CINCINNATI — The NFL’s Cincinnati Bengals and Hamilton County have agreed to principal terms for a new lease that keeps the team in Cincinnati playing home games at Paycor Stadium through June 2036. There are 10 additional option years that could extend the lease through June 2046. The agreement also supports a modernization of the 25-year-old stadium. The Bengals will invest $120 million in the $470 million renovation project, covering 75 percent of new improvements to the stadium. The team and the county will continue to collaborate to secure funding from the state to further support the renovation efforts. Paycor Stadium opened in 2000 when the Bengals and Hamilton County came together with the goal of transforming Cincinnati’s riverfront into a sports and entertainment district. The Banks generates more than $2.5 billion in annual economic impact, with the Bengals driving over $1 billion in annual economic impact. Under a new deal, the Bengals and the county are poised to continue transforming the riverfront.
BLOOMINGTON, IND. — Core Spaces and Harrison Street have partnered to build Hub Bloomington Lincoln, a 1,492-bed student housing community near Indiana University. Located on Lincoln Street within the university’s designated mixed-use student housing zone, the five-story development will include 461 units ranging from studios to five-bedroom layouts. There will be roughly 34,000 square feet of indoor and outdoor amenity spaces, including a fitness center, rooftop pool, basketball court, study areas and a spa with sauna. Construction is underway, and completion is slated for summer 2027. Wells & Wells is the general contractor, and DLR Group is leading architecture and design. TSB Capital Advisors consulted on the joint venture and arranged financing from affiliates of QuadReal Property Group.
DALLAS — REEDER Construction has completed the 70,807-square-foot George Peabody Elementary School in the Oak Cliff area of Dallas. Designed by Pfluger Architects, the school supports about 500 students and features a courtyard and a central core with a media center, art and music rooms and maker space, all wrapped by classrooms. The school opened at its current site in 1951, and students and faculty were temporarily relocated to the former Thomas Edison Middle School campus during construction of the new facilities.
EAST HANOVER, N.J. — Locally based developer KRE Group has completed Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023, and leasing launched in September 2024.
PARSIPPANY, N.J. — Topgolf will open a new entertainment venue at 1269 U.S. Route 46 in the Northern New Jersey community of Parsippany. The square footage was not disclosed. The three-level facility will feature 102 climate-controlled hitting bays, a full-service restaurant and bar, fire pits, private event space and a rooftop terrace. Construction of the venue, which will be the Dallas-based operator’s third in New Jersey and is expected to employ between 350 and 400 people, is now underway. The opening is slated for next summer.
PANAMA CITY, FLA. — Topgolf will open its newest outdoor venue at 15475 Topgolf Way in Panama City Beach tomorrow. The new Topgolf will be the Dallas-based operator’s 10th outdoor location in Florida and its first on the state’s Emerald Coast. The property is situated along Powell Adams Drive near Panama City Beach Parkway and adjacent to Pier Park. The venue will employ between 275 and 300 staffers and feature 74 outdoor climate-controlled hitting bays spanning two levels, each furnished with lounge-type couches or high-top tables. The Topgolf will also feature a full-service bar and restaurant, outdoor patio with lawn games and a 22-foot video wall with more than 140 HDTVs.
SPRINGFIELD, VA. — PREIT has closed on a $150 million loan for Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia. The property includes more than 1 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target, among others. Springfield Town Center will also include a 460-unit apartment community that is underway, along with a hotel and public park. The property will also house another 400 apartments that are in the planning stages and expanded parking that will have skybridge connectivity between the development’s various components. Goldman Sachs and Barclays Bank were the lead lenders for the five-year loan, which features interest-only payments and a fixed interest rate of 7.1 percent. With the new financing, PREIT expects to realize more than $5.1 million in annual interest savings.
TEMPE, ARIZ. — A partnership between Trinitas Ventures and Mitsui Fudosan America is set to break ground on Astria Tempe, a 27-story student housing tower located steps away from the Arizona State University campus in Tempe. The development will offer units in studio, one-, two- and three-bedroom configurations. Shared amenities will include a pool, spa, fitness center, coworking space, social lounges, dog-friendly areas and ground-floor retail space. The community is scheduled for completion in summer 2027. TSB Capital Advisors arranged equity for the project, and BMO Bank provided financing. The development team includes Layton Construction Co. and Niles Bolton Associates.
SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has completed ANOVA Aggie Square, a 252-bed development located on Stockton Boulevard near the University of California, Davis (UC Davis) campus in Sacramento. The community offers 190 units in a mix of studio, one-, two- and four-bedroom configurations. Shared amenities include a 2,500-square-foot fitness center with yoga and spin studios; soundproof office pods and private conference rooms; a coffee bar; wellness lounge with a sauna and massage chairs; 24-hour package system; game room with billiards; and an amenity patio with grilling stations. UC Davis Student Housing and Dining Services master leases 49 of the units and leases them at below-market rates. Priority for occupancy of these units is given to first-year medical, nursing and graduate students studying on the Sacramento campus. The remaining units are available for lease via GMH Communities, which operates the property, with priority given to university students, faculty and staff. The community was constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space.
LEWIS CENTER, OHIO — Nationwide Realty Investors is nearing completion of renovations at Nationwide Hotel and Conference Center, a 20-acre hotel and event complex in Lewis Center, a northern suburb of Columbus. In conjunction with the renovations, the property will be rebranded as The Ohioan Hotel & Event Center later this summer. The newly completed event center renovations include renovated and modernized ballrooms, expanded pre-function and post-function spaces and a new private outdoor courtyard with multiple fireplaces. Additional renovations underway include updates to the 193 guestrooms and suites. The hotel will remain open throughout the phased renovations. The 2,000-square-foot pub will also be given a refresh later this fall. Nationwide also commissioned three Ohio-based artists to create original artworks for display throughout the event center. What began as a radio station in the 1940s evolved into Green Meadows Inn during the 1960s. The property then became a training center for Nationwide Insurance in the 1970s and ultimately expanded into a full-scale conference and hotel destination by the early 2000s.