Development

Bright Realty Nears Completion of 362-Unit Tapestry at The Realm Apartments in Lewisville, Texas

by Taylor Williams October 19, 2023

LEWISVILLE, TEXAS — Bright Realty is nearing completion of Tapestry at The Realm, a 362-unit apartment community in the northern Dallas suburb of Lewisville. The property will be situated within the locally based developer’s 324-acre Realm at Castle Hills mixed-use development. Tapestry at The Realm will feature studio, one- and two-bedroom floor plans and amenities such as a fitness center, sauna, game lounge, business center and a conference room. B2 Architecture + Design designed the project, and Andres Construction is the general contractor. Preleasing is slated to begin in November. The first units are expected to be available for occupancy in December.

October 19, 2023

Development Multifamily Student Housing Utah Western

American Campus Communities to Develop 5,000 Student Housing Beds at The University of Utah

by Amy Works October 19, 2023

SALT LAKE CITY — The University of Utah has selected American Campus Communities (ACC) for the development and management of 5,000 student housing beds on the university’s campus in Salt Lake City. Planned beds will be developed over the next decade and will double the amount of on-campus housing offered by the university upon completion. ACC will lead the development efforts in partnership with two Utah-based companies: MHTN Architects and Okland Construction. Design and architecture firm Ayers Saint Gross will also provide support for the projects. The first development will be built directly south of Kahlert Village in space that is currently a parking lot. The development will offer 1,500 beds upon completion, which is scheduled for fall 2026. Under terms of the public-private partnership agreement, the university will retain ownership of the land while ACC and its partners will finance, plan and construct the student housing. ACC will manage operations of the communities upon completion.

October 19, 2023

Frenchtown-Road-Apartments-East-Greenwich-Rhode-Island

Affordable Housing Development Multifamily Northeast Rhode Island

Pennrose Breaks Ground on 63-Unit Affordable Housing Project in East Greenwich, Rhode Island

by Taylor Williams October 19, 2023

EAST GREENWICH, R.I. — Developer Pennrose has broken ground on Frenchtown Road Apartments, a 63-unit affordable housing project in East Greenwich. The four-story building will a house mix of one- and two-bedroom apartments that will be available to residents earning at or below 30 percent and up to 120 percent of the area median income. Residents will have access to resources such as case management, free and low-cost food deliveries, wellness activities, volunteer and employment opportunities and programming to encourage physical activity and community. Cove Homes Inc. will oversee management and support services at the property. Completion is scheduled for next fall.

October 19, 2023

Development Illinois Industrial Midwest

DSI Group Breaks Ground on 500,000 SF Industrial Facility for Ravago in Montgomery, Illinois

by Kristin Harlow October 19, 2023

MONTGOMERY, ILL. — DSI Group has broken ground on a 500,000-square-foot industrial facility for Ravago in Montgomery, a far west suburb of Chicago. The project will anchor the 200-acre Karis Center for Commerce. Founded in 1961 in Belgium, Ravago is a polymer and chemical distribution company. The new facility will support Ravago’s polymer distribution activities in greater Chicago and North America. The building will feature a clear height of 40 feet, 22 dock positions, four drive-in doors and 12,776 square feet of office space. The site offers 268 railcar positions, and 207 future railcar positions have been earmarked for Ravago’s project. Karis Industrial is the owner and developer of Karis Center for Commerce.

October 19, 2023

Development Illinois Midwest Mixed-Use

Heartland Real Estate Partners Underway on 30-Acre Mixed-Use Redevelopment Project in Crystal Lake, Illinois

by Kristin Harlow October 19, 2023

CRYSTAL LAKE, ILL. — Developer Heartland Real Estate Partners is underway on Water’s Edge, a mixed-use redevelopment project in the Chicago suburb of Crystal Lake. The 30-acre project will transform a former shopping center that used to anchored by Walmart before the retailer relocated in town. Plans call for 40,000 square feet of commercial space, 260 multifamily units, public open spaces and a direct connection to Three Oaks Recreation Area. A timeline for completion was not provided.

