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Development

DevelopmentMixed-UseSoutheastTennessee

Equitable Property Co. to Develop 44-Acre Mixed-Use District in Smyrna, Tennessee

by John Nelson

SMYRNA, TENN. — Equitable Property Co. has purchased 44 acres in Smyrna, with plans to develop a mixed-use district dubbed Sewart’s Landing. Situated about 24 miles southwest of Nashville, the project will comprise 250,000 square feet of ground-level retail space, in addition to two medical office buildings (MOBs) totaling 400,000 square feet; a 240-room hotel; and 75 for-sale townhomes. Sewart’s Landing is named after the former Sewart Air Force Base that operated from 1941 to 1971. The groundbreaking is scheduled for next month, with completion of Phase I expected in the first quarter of 2025. Tenants at the development’s first phase will include Starbucks Coffee, Wawa, Jonathan’s Grille and an undisclosed grocer. Equitable Property acquired the land for the project from the City of Smyrna, which helped the developer formulate the master plan for Sewart’s Landing. Kipper Worthington of JLL and Land Deleot of Equitable Property will lead leasing efforts at the development.

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DevelopmentFloridaLoansMultifamilySoutheast

Madison Communities, Heitman Obtain $44M Construction Loan for Southwest Florida Apartment Development

by John Nelson

BONITA SPRINGS, FLA. — Madison Communities and Heitman have obtained a $44 million construction loan for the development of Madison Bonita Springs, a 252-unit apartment development in Southwest Florida. Patterson Real Estate Advisors arranged the financing through First Citizens Bank on behalf of the developers. The Class A community will be located on Bonita Beach Road adjacent to the I-75 interchange. BenCo, Madison Communities’ in-house general contractor, plans to deliver Madison Bonita Springs by the end of 2025.

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DevelopmentFloridaHospitalitySoutheast

Southern Hospitality Breaks Ground on First Extended Stay America Select Suites Hotel in Central Florida

by John Nelson

WILDWOOD, FLA. — Southern Hospitality has broken ground on the first new construction of the Extended Stay America Select Suites prototype hotel. The four-story, 124-room hotel will be located in Wildwood, a city in Central Florida near The Villages master-planned community. The 50,000-square-foot property will be situated on less than two acres and feature apartment-like suites with full kitchens and onsite laundry services. Southern Hospitality and operator Extended Stay America plan to open the hotel in early 2025.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Launches $12.6M Renovation of South Houston Apartment Complex

by Taylor Williams

HOUSTON — FTK Construction Services has launched a $12.6 million renovation of Brookside Gardens Apartments, a 240-unit affordable housing complex in South Houston that was built in 2006. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the three-story building, income restrictions within which were not disclosed. KeyBank provided construction financing.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Marx Realty Delivers Renovated Grogan Office Building in D.C.’s East End

by John Nelson

WASHINGTON, D.C. — Marx Realty has delivered The Grogan, a repositioned office building located at 819 7th St. NW in Washington, D.C.’s East End. The New York City-based developer purchased the 21,000-square-foot property in 2018. The renovated asset includes a new façade, canopy and entryways, as well as an upgraded lobby and mezzanine space of the penthouse that includes a café, delineated seating and access to a private terrace. Built in 1891, The Grogan features 12- to 15-foot wood ceilings, exposed brick, wood columns and arched windows, all of which have Marx Realty has restored.

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DevelopmentRestaurantRetailTexas

Chicken N Pickle Breaks Ground on 43,000 SF Restaurant, Entertainment Venue in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Chicken N Pickle, a Kansas City-based concept that combines dining with pickleball and other outdoor games, has broken ground on a 43,000-square-foot restaurant and entertainment venue in the northeastern Dallas suburb of Allen. The venue is located at The Farm, a 135-acre mixed-use development by JaRyCo. The opening is slated for early 2025. Chicken N Pickle also has locations in the Dallas-Fort Worth metros of Grand Prairie and Grapevine, as well as San Antonio, and will open its facility at Webster, a southwestern suburb of Houston, later this month.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 124 Single-Story Apartments in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. will build Redwood Crystal Lake, an apartment community with 124 single-story units in the Chicago suburb of Crystal Lake. The developer, Redwood Living Inc., builds and manages single-story apartment homes. Redwood Crystal Lake will feature 25 townhome buildings with four to six units each. Designed by Mann Parsons Gray Architects, each apartment will offer a two-bedroom, two-bathroom floor plan along with an attached two-car garage and private patio. Completion is slated for December.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Completes 152-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow

KIRKWOOD, MO. — Brinkmann Constructors has completed The James, a 152-unit apartment complex in the western St. Louis suburb of Kirkwood. High Street Residential, a subsidiary of Trammell Crow Co., was the developer. The five-story development includes 285 parking spaces and 7,000 square feet of retail space. Amenities include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home space and coffee bar. ESG Architecture & Design served as the project architect. Monthly rents start at $1,603, according to the property’s website.

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DevelopmentIndustrialIowaMidwest

Houghton Properties Delivers 15,000 SF Flex Warehouse in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Houghton Properties LLC has completed development of a new 15,000-square-foot flex warehouse in Des Moines. Located at 4410 E. 50th St., the property features a clear height of 20 feet, two drive-in doors and 2.5 acres of outdoor storage. Mick Grossman of KW Commercial is the leasing agent for the building.

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Affordable HousingArizonaDevelopmentLoansMultifamilySeniors HousingWestern

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

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