NEW YORK CITY — A joint venture between Turnbridge Equities and Dune Real Estate Partners is nearing completion of Bronx Logistics Center, a 1.3 million-square-foot industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The facility will offer a clear height of 32 feet and more than 1,500 parking spaces. The development team expects to complete the project by the end of the year.
CINCINNATI — City Club Apartments (CCA) has topped off construction of its Union Central development in downtown Cincinnati. The project will combine both the Union Central building and the Annex building, currently CCA CBD Cincinnati, to become City Club Apartments Union Central, an apartment and penthouse community. There will be a total of more than 575 units. First move-ins are slated for November. Residents will have access to amenities located across the two buildings and connected by a sky bridge. Union Central will have a 19th-floor sky park with a pool overlooking the Ohio River, outdoor kitchen, sky club, lobby lounge library and penthouse clubroom. The Annex will have an indoor-outdoor pool, sky park, sky club and lobby lounge library that is directly connected to the Shires Café. Union Central will also have a restaurant, salon, health club, dry cleaner and pet store. The Annex will feature a rooftop restaurant named the Views at Shires Garden, along with a daycare, market and pet spa. CCA coworking amenities include conference rooms, two business centers, communal tables and high-speed WiFi throughout the common areas.
FONTANA, CALIF. — JLL Capital Markets has arranged $16.2 million in senior financing on behalf of Iconic Equities for the development of a 5.6-acre industrial outdoor storage (IOS) facility located at 8247 Lime Ave. in Fontana. JLL worked on behalf of the borrower to secure the financing through Shelter Growth (SG) Capital Partners. Upon completion, the IOS property will serve as a truck yard and contain an onsite 12,500-square-foot warehouse and distribution building. The property will offer end-users the opportunity to stack metal storage containers while providing ample truck parking.
GREENSBORO, N.C. —Walker & Dunlop has arranged construction financing and joint venture equity for the development of Lynxs GSO Technix, a build-to-suit maintenance and repair operations (MRO) facility at Piedmont Triad International Airport in Greensboro. Upon completion, the development will feature a 218,200-square-foot building with an MRO hangar, paint hangar and office and support space, as well as a 396,386-square-foot apron for aircraft fueling, defueling and washing. Lynxs GSO will also include seven bays with six standard hangars and one paint hangar. Tom Fish and Drew Van Norman of Walker & Dunlop secured the financing on behalf of the borrower, Lynxs Group. An affiliate of UK-based Marshall Aerospace will occupy the facility.
CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.
PASADENA, TEXAS — An affiliate of New York City-based Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit apartment community located in the eastern Houston metro of Pasadena. The property was built in 1971 and offers one-, two- and three-bedroom units. Unit interiors received new paint and windows, and exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree also enhanced the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.
PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.
INDIANAPOLIS — Locally based Birge & Held has begun pre-leasing for its newest community, West Village of Avondale Meadows in Indianapolis. Located at 4115 Meadows Drive, the affordable housing community features 216 units across six buildings. Units are reserved for residents earning annual incomes between $40,620 and $67,320. Amenities include a clubhouse with a community room, exercise room, TVs and billiards. Birge & Held received Low Income Housing Tax Credit funding from HUD through the Indiana Housing and Community Development Authority. Strategic Capital Partners also served as a key partner in the development.
LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, a supportive housing property located in unincorporated Florence-Graham in the Watts neighborhood of Los Angeles. The Prime Co., a giving-focused, vertically integrated multifamily development firm, is the sponsor of the project. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit (LIHTC) equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the development. Located at 2111 Firestone Ave., the six-story residential complex will feature 85 one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two of the units will be designated for individuals exiting homelessness and earning no more than 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. Additionally, the property will feature two manager units. The project team includes Prime, Domus Development and Kingdom Development. KeyBanc Capital Markets Group also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing the project. Housing Works will provide supportive services for residents …
— By Bob Lisauskas, Principal, RDC in Long Beach, Calif. — Daily patterns of life have been turned upside down since 2020. Three years since the disruption of quarantine living, it’s becoming clear what was temporary and what has been permanently changed. The good news: our cities have the potential to come back healthier than ever. Cities are resilient places and are finding ways to adapt and transform. Building owners, municipalities, architects and other stakeholders are actively collaborating on ways to repair the city fabric. While some of these companies and individuals have fled to the suburbs, many are more committed than ever to preserve urban living. This is often because they love the city where they own their property, and are personally motivated to breathe life into the area. Another wrinkle driving urban transformation is the housing crisis. It’s an urgent reality that we need more housing at every price point in our urban centers. This is something that’s of paramount concern, particularly in California, as rents and property values rise. These, along with other trends and market disruptors, are pushing cities toward a primarily mixed-use future in which new developments serve the entire 24-hour cycle: living, working, shopping …
