Development

Rockefeller Group Breaks Ground on 1 MSF Industrial Building in Spartanburg, South Carolina

by John Nelson September 21, 2023

SPARTANBURG, S.C. — Rockefeller Group has broken ground on Spartanburg 221, a 1 million-square-foot speculative industrial facility located in Spartanburg. The 87.7-acre project will be situated off Highway 221 and approximately one mile northwest of the I-85 Exit 78 interchange. Spartanburg 221 will include 40-foot clear heights, 56- by 53-foot column spacing, up to 530 parking spaces and up to 237 trailer stalls. The design-build team includes architect Atlas Collaborative and general contractor Pattillo Construction. Campbell Lewis and Marcus Cornelius of CBRE are handling the leasing assignment. The duo is also leasing Rockefeller Group’s Duncan Logistics Center, a nearby 827,000-square-foot development that is nearing completion. The developer acquired the Spartanburg site last year and plans to deliver the facility in fourth-quarter 2024.

September 21, 2023

Development Georgia Southeast Student Housing

PeakMade Real Estate, Blue Vista Open Theory Interlock Student Housing Property in Atlanta

by John Nelson September 21, 2023

ATLANTA — A partnership between PeakMade Real Estate and Blue Vista Capital Management has opened Theory Interlock, a 674-bed student housing community located near the Georgia Tech campus in Atlanta’s West Midtown neighborhood. The property offers fully furnished apartments and townhomes in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool and fitness center with an outdoor jumbotron theater; an academic lounge with group and individual study spaces; podcast rooms; a large club room; two outdoor courtyards; and structured parking. Theory Interlock is part of the second phase of development at Interlock Tower, a larger mixed-use project. The development is also home to 200,000 square feet of office space, 100,000 square feet of retail and restaurants, 349 traditional multifamily units, 70 townhomes and a 161-room hotel. Atlanta-based SJC Ventures is the master developer of The Interlock.

September 21, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

First Round of Retail Tenants Sign Leases at Nora Development in Downtown West Palm Beach

by John Nelson September 21, 2023

WEST PALM BEACH, FLA. — The first round of retail and restaurant tenants have signed leases to join the commercial district at Nora, a mixed-use development underway in downtown West Palm Beach. A partnership between West Palm Beach-based NDT Development, Miami-based Place Projects and Greenwich, Conn.-based Wheelock Street Capital is developing Nora. The lineup of new tenants includes three food-and-beverage concepts: Loco Taqueria & Oyster Bar, H&H Bagels and Van Leeuwen Ice Cream. The roster will also include two fitness concepts: [solidcore] and Rumble Boxing. The first phase of Nora will comprise 25 eateries and several shops and wellness concepts along North Railroad Avenue. Nora will also include boutique and creative offices and a 201-room hotel that will be developed by a partnership between BD Hotels and Sean MacPherson.

September 21, 2023

Development Florida Multifamily Southeast

Kaplan Residential to Develop 306-Unit Apartment Community in Englewood, Florida

by John Nelson September 21, 2023

ENGLEWOOD, FLA. — Kaplan Residential plans to develop Generation Englewood, a 306-unit apartment community in Southwest Florida. The Bay Harbor Islands, Fla.-based developer purchased the nearly 20-acre site at 201 Pine St. in Englewood from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. Kaplan plans to break ground on Generation Englewood in the first quarter of 2024. Designed by CID Design Group, the development will include a 10,000-square-foot clubhouse, including a dog park that offers outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Monthly rental rates will range from $2,000 to $3,500, according to Kaplan Residential, which plans to deliver Generation Englewood in early 2026.

September 21, 2023

Acquisitions Development Multifamily New York Northeast

Ariel Property Advisors Negotiates $29.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams September 21, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $29.5 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 125 Third St. can support 101,852 buildable square feet, and the buyer plans to construct a 14-story, 130-unit building with ground-floor commercial space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel Property Advisors represented the undisclosed seller in the transaction. Daniel O’Brien and Caroline Hodes of Cushman & Wakefield represented the buyer.

