Development

MAG Partners Debuts Volo Beach Venue at $5B Baltimore Peninsula

by John Nelson August 8, 2023

BALTIMORE — MAG Partners has debuted Volo Beach, a 184,732-square-foot multipurpose sports entertainment venue located at Baltimore Peninsula (formerly Port Covington). The destination is a partnership between the developers of the $5 billion, 235-acre Baltimore Peninsula development, led by MAG Partners, and Volo Sports, a national provider of social and competitive adult sports leagues. Situated on more than four acres near the waterfront, Volo Beach is located directly behind the newly opening 1.1 million square feet of offices, shops, restaurants, apartments and hotels within Baltimore Peninsula. The venue will offer beach volleyball and pickleball courts, in addition to fields for kickball, soccer and flag football. The space features entertainment amenities like picnic tables and cornhole, and visitors will be able to enjoy food and beverages and sometimes live music. The leagues at Volo Beach, including youth leagues, are expected to be in full swing this fall.

August 8, 2023

Development Industrial Texas

CLX Ventures Underway on 651,010 SF Spec Industrial Project in New Braunfels, Texas

by Taylor Williams August 8, 2023

NEW BRAUNFELS, TEXAS — Developer CLX Ventures is underway on construction of New Braunfels Commerce Center, a 651,010-square-foot speculative industrial project that will be located on the northeastern outskirts of San Antonio. Designed by Powers Brown Architecture, New Braunfels Commerce Center will consist of four buildings ranging in size from 129,632 to 204,874 square feet on a 46.7-acre site. All four buildings will feature 32-foot clear heights and rear-load configurations. Stream Realty Partners is the leasing agent. Delivery is slated for spring 2024.

August 8, 2023

Build-to-Rent Development Single-Family Rental Texas

Mill Creek Residential Completes 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams August 8, 2023

CELINA, TEXAS — Mill Creek Residential has completed construction of Amavi Celina, a 271-unit build-to-rent residential community located about 40 miles north of downtown Dallas. The 45-acre site houses cottage- and townhome-style residences as well as single-family detached homes. Residences come in one-, two-, three- and four-bedroom layouts. Amenities include a clubhouse with a fitness center, pool, dog park, playground, green space and onsite walking trails. Preleasing is underway, and the first move-ins are scheduled for later this month.

August 8, 2023

Development Mixed-Use Oklahoma Texas

Gatehouse Capital Tