Development

Miniso-Pacific-Commons-Fremont-CA

FREMONT, CALIF. — Miniso, a global lifestyle brand known for its trendy, high-quality and affordable products, will open its largest Bay Area store at Pacific Commons Shopping Center in Fremont. Slated to open by year’s end, the 12,000-square-foot flagship location will be situated at Boscell Road and Curie Street, next to T.J. Maxx and across the street from Costco. Phoenix-based Vestar manages Pacific Commons Shopping Center at 880 Freeway at Auto Mall Parkway. The retail center is home to more than 55 restaurants and retailers, including T.J. Maxx, Costco, Target, Nordstrom Rack and Sephora. Lynne Thier of Colliers represented Miniso in the transaction.

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ST. PETERS, MO. — Seniors housing developer Avenue has opened its first Viva Bene active adult community in the St. Louis suburb of St. Peters. Viva Bene is Avenue’s active adult brand and is focused on offering midmarket-priced rental rates. At nearly 200,000 square feet, the St. Peters property offers 161 units. In the three months since its soft opening, the community is 50 percent leased. In addition to providing readily available preventive healthcare, Viva Bene provides a holistic wellness hub with fitness, yoga and meditation classes, a fully appointed gym, healthy cooking workshops and other wellness-focused experiential education. Residents can enjoy pools, pickleball courts and picnic areas. Unique to the Viva Bene model is a third-party collaboration with Sevi Health for preventive health services. Residents can opt to receive care navigation and chronic care management services from Sevi Health and also access primary care from the medical practice’s providers. Viva Bene leases are based on each metropolitan area’s midmarket rental pricing. At Viva Bene St. Peters, one-bedroom units start in the $1600s per month. Garage parking and additional storage units are the only add-on fees. This differs from continuum-of-care communities where monthly prices average $3,450 and fees for buy-in …

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MAPLETON, MINN. — Kraus-Anderson (KA) has broken ground on an expansion project at Maple River Schools in Mapleton within southern Minnesota. The project includes two new classrooms and an outdoor track and field facility with a discus and shot-put area and a sand jump pit. Designed by ISG, the expansion is part of a long-range facilities plan funded by a $63.3 million bond referendum passed in February 2020. Construction is slated for completion in July. In fall 2022, KA completed the new K-12 school for the Maple River School District. Located in Mapleton, the centralized campus serves students in the rural communities of Amboy, Good Thunder, Mapleton and Minesota Lake. The 200,000-square-foot school features three gymnasiums, a 500-seat auditorium, early childhood classrooms and a separate middle/high school wing with ag science and career and tech classrooms.

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HOLMDEL, N.J. — Locally based developer Walters has completed the lease-up of Cornerstone at Holmdel, a 50-unit affordable housing project in Central New Jersey. The property consists of three buildings at 461 Middle Road that house one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, playground, outdoor grilling and dining stations and an onsite social services coordinator. Walters completed Cornerstone at Holmdel last summer, and the property is now fully occupied.

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3200-Business-Center-Drive-Pearland

PEARLAND, TEXAS — Houston-based developer Pelican Builders has broken ground on a 380-unit multifamily project within Pearland Town Center on the southern outskirts of Houston. Pelican Builders purchased the site at 3200 Business Center Drive from Tennessee-based REIT CBL Properties, the master developer of Pearland Town Center, about two years ago. Units at the yet-to-be named apartment community will come in one- and two-bedroom floor plans and will range in size from 604 to 1,196 square feet. Amenities will include a pool, dog park, children’s play area, fitness center, business center and access to walking trails. Meeks + Partners is the project architect, and OHT Partners is the general contractor. Construction is slated for a second-quarter 2026 completion.