September 21, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $71.8M in Construction Financing for Affordable Housing Project in Greenfield, California

by Amy Works September 21, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …

September 21, 2023

Development Industrial Midwest Wisconsin

Dermody Properties to Redevelop Former Power Plant in Pleasant Prairie, Wisconsin, into 2.4 MSF Logistics Campus

by Kristin Harlow September 21, 2023

PLEASANT PRAIRIE, WIS. — Dermody Properties has acquired the former We Energies power plant in Pleasant Prairie, a southern suburb of Milwaukee. The firm plans to redevelop the site into a 232-acre campus named LogistiCenter at Pleasant Prairie. Plans call for three logistics buildings totaling 2.4 million square feet that will accommodate built-to-suit opportunities. Mass grading is underway, with building pads ready for vertical construction by the fourth quarter. Given its historic operation supporting southeast Wisconsin’s power grid as a backup power plant, LogistiCenter at Pleasant Prairie has access to abundant power. The site also benefits from large quantities of freshwater service from Lake Michigan.

September 21, 2023

Development Midwest Nebraska Retail

WarHorse Gaming Breaks Ground on New Facilities in Omaha, Expands in Lincoln

by Kristin Harlow September 21, 2023

OMAHA, NEB. — WarHorse Gaming, a subsidiary of Ho-Chunk Inc., has begun construction on its new gaming facilities in Omaha and continues with the next phase of construction at its Lincoln facility. Kraus-Anderson is the construction manager. WarHorse Gaming Omaha will feature roughly 1,300 slots and 20 table games once complete. The first phase of the casino is slated to open about a year after the start of construction. The project also includes a parking garage that can accommodate all phases of the casino. WarHorse Gaming Lincoln’s next phase of construction will begin shortly after the Omaha facility’s construction starts. The expansion will double the size of the current facility and add an additional 500 parking stalls at the casino and racetrack. Plans call for 870 slot machines, six to 10 table games and an expanded dining area. Once fully constructed, the Lincoln facility will employ more than 500 people and generate roughly $14 million in tax revenue for the state. The second phase is expected to take about one year to complete. Subsequent construction phases will include the build-out of the full gaming floor, parking garage and hotel.

September 21, 2023

Development Industrial Midwest Missouri

Contegra Underway on 220,000 SF Facility for AZZ Precoat Metals in Washington, Missouri

by Kristin Harlow September 21, 2023

WASHINGTON, MO. — Contegra Construction Co. is underway on a 220,000-square-foot production facility for AZZ Precoat Metals in Washington, about 50 miles west of St. Louis. AZZ Precoat Metals is an independent metal coil coater. Completion of the facility is slated for spring 2024. Production equipment will be installed in the second half of 2024, with production anticipated to commence in 2025. The project will be part of the 115-acre Oldenburg Industrial Park. Joining Contegra on the project are Vision Electric for electrical, Jarrell Mechanical Contractors for HVAC, O.J. Laughlin Plumbing Co. Inc. for plumbing and Musselman & Hall Contractors for concrete. Texas-based AZZ Inc. acquired Precoat Metals for $1.3 billion from Sequa Corp. in May 2022.

September 21, 2023

Arizona Civic Development Western

Willmeng Completes Sundance Park Phase II Civic Project in Buckeye, Arizona

by Amy Works September 21, 2023

BUCKEYE, ARIZ. — Willmeng Construction and the City of Buckeye have completed Phase II of Sundance Park, located at 22865 Lower Buckeye Road in Buckeye. Sundance Park now encompasses 68 areas in total with the additional of the 38 acres of Phase II and features the city’s first public fishing lake. Willmeng served as general contractor on the project, which was designed by Phoenix-based J2 Engineering and Environment Design. The 38-acre expansion of Sundance Park includes a three-acre fishing lake, which will be stocked with catfish, bluegill, bass and rainbow trout. Other features include a grand pavilion, splash pad, lighted basketball courts, four multi-use sports fields, playgrounds, ramadas, restrooms and ample parking.

September 21, 2023

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