Development

Kairoi Residential Obtains Joint Venture Equity, Debt Financing for 419-Unit Multifamily Project in Aurora, Colorado

by Amy Works September 7, 2023

AURORA, COLO. — Kairoi Residential has received joint venture equity placement and a 55 percent loan-to-cost construction loan for Kairoi Metro Center, an apartment community in Aurora. Leon McBroom, Travis Anderson and Kevin Barron of JLL Capital Markets Advisory advised on the joint venture equity placement and secured the six-year, floating-rate loan through a two-bank syndication for the borrower. Upon completion in early 2026, Kairoi Metro Center will feature 419 one-, two- and three-bedroom units with an average size of 831 square feet. The project will also feature two small urban parks as part of the site plan and is adjacent to a 1.4-acre city park.

September 7, 2023

California Development Multifamily Student Housing Western

UC Merced, Merced College Plan 488-Bed Student Housing Development

by Amy Works September 7, 2023

MERCED, CALIF. — The University of California Merced (UC Merced) and Merced College have announced plans to jointly develop a 488-bed student housing project for community college and transfer students. The California Legislature gave final approval for the $100 million mechanism that will fund the project. The Promise Housing facility will offer rooms on the UC Merced campus for income-qualified community college students that have met the academic requirements of the university’s Merced Promise agreement. The Merced Promise program was created to encourage the most promising and in-need student populations in California’s Central Valley to transform their lives through the pursuit of higher education. “This joint affordable housing project will be a game-changer for our historically underserved region, removing barriers for our students seeking to transfer to UC Merced and providing them with an opportunity to complete their transfer degree at Merced College while fully engaging in campus life at UC Merced,” says Chris Vitelli, president of Merced College. A timeline for the development was not announced.

September 7, 2023

Development Illinois Industrial Midwest

Missner Group, Realterm Complete Development of 130,354 SF Spec Industrial Building in Chicago

by Kristin Harlow September 7, 2023

CHICAGO — A joint venture between The Missner Group and Realterm has completed development of a 130,354-square-foot speculative industrial building in Chicago. The Class A facility is located at 1032 W. 43rd St. within the Chicago Stockyards. The Missner Group also served as general contractor for the project, which features a clear height of 32 feet, 26 exterior docks, two drive-in doors, a 276-space parking area and 20 dedicated trailer stalls. Atom Banana, a fruit wholesaler based in Illinois, leased 61,000 square feet of the building prior to completion. The Missner Group will complete the tenant build-out and intends to start construction in the fourth quarter. The project marks the final of three developments for Realterm and Missner’s joint venture. The project team included Cornerstone Architects and engineer Spaceco Inc. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the leasing agents.

September 7, 2023

Development Healthcare Life Sciences Michigan Midwest Top Stories

Joint Venture Plans $439M Inpatient Rehabilitation Hospital, Research Facility in Detroit

by Katie Sloan September 7, 2023

DETROIT — The Gilbert Family Foundation, Henry Ford Health and Shirley Ryan AbilityLab have announced plans for the development of a $439 million inpatient rehabilitation hospital and research facility in Detroit. The project will be an expansion of the existing Henry Ford Health and Michigan State University Health Sciences campus. Plans for the project include a 125,000-square-foot inpatient tower, which will be constructed at the corner of West Grand Boulevard and John C. Lodge Freeway. The facility will offer 72 beds, with three floors of the building occupied by rehabilitation care provider Shirley Ryan AbilityLab. The rehabilitation floors will provide inpatient care for those recovering from strokes, traumatic brain injuries, spinal cord injuries and other conditions. The Gilbert Family Foundation has provided $10 million fund to increase access to rehabilitation care for low-income residents in Detroit. The building is scheduled for completion in 2029. The development will also include a new research building on Henry Ford Health’s East Campus. The project will house the Nick Gilbert Neurofibromatosis Research Institute, a facility dedicated to finding a cure for neurofibromatosis. The property is scheduled for completion in 2027. The building will be the first brick-and-mortar development to be solely dedicated to neurofibromatosis …

September 7, 2023

Development Multifamily Texas

Howard Hughes Corp. Breaks Ground on 268-Unit Multifamily Project in The Woodlands, Texas

by Taylor Williams September 6, 2023

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHH) has broken ground on 1 Riva Row, a 268-unit multifamily project that will be located about 30 miles north of Houston in The Woodlands. The development will feature a 13-story tower and four-story residential living building with two-story townhomes on the ground level, as well as traditional studio, one-, two- and three-bedroom floor plans. Amenities will include a pool with cabanas, outdoor grilling and dining areas, a 24/7 fitness center, sports lounge and a rooftop terrace. Residents will also have access to roughly two miles of walking and jogging trails along The Woodlands Waterway. Completion is slated for late 2025.

September 6, 2023

Civic Development Texas

Hensel Phelps Begins Work on 84,500 SF Terminal Expansion Project at Austin Airport

by Taylor Williams September 6, 2023

AUSTIN, TEXAS — General contractor Hensel Phelps has begun work on the West Gate Expansion, a project that will increase the size of a terminal at Austin-Bergstrom International Airport by 84,500 square feet across three levels of apron, concourse and mezzanine space. The expansion will also add amenities such as new food and retail spaces, public art installations, more seating areas, larger restrooms, a third-level patio and private rooms for nursing or pumping. The project team will also construct three new gates. Completion is slated for 2026.

September 6, 2023

Development Industrial North Carolina Southeast

Crescent Communities Breaks Ground on 449,000 SF Spec Industrial Facility in Charlotte

by John Nelson September 6, 2023

CHARLOTTE, N.C. — Crescent Communities has broken ground on AXIAL Rapid Commerce, a 449,000-square-foot speculative industrial facility in Charlotte. The infill, Class A building will be located at 500 Rhyne Road, a half-mile from I-485 and 2.5 miles from I-85. AXIAL Rapid Commerce will include 36-foot clear heights and 3,850 square feet of office space, as well as 338 auto parking spaces, 106 trailer parking spaces and two drive-in doors. The design-build team includes development partner Fortius Capital Partners, joint venture equity partner Pacolet Milliken, DMA Architecture, Orsborn Engineering, Evans General Contractors, lender TD Bank and leasing agency Colliers. The development team expects to deliver AXIAL Rapid Commerce in third-quarter 2024.

September 6, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $47.8M Financing for Affordable Housing Development in Hollywood, Florida

by John Nelson September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.

September 6, 2023

Development Multifamily New Jersey Northeast

Urby Tops Out 25-Story Apartment Tower in Jersey City

by Taylor Williams September 6, 2023

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out a 25-story apartment tower in Jersey City. Rising 265 feet, Journal Square Urby will total 317 units in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project, which is slated for full completion in spring 2024.

September 6, 2023

Delaware Development Multifamily Northeast Seniors Housing

LCS Completes Renovations at Three Seniors Housing Communities in Delaware

by Taylor Williams September 6, 2023

WILMINGTON AND NEWARK, DEL. —Life Care Services (LCS) has completed renovations at three seniors housing communities in Delaware: Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. Renovations at Foulk Living included upgrades to the lobby, corridors, fitness center and dining room. In addition, Foulk Living’s independent living cottages are being updated as they become available with new kitchen cabinets, countertops, appliances, flooring, paint, blinds and carpeting. Shipley Living received a new roof, updated exterior, porte-cochère and grand entrance. Inside, the lobby, corridors, communal living room, dining room, bistro and bar were all updated. Millcroft Living’s entrance received a new concierge desk and lobby, as well as a new bar/lounge space, renovated dining room and card room and beautified corridors.

September 6, 2023

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