Development

Repvblik Opens 213-Unit Adaptive Reuse Apartment Project in Sterling Heights, Michigan

by Kristin Harlow January 23, 2024

STERLING HEIGHTS, MICH. — Developer Repvblik has opened The Block at Sterling Heights, a 213-unit apartment development in Sterling Heights. The adaptive reuse project transformed the former Wyndham Gardens Sterling Heights hotel into studio and one-bedroom apartments. The multi-million-dollar project began in July 2022. Several months into construction, Repvblik decided to demolish a sprawling section of the building that used to contain the Loon River Café and Sterling Inn Banquet and Conference Center in order to free up more than three acres of street-facing land for future development. Units at The Block range from 315 to 825 square feet. Rents for most apartments range from $795 to $1,300 per month, with large loft apartments renting for $1,500 per month. A significant number of the units will be reserved for those making between 60 and 120 percent of the area median income. Amenities include a fitness center, recreational green space, laundry facility on every floor, mail room, resident lounge and 24-hour emergency maintenance. Future amenities will likely include an outdoor dog park and bike parking. PK Housing and Management is managing the community.

January 23, 2024

Affordable Housing Colorado Development Multifamily Western

Hunt Capital, Mile High Ministries Open 61-Unit Clara Brown Commons Affordable Housing Community in Denver

by Amy Works January 23, 2024

DENVER — Hunt Capital Partners (HCP), in collaboration with faith-based developer Mile High Ministries (MHM), has opened Clara Brown Commons, a four-story, 61- unit affordable multifamily property in Denver’s Cole neighborhood. Located at 3701 York St., Clara Brown Commons comprises 14 one-bedroom/one-bath, 28 two-bedroom/two-bath and 19 three-bedroom/two-bath apartments for low-income families earning up to 20 to 80 percent of the area median income. Apartments feature full-size refrigerators/freezers, electric ranges with recirculating hood, dishwashers, washers/dryers, ceiling fans and coat closets. Community amenities include a conference room, fitness room, children’s playroom, bike storage, mail area, sunroom, balcony and roof patio. Financing for the project included a tax-exempt $15.9 million construction loan and a tax-exempt $6.4 million construction-to-permanent loan, both provided by Pacific Western Bank. MHM provided a $6 million loan, composed of $1.8 million in City of Denver HOME funds, $1.5 million in Colorado Division of Housing HOME funds and $2.7 million in sponsor capital campaign funds. Completion of Clara Brown Commons is the first step of a three-stage plan to enrich the Cole neighborhood in northern Denver. Seventeen Habitat for Humanity townhomes adjacent to the apartment complex will open by end of January. Future phases will provide additional space for community …

January 23, 2024

Development Florida Industrial Southeast

Costco, Sansone Group Acquire 192 Acres in Port St. Lucie, Florida for Industrial Development

by John Nelson January 22, 2024

PORT ST. LUCIE, FLA. — Big-box wholesale retail giant Costco and St. Louis-based development firm Sansone Group have teamed up to purchase 192 acres within Legacy Park at Tradition, a 425-acre industrial park in Port St. Lucie. The companies plan to develop a 595,000-square-foot depot facility at the site. Costco has industrial development rights to expand its project up to 1.9 million square feet. Other Sansone-developed projects at Legacy Park at Tradition include build-to-suit facilities for FedEx Ground and Amazon, as well as two speculative facilities. The developer is also in the planning stages of another spec facility and a cold storage property within the park. The project team for the Costco development includes engineer Culpepper & Terpening, legal counsel Husch Blackwell, the City of Port St. Lucie and Robert Smith and Kirk Nelson at CBRE. The construction timeline was not disclosed.

January 22, 2024

Happy-Valley-Crossroads-East-Portland-OR

Development Oregon Retail Western

Gramor Development, LRS Architects Complete Happy Valley Crossroads East Retail Center in Portland, Oregon

by Amy Works January 22, 2024

PORTLAND, ORE. — Gramor Development and LRS Architects have completed Happy Valley Crossroads East, a six-building retail center in Portland. The open-air property features 39 commercial spaces in a variety of sizes and layout. The asset is situated within walking distance of nearby residential neighborhoods.

January 22, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $132.9M Debt, Equity Financing for Multifamily Development in Charlotte

by John Nelson January 22, 2024

CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.

January 22, 2024

Acquisitions Affordable Housing Development Multifamily Seniors Housing Washington Western

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Amy Works January 22, 2024

BELLEVUE, WASH. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.

January 22, 2024

Development Southeast Student Housing Tennessee

Annex Group, University of Memphis to Develop 540-Bed On-Campus Residence Hall for Student-Athletes

by John Nelson January 22, 2024

MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.

January 22, 2024

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, Elite Equity Break Ground on $44M Affordable Seniors Housing Community in Leisure City, Florida

by John Nelson January 22, 2024

LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …

January 22, 2024

Development Mixed-Use Texas

Craig International to Develop $6B Preston Harbor Master-Planned Development in Denison, Texas

by Taylor Williams January 22, 2024

DENISON, TEXAS — Craig International, a locally based developer that is perhaps best known for the $5 billion Craig Ranch project in McKinney, has closed on 3,114 acres in Denison for the development of Preston Harbor, a $6 billion master-planned community. The site on Lake Texoma is located about 75 miles north of Dallas. Preliminary plans for Preston Harbor call for approximately 7,500 residential units, a resort hotel, retail, restaurants and a marina. The residential component will include single-family, active adult and multifamily uses. Plano-based Aimbridge Hospitality will develop the $100 million hotel, which will be operated under the Margaritaville brand. Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. represented the sellers, entities doing business as Preston Harbor LP and Preston Harbor Homeplace LP, in the disposition of the land. Both entities are part of the estate of George Schulte, the developer who originally amassed and assembled the site. John Auletta and Kaitlyn Sogga of JTA CR Group represented Craig International. Other project partners include The Choctaw Nation of Oklahoma, Horizon Capital Partners and N9 Capital Partners. The development team is currently finalizing plans and engineering work and expects to break ground before the end …

January 22, 2024

Development Illinois Midwest Office

Farbman Group Opens New Amenity Space at Chicago Office Building

by Kristin Harlow January 22, 2024

CHICAGO — Farbman Group has opened “The LookOut,” an amenity space within its 100 N. LaSalle office building in Chicago. The space was formerly a 26th-floor penthouse suite. Key features of The LookOut include a lounge and dining space, views of downtown Chicago, a workout facility and artwork. Farbman partnered with Michigan-based Soul Studio, an art program and gallery by nonprofit Friendship Circle that provides adults with special needs a safe space to create and connect through art. Farbman commissioned a piece entitled “Rhythmic Grid Space” by Aislinn Wendrow as a mural for the amenity space.

January 22, 2024

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