until 2031. The first phase is The Village, which will include the two …

November 22, 2023

Development Multifamily Seniors Housing Texas

Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin

by Taylor Williams November 21, 2023

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.

November 21, 2023

Development Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast

Joint Venture Releases Plans, Renderings for $500M Mixed-Use Destination in Downtown Orlando

by John Nelson November 21, 2023

ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.

November 21, 2023

Development Florida Mixed-Use Multifamily Restaurant Retail Southeast

PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project in Miami

by John Nelson November 21, 2023

MIAMI — PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district. The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys. Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

November 21, 2023

Development Massachusetts Multifamily Northeast

Toll Brothers Completes 190-Unit Apartment Complex in Medway, Massachusetts

by Taylor Williams November 21, 2023

MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit apartment complex in Medway, located southwest of Boston. Designed by Boston-based Cube3 Architects with interiors by Chicago-based Mary Cook Associates, Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies/patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck. Rents start at $2,450 per month for a one-bedroom apartment.

November 21, 2023

California Development Hospitality Loans Western

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works November 21, 2023

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

November 21, 2023

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