ST. PETERS, MO. — TWG is developing Reserve at Spencer, a $42.9 million affordable housing community in the St. Louis suburb of St. Peters. The community marks TWG’s third Low-Income Housing Tax Credit project in the state of Missouri. Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will feature 192 units in a four-story property with one-, two- and three-bedroom layouts. All units will be reserved for residents who earn up to 60 percent of the area median income. Amenities will include a lounge, community kitchenette, playground, dog park, coworking rooms, a fitness center and mail room. Project funding comes from CREA LLC, Merchants Bank, UMB Bank and the Missouri Housing Development Commission. The Industrial Revenue Authority of St. Charles County provided bond financing. Construction is underway, with completion slated for late 2024.
University of South Carolina, Greystar Open $240M Campus Village Student Housing Project in Columbia
COLUMBIA, S.C. — A public-private partnership between the University of South Carolina and Greystar has opened Campus Village, a $240 million residence hall development. Construction on the project, which includes four buildings offering 1,800 beds, began in May 2019. Each six-story building is connected by pedestrian promenades that run alongside green space, courtyards and a clock tower. Beds are offered in pod-style units alongside shared amenities including study and classroom spaces and community kitchens. Campus Village also features a 14,000-square-foot dining hall that seats 650 students; a sundry shop dubbed The Gamecock General Store; retail space leased to Jimmy John’s and Starbucks Coffee; and shuttle service to and from central campus. The development is home to several living-learning communities, including those for information, design and computing; engineering and computing; and entrepreneurship and innovation. The development team for Campus Village included Contract Construction, Juneau Construction and WDG.
LOUISVILLE, KY. — Contegra Construction Co. is nearing completion on a 1 million-square-foot gigafactory in Louisville for Fremont, Calif.-based EnerVenue. The tenant will manufacture its proprietary Energy Storage Vessels at the facility, which are batteries based on nickel-hydrogen technology originally developed for NASA in the 1980s and refined at Stanford University in 2017. EnerVenue emerged through the university’s business accelerator program in 2020. The gigafactory will be located within Flint Development’s I-64 Logistics Center, a 115-acre industrial park situated at Logistics Drive and Taylorsville Road. The Kansas-based developer is targeting a late-summer completion for EnerVenue’s new plant, and the tenant will begin operations in 2024. The tilt-wall facility will feature a TPO roof, 40-foot clear heights, five dock doors, four drive-in doors and 300 trailer parking spaces. Contegra is also constructing a 478,000-square-foot, multi-tenant distribution center on behalf of Flint within I-64 Logistics Center. Also set to come on line later this summer, the property will feature 36-foot clear heights, 48 dock doors, four drive-in doors and 115 trailer parking spaces.
LOS ANGELES — Cityview has completed the development of Jasper, an Opportunity Zone apartment property at 2528 S. Grand Ave. in Los Angeles. Situated adjacent to the University of Southern California, Jasper features 296 studio, one- and two-bedroom floor plans, including 25 units designated very low affordable and three designated moderate-income affordable. The community features two rooftop sky decks with outdoor dining and Korean barbecue grills, an entertainment terrace and views of downtown Los Angeles. Additionally, the property offers a resort-style pool deck with cabanas, loungers and daybeds, a game lawn area, billiards, a built-in outdoor pizza oven and communal spaces for outdoor dining and entertaining. The pet-friendly community also features a two-story club room with a commercial-grade kitchen, business center, dog park and onsite dog spa and wash. Cityview partnered with AC Martin, WPIC Construction, Nadia Geller Design and Labib Funk and Associates on the project.
BROWNSBURG, IND. — Brennan Investment Group has acquired 68 acres at the intersection of Route 136 and Ronald Reagan Parkway in Brownsburg, a northwest suburb of Indianapolis. Brennan plans to develop two industrial buildings, including a 580,884-square-foot cross-dock facility and a 245,803-square-foot rear-load facility. The site offers close proximity to the Indianapolis International Airport, the FedEx Hub, the UPS Ground Sort Center and the I-465 outer loop. Terms of the transaction and a construction timeline were not provided.
CHICAGO — Sterling Bay has purchased 4510 W. Ann Lurie Place, a 7.5-acre parcel in Chicago’s Archer Heights neighborhood. The developer plans to build a 147,500-square-foot speculative industrial facility. The acquisition was made in partnership with Affinius Capital, along with a construction loan from First National Bank of Omaha. PREMIER Design + Build Group will serve as general contractor. The project will feature 10 loading bays, two drive-in doors and 101 vehicle parking spaces. There will also be electric vehicle charging stations and upgraded steel components for future solar panel integration. Construction is scheduled to begin later this year.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 12.8 acres of vacant land located on the southwest corner of 135th Street and Antioch Road in Overland Park. The sales price was undisclosed. Formerly a landscape nursery and greenhouse for over 40 years, the site is positioned at a heavily trafficked intersection and features convenient access to Highway 69. David Block and Mark McConahay of Block & Co. represented the undisclosed seller. The new ownership group has outlined plans to develop an apartment complex on the site. Construction is expected to begin immediately, with completion slated for next year. Block & Co. anticipates marketing the remaining 4.2 acres of ground that runs along the north edge of the property along 135th Street. Four pad sites have been proposed with ground lease or build-to-suit options available.
WILMINGTON, DEL. — Pennsylvania-based developer MRA Group has received $63 million for the redevelopment of Chestnut Run Innovation & Science Park, a 164-acre, 14-building development in Wilmington. MRA Group will use the funds to continue renovations of the campus’ 14 buildings to support lab, R&D and advanced manufacturing uses. Additional plans for the campus include a hotel, fitness center, conference facilities, an outdoor amphitheater and accommodations for food services. Fulton Bank, in conjunction with Nuveen Green Capital through C-PACE, financed $50 million of the funds, while WSFS Bank provided the remaining $13 million.
AUSTIN, TEXAS — The University of Texas at Austin (UT) and MD Anderson will open a new medical complex at the site of the Erwin Center, the former arena of the university’s basketball teams. The complex will consist of a traditional hospital and cancer care/treatment facility. Demolitions are expected to begin in 2024, and the groundbreaking for the new medical facilities is scheduled for 2026. The total investment for these projects is estimated at $2.5 billion.
BRENHAM, TEXAS — Architecture firm HDA has completed a 28,000-square-foot industrial renovation and expansion project in Brenham, about 75 miles northwest of Houston. The project was a build-to-suit for Mike Hopkins Distributing, which serves the alcoholic beverage industry. The expansion consisted of a new controlled-temperature warehouse with offices and a customer pick-up area. The existing warehouse and coolers were also renovated with updated ancillary and storage areas and a new, enlarged keg cooler. Lastly, HDA designed a connector to link the new and existing facilities.