Development

Related Midwest Underway on 43-Story Multifamily Tower in Chicago’s Fulton Market District

by Katie Sloan January 19, 2023

CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district. The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline. The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …

January 19, 2023

Metro-Air-Park-Logistics-Center-Phase-I-Sacramento-CA

Acquisitions California Development Industrial Western

Badiee Development Completes 308,780 Metro Air Park Logistics Center in Sacramento

by Amy Works January 18, 2023

SACRAMENTO, CALIF. — San Diego-based Badiee Development has completed the construction and sale of Metro Air Park Logistics Center – Phase I in Sacramento. BentallGreenOak acquired the asset for an undisclosed price on a forward basis. Located on Badiee Drive, Metro Air Park Logistics Center – Phase I features two Class A industrial buildings totaling 308,780 square feet. Both buildings feature ESFR sprinklers and heavy power. Situated on 10.5 acres, the 183,088-square-foot Building I is divisible to four 40,000-square-foot suites. The building features 36-foot clear heights, 56 trailer and 155 auto parking stalls, 14,000 square feet of built-to-suit office space, and 31 dock-high and two grade-level doors. Situated on seven acres, the 125,692-square-foot Building II is divisible to two 60,000-square-foot suites. The facility features 32-foot clear heights, 103 auto stalls, 10,000 square feet of built-to-suit office space, and 21 dock-high and two grade-level doors. The second phase of Metro Air Logistics Center is currently under construction and will consist of a 109,300-square-foot freestanding building slated for completion in spring 2023. BentallGreenOak is expected to purchase the second phase upon its completion. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield represented Badiee Development in …

January 18, 2023

Development Industrial New Jersey Northeast

Woodmont Industrial, EverWest Underway on 210,000 SF Expansion, Renovation in South Brunswick, New Jersey

by Taylor Williams January 18, 2023

SOUTH BRUNSWICK, N.J. — Locally based developer Woodmont Industrial and Denver-based EverWest Real Estate Investors are underway on a 210,000-square-foot expansion and renovation project in South Brunswick, about 50 miles south of Manhattan. The partnership will renovate a 145,000-square-foot facility at 461 Ridge Road and develop a new, 65,000-square-foot facility. Upon completion, which is slated for this summer, the property will feature a clear height of 32 feet, 30 loading doors and four drive-in doors. Bussel Realty Corp. is marketing the property for lease.

January 18, 2023

Development Florida Hospitality Southeast

Terra, Turnberry Select Balfour Beatty to Construct 800-Room Hotel in Miami Beach

by John Nelson January 18, 2023

MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.

January 18, 2023

Development Florida Multifamily Southeast

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

by John Nelson January 18, 2023

MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.

January 18, 2023

Development Hospitality North Carolina Retail Southeast

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Development Florida Industrial Loans Southeast

JLL Arranges $45.1M Construction Loan for Industrial Project in Metro Orlando

by John Nelson January 18, 2023

OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.

January 18, 2023

Development Illinois Midwest Office

Skender Completes Renovation of 31-Story Office Tower in Chicago

by Kristin Harlow January 18, 2023

CHICAGO — Skender has completed a renovation of 225 W. Wacker Drive, a 31-story office tower totaling 651,000 square feet in Chicago’s West Loop. San Francisco-based Spear Street Capital owns the building. Valerio Dewalt Train served as architect and Kohn Pedersen Fox Associates was the designer. Skender began the process of renovating the building’s lower lobby and Franklin Street entrance, fourth-floor amenity space and roof deck in summer 2021. Connected to the fourth-floor interior space is a completely redesigned open-air terrace with gardens. Cushman & Wakefield served as manager and owner’s representative on the project. OvS served as landscape architect for the terrace.

January 18, 2023

Development Features Retail

Mall Redevelopment Projects Have Unique Property Tax Implications

by Jeff Shaw January 18, 2023

Legal covenants often cause excessive property taxation for mall owners that are looking to redevelop. By Morris Ellison The repurposing of malls and anchor stores is a popular topic in community development circles, but legal restrictions make redevelopment extremely difficult. Often locked into their original use by covenants, malls and anchor stores are often grossly overvalued for property tax purposes. In pursuing a redevelopment, taxpayers should ensure the properties are fairly assessed and taxed. Debilitating obsolescence It is difficult to overstate the plight of malls and department store anchors. Gone are the halcyon days when the mall was everyone’s shopping destination. There is even a website, www.deadmalls.com, devoted to failed malls. Credit ratings of most anchor store operators have fallen below investment grade. Commentators usually blame the retail apocalypse on e-commerce and shifting consumer spending habits. COVID-19 exacerbated these trends and mall foot traffic has been slow to recover. Some chains, including Neiman Marcus and JCPenney, have filed bankruptcy. E-commerce volume surged in 2020 and 2021 before tapering in 2022. To date, e-commerce and brick-and-mortar sales have not yet reached an equilibrium. One in five American malls have fully closed and remain “zombies” without a redevelopment plan, estimates Green Street …

January 18, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Berkadia Arranges $92M Construction Financing for Tampa Heights Apartments

by John Nelson January 17, 2023

TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.

January 17, 2023

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