Development

POAH Breaks Ground on Fifth City Commons Affordable Housing Development in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Preservation of Affordable Housing (POAH) has broken ground on Fifth City Commons, an affordable housing development located on a long-vacant site in the city’s East Garfield Park area. Phase I will consist of 4,300 square feet of commercial space and 43 one-, two- and three-bedroom apartment units. Completion is slated for mid-2024. The City of Chicago selected POAH for this project in 2019 as part of the C40 Reinventing Cities competition, an international competition designed to attract highly sustainable development examples to urban sites. POAH has used the time since then for extensive community outreach to ensure the final product reflects the community’s desires. The project is named for The Fifth City Human Development Project, a community development organization active in the area. Fifth City Commons, located blocks from the Chicago Transit Authority’s Green Line and the Blue Line Kedzie train stations, will be reserved for families earning 30 to 80 percent of the area median income. The three-story building part of Phase I will include community rooms, a resident terrace, fitness room, three laundry rooms and onsite management offices. Phase II will be built across the street on the north side of Fifth Avenue and is slated …

July 27, 2023

Development Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams July 27, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has completed the lease-up of Green Meadows at Pleasant Plains, a 175-unit apartment complex located in the coastal New Jersey community of Toms River. The property, which is now fully occupied, offers a mix of two- and three-bedroom townhomes and one- and two-bedroom apartments. Select residences offer private balconies/patios. Amenities include a pool, fitness center, community room, playground and walking trails.

July 27, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2023 Economic Review by Sector

by Sarah Daniels July 27, 2023

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …

July 27, 2023

Acquisitions Affordable Housing Development Florida Multifamily Retail Southeast

Integra Investments Acquires Shopping Center in Palm Beach County, Plans to Add Workforce Housing

by John Nelson July 26, 2023

LANTANA, FLA. — Miami-based Integra Investments has purchased Lantana Village Square, a 165,000-square-foot shopping center located at 1001 S. Dixie Highway in Lantana, a town in South Florida’s Palm Beach County. The buyer plans to raze the center’s vacant K-Mart department store and develop workforce housing that is affordable for Lantana renters. The overall development is situated on a 19-acre site within one mile of South Palm Beach. Lantana Village Square’s existing retailers such as Winn-Dixie, Subway and H&R Block will remain, which will create a mixed-use community once the workforce housing component is complete. Integra is utilizing the State of Florida’s Live Local Act to help fund the development. Integra acquired Lantana Village Square from Saglo Development for $14.9 million. Bradesco Bank provided acquisition financing.

July 26, 2023

Development District of Columbia Hospitality Office Southeast

Altus Realty to Convert Downtown D.C. Office Building Into Mint House Flexible Rental Space

by John Nelson July 26, 2023

WASHINGTON, D.C. — Altus Realty plans to convert an 11-story office building located at 1010 Vermont Ave. NW into Mint House Downtown Washington, D.C. Set to open in early 2025, the property will encompass 85 apartment-style flexible rental units that Mint House will operate. The spaces will be designed for guests who need accommodations ranging from two days to two months. The rooms will range from studios to two-bedroom units that will include a kitchen with a stove and dishwasher, as well as washers/dryers and work spaces. Amenities will include an onsite fitness facility, meeting space and a café. Altus Realty plans to begin repositioning the former office building this fall. The property is situated near a Metro station, McPherson Square Park, The White House and DuPont Circle. This will be the first location in downtown D.C. for Mint House, which operates 25 flexible rental destinations in 16 states. Mint House recently opened locations in Dallas; Birmingham, Ala., and St. Petersburg, Fla.

July 26, 2023

Development Industrial Leasing Activity Office South Carolina Southeast

Redline Completes Renovations at Port 26 Creative Office Building in North Charleston, Signs First Tenant

by John Nelson July 26, 2023

NORTH CHARLESTON, S.C. — Redline Property Partners has completed renovations at Port 26, an 85,000-square-foot creative office/flex building located at 2155 Eagle Drive in North Charleston. The firm purchased the former industrial facility in December 2021. Building renovations included transforming the building’s exterior, common areas and restrooms; redesigning entrances and lobbies; and creating tenant lounges, outdoor patios and a dog park. Redline also fully upgraded most of the building’s systems. Situated along I-26, Port 26 will soon be home to its first tenant, RXO, a transportation and logistics provider. Nick Tanana and Brady Dashiell of Cushman & Wakefield provide leasing services for Port 26 on behalf of Redline.

July 26, 2023

Development Multifamily Texas

JPI Breaks Ground on 450-Unit Multifamily Project in Grand Prairie, Texas

by Taylor Williams July 26, 2023

GRAND PRAIRIE, TEXAS — Locally based developer JPI has broken ground on Phase I of Jefferson Loyd Park, a multifamily project in the central metroplex city of Grand Prairie that will add 450 units to the local supply. The development will consist of eight three-story buildings on a 25-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool and a fitness center. Completion of Phase I is slated for early 2025. Construction of Phase II of Jefferson Loyd Park, which will feature 352 units, is set to commence later this year. Other project partners include Demarest (architect), Kimley-Horn (civil engineer) and Happy State Bank (construction lender).

July 26, 2023

Build-to-Rent Development Single-Family Rental Texas

Welker Properties to Develop 343-Unit Build-to-Rent Residential Project in Melissa, Texas

by Taylor Williams July 26, 2023

MELISSA, TEXAS — Dallas-based Welker Properties will develop a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project, known as Wolf Creek Farms Melissa BTR, has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025.

July 26, 2023

Development Illinois Industrial Midwest

Seefried Properties Breaks Ground on Two-Building Spec Industrial Development in Elgin, Illinois

by Kristin Harlow July 26, 2023

ELGIN, ILL. — Seefried Properties has broken ground on a two-building speculative industrial development in Elgin. The 465,360-square-foot project is slated for completion in the third quarter of 2024. The buildings will feature clear heights ranging from 32 to 36 feet, 185-foot-deep truck courts and 236 trailer parking spaces. The project team includes Harris Architects, FCL Builders and Spaceco as civil engineer. Jason West and Doug Pilcher of Cushman & Wakefield are marketing the project for lease.

July 26, 2023

Development Office Texas

Port Houston to Open 95,000 SF Headquarters Office at East River

by Taylor Williams July 26, 2023

HOUSTON — Port Houston will open a 95,000-square-foot headquarters office at East River, a 150-acre mixed-use development that is under construction in the city’s Historic Fifth Ward. The port authority purchased two tracts, and its development plans also include a 300-space parking garage that will connect to the office building via a skybridge. Construction is expected to begin in 2024 and to be complete in summer 2025. Locally based developer Midway owns East River. The port was self-represented in the land deals.

July 26, 2023

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