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127-Amory-St.-Boston

BOSTON — MassDevelopment has provided $45.2 million in tax-exempt bond financing for a 96-unit affordable housing project that will be located at 127 Amory St. in the Jamaica Plain area of Boston. Developed in partnership with the Boston Housing Authority, the building will offer 12 three-bedroom units, 51 two-bedroom units and 33 one-bedroom units, the majority of which (86 residences) will be reserved for households earning between 30 and 80 percent of the area median income. The other 10 units will be set aside for formerly homeless individuals or families. The building will also have 3,800 square feet of community space and a central green area. The borrower is an affiliate of The Community Builders Inc. Eastern Bank purchased the bond. The capital stack also includes $40 million in federal Low-Income Housing Tax Credits and a $15 million construction loan from Cambridge Savings Bank.

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CHICAGO — A joint venture between Leopardo Cos. and GMA Construction Group has broken ground on 79 W. Monroe, Chicago’s first office-to-multifamily conversion under the city’s LaSalle Street Reimagined initiative. Ware Malcomb is providing architecture and interior design services for the transformation of the 14-story property, which is known as the Rector Building and is located in The Loop. The project team includes developer R2 Cos. and building owner Lagfin. Built in 1905, 79 W. Monroe is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt. The renovation project includes converting seven floors to create 117 multifamily units with 41 units designated as affordable housing. There will also be an upscale lobby and an indoor-outdoor amenity floor, including a tenant lounge, fitness center, outdoor areas, bike storage, a dog wash station and gaming room. Preservation and building landmark efforts will focus on retaining and repairing the building’s exterior masonry, including brick, stone and terra-cotta elements. To enhance energy efficiency and reduce costs for future tenants, the existing single-pane windows will be replaced with double-pane insulated glass, matching the existing profile as required by the local Historic Review Board.

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DAYTON, MINN. — Opus has completed Dayton Parkway Business Center in Dayton near I-94. The 131,578-square-foot speculative distribution and light manufacturing facility is located at 17800 Territorial Road. The project included tenant improvements for TurbinePROs, a field services provider for rotating equipment at power generation and process plants. TurbinePROs is the first tenant at Dayton Parkway Business Center and is leasing 87,597 square feet, including 12,000 square feet of office space. The new space replaces the company’s 30,000-square-foot home in Rogers. TurbinePROs is currently transitioning into its new location and will be fully operational by the end of the month. Dayton Parkway Business Center’s remaining 43,091 square feet offers prospective tenants six dock doors, two drive-in doors, a clear height of 32 feet, 115 vehicle parking stalls and 14 trailer parking stalls. Opus was the developer, design-builder and architect. Dan Swartz and Austin Lovin of CBRE are marketing the remaining space for lease.

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LOMBARD, ILL. — Byline Bank’s Commercial Real Estate Group has provided a $9.2 million loan for the conversion of a 103,109-square-foot office building into self-storage space in the Chicago suburb of Lombard. LSC Development is the developer and borrower. The building, located at the intersection of I-355 and North Avenue, will be transformed into 67,853 square feet of climate-controlled self-storage space with 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed. The project is slated for completion in the first half of 2026. Law firm Blank Rome represented Byline Bank, while Duggan Bertsch LLC represented LSC Development.

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TUSKEGEE, ALA. — Farpoint Development has signed Samkwang Co. to a full-building lease at Building 100, a 168,000-square-foot industrial facility located within the Regional East Alabama Logistics (REAL) Park in Tuskegee. The South Korea-based tenant is a manufacturer and supplier to automotive giants such as Kia and Hyundai, which operate plants in both directions of REAL Park via I-85. Samkwang also manufactures electronics products for companies including Samsung. Situated off exit 42 on I-85 in east Alabama’s Macon County, Building 100 is the first facility within Farpoint’s 700-acre logistics park, which will span 7 million square feet of Class A industrial space upon completion. The Chicago-based developer delivered the facility in May 2023. Opportunity Alabama (OPAL) assisted in the landmark deal with Samkwang, which is expected to create hundreds of jobs in the region. William Wilson of Jim Wilson & Associates arranged the lease transaction.

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