October 19, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Begins Construction of 90-Unit Breton Grove Affordable Housing Community in Grand Rapids

by Kristin Harlow October 19, 2023

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has begun construction on Breton Grove, a 90-unit affordable housing community to be built in two phases in Grand Rapids. The groundbreaking event featured an announcement about the new statewide Contractor Assistance Program (CAP), which is spearheaded by the Michigan State Housing Development Authority. CAP is aimed at increasing the number of those who are newly trained and employed in the construction workforce and to help contractors and emerging developers increase their capacity for larger contracts and projects. Woda Cooper is working with trained apprentices from the program on the construction of Breton Grove over the next two years. Both phases of the project will be designated for residents who earn 30 to 80 percent of the area median income, with 33 integrated Permanent Supported Housing units for residents facing homelessness. The project will consist of two buildings, each with one- and two-bedroom units. Each building will include a community room with kitchenette and onsite management and supportive service offices. Community Rebuilders, a Grand Rapids-based nonprofit, will coordinate the supportive services. Several units will be adapted for those with mobility challenges and/or sight and hearing disabilities. The City of Grand Rapids approved …

October 19, 2023

Arizona Development Industrial Top Stories Western

Lincoln Property Co. Breaks Ground on $515M Luke Field Industrial Park in Glendale, Arizona

by John Nelson October 19, 2023

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Luke Field, a $515 million industrial park in the Phoenix suburb of Glendale. The 140-acre property is bordered by namesake Luke Air Force Base, Litchfield Road, Northern Avenue and the newly built Northern Parkway. The 2.4 million-square-foot development will comprise Building A (695,750 square feet), Building B (454,761 square feet) and Building C (nearly 1.3 million square feet). The facilities will feature 40-foot clear heights, 25-foot glass entryways, automated dock doors, trailer and automobile parking and 5- by 10-foot windows on all levels. Outdoor amenities at Luke Field will include barbecue stations, shaded outdoor eating areas and employee collaboration stations. Additionally, the industrial facilities will be equipped with touchless technology throughout. Lincoln Property Co. serves as the leasing agent for Luke Field. The design-build team includes general contractor Layton Construction and architect Butler Design Group. LPC Desert West acquired the site in mid-2022 for $53 million. The developer expects to complete the project in a single phase by fourth-quarter 2024. Luke Field is near Loop 303 and I-10. Corporate neighbors include Walmart, Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, …

October 19, 2023

Development Georgia Industrial Southeast

Stonemont Financial, Davis Cos. Complete 2.7 MSF Industrial Campus in Metro Savannah

by John Nelson October 18, 2023

RINCON, GA. — Stonemont Financial Group and The Davis Cos. have completed two buildings within Georgia International Trade Center (GITC) in Rincon, a suburb of Savannah in Effingham County. The properties include the 1.2 million-square-foot Building 3A and the 1.5 million-square-foot Building 3B. An unnamed national home retailer is the sole occupant of both buildings and already occupies a 416,450-square-foot warehouse at GITC. Combined the two properties include 1,310 trailer spaces, 510 automobile spaces and 543 dock doors. Additionally, Britton Burdette, John Huguenard, Patrick Nally and Jim Freeman of JLL represented Stonemont Financial and Davis Cos. in the sale of Building 3A to an unnamed institutional real estate investment firm. The partnership’s final building within GITC is Building 4A, a 733,200-square-foot cross-dock warehouse that is set to open in early 2024. Gilbert & Ezelle Commercial Real Estate, a locally based Cushman & Wakefield alliance office, is handling leasing for the building. Stonemont Financial and Davis Cos. have developed 8 million square feet of industrial space at GITC in the past five years.

October 18, 2023

Development Loans Multifamily New York Northeast

SCALE Lending Provides $142M Construction Loan for Queens Multifamily Project

by Taylor Williams October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.

October 18, 2023

Development Life Sciences Massachusetts Northeast

Partnership Delivers 288,000 SF Life Sciences Project in Bedford, Massachusetts

by Taylor Williams October 18, 2023

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.

October 18, 2023

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