OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.
NEW YORK CITY — Philadelphia-based development and investment firm Arden Group is underway on construction of a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, resident lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Of that space, 80,000 square feet is earmarked for a charter school or medical office user, and at least 16,000 square feet will be marketed to grocers. Completion is slated for 2025.
RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.
MARQUETTE, IOWA — The Queen Casino & Entertainment, which acquired Casino Queen Marquette in 2017, has received permission from the Iowa Racing and Gaming Commission to move the riverboat casino to land. The casino is located at 100 Anti Monopoly St., along the banks of the Mississippi River in Marquette. The commission approved the request during a hearing on Thursday, Jan. 26. The Queen Casino & Entertainment plans to move the 17,000-square-foot gambling floor ashore, including more than 400 slot machines, two blackjack tables and several other table games. As part of the remodel, the property will receive an additional 12,000 square feet to its current dockside building; an enhanced single-level gaming floor easily accessible from the main entrance with the latest in gaming technology; and new dining outposts, including a dedicated sports bar.
JACKSON COUNTY, GA. — Trammell Crow Co. (TCC), with joint venture partner CBRE Investment Management, has broken ground on the first phase of Jackson 85 North Business Park, an industrial park in Jackson County. Situated roughly 60 miles northeast of Atlanta, the industrial development will comprise 2.3 million square feet upon completion. The first phase will feature two buildings totaling more than 1.5 million square feet. Building 1 will comprise 538,450 square feet, and Building 2 will include 1 million square feet, with delivery scheduled for the first quarter of 2024. Construction of the second phase is expected to begin midway through 2024 and will include a single 713,050-square-foot facility, completion of which is scheduled for 2025. All three buildings will feature 40-foot clear heights, ample power, ESFR fire sprinklers and R-19 roof insulation. Wilson Hull & Neal Real Estate is handling the leasing assignment for Jackson 85 North Business Park.
MIAMI — Related Group and Merrimac Ventures have broken ground on Crosby Residences, a 33-story residential tower in downtown Miami. Upon completion, the property, which is fully preleased, will feature 450 fully furnished rental units in studio, one-, two- and three-bedroom layouts and 22,000 square feet of amenity space. The development is located with the 27-acre Miami Worldcenter, a master-planned community featuring 300,000 square feet of retail, restaurant and entertainment space. All of Crosby’s ready-to-rent homes will be licensed to allow for listing on all leading homeshare platforms (subject to applicable laws and restrictions). Cohen Freedman Encinosa acted as architect on the project, with interiors by AVRO|KO. Amenities will include saunas, Jacuzzis, cold plunge pools, dedicated yoga space, a gaming lounge, rooftop restaurant and bar and a coworking center with a juice and coffee bar. Completion is scheduled for the first quarter of 2025.
ARLINGTON, VA. — MRP Realty and LaSalle Investment Management are nearing completion of the redevelopment and rebranding of Crystal & Clark, previously known as Century Center, in the National Landing neighborhood of metro Washington, D.C. Located at 2450 Crystal Drive and 2461 S. Clark St. in Arlington, the mixed-use development comprises two buildings and spans 639,621 square feet. 2450 Crystal Drive features 336,229 square feet of office space and 51,443 square feet of retail space, 36,000 square feet of which is leased or under negotiation. 2461 South Clark comprises 232,969 square feet of office space and 23,980 square feet of retail space, 5,000 square feet of which is currently leased. Aerospace and defense manufacturing giant Raytheon recently renewed its lease at the development in 2021 for 120,000 square feet of office space across both buildings. The redevelopment has included new access to outdoor seating and gathering areas, the addition of ground-level retail and restaurant space, a pedestrian plaza, streetscape improvements and office improvements including lobby updates, a new conference center, fitness and locker rooms, second- and third-floor terraces and amenity space. Plans for the property also include the construction of a 334,270-square-foot residential tower comprising 302 units and 21,863 square …
WILMER, TEXAS — ALTO Real Estate Investments, a developer with three offices in the United States and one in Israel, will build a 271,339-square-foot industrial project in the southern Dallas suburb of Wilmer. The development, named ALTO Intermodal 45, will be located less than a mile from I-45 and the Union Pacific Intermodal railway and will feature 40-foot clear heights. Construction is scheduled to begin during the first quarter and to be complete by the end of the year. Colliers will market the development for lease.
HOUSTON — Locally based investment firm Wolf Capital Partners has begun the renovation of Heights Medical Tower, a 120,000-square-foot medical office building located across the street from The Heights Hospital in Houston. Capital improvements include demolition of vacant structures, construction of a new spec suite and upgrades to the building’s HVAC systems. In addition, Wolf Capital, which has tapped Transwestern to lease the building, will reimagine the lobby and enhance the streetscape. Lastly, the firm will revamp various common areas, as well as restrooms and elevator cabs. Completion is slated for the fourth quarter.
TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has started construction of Presidio Palms Apartments, a hotel-to-apartment conversion project located at 475 N. Granada Ave. in downtown Tucson. The project’s first units are slated for delivery by summer 2023. Sterling has been working on the project since January 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to a 212-unit apartment complex and allow for development of an additional 154 units. Presidio Palms will offer a modern, market-rate, low-cost rent option in the downtown Tucson submarket. The community’s studio and one-bedroom units will offer new plumbing, electrical, HVAC units, outdoor patios, finished cabinets, quartz countertops, stainless steel appliances, flooring, washers/dryers and modern fixtures. Onsite amenities will include a full-service coffee bar with café seating, residential lounge, private business center, arcade nook, gym and yoga studio, resort-style pool, sand volleyball court, outdoor kitchen area and dog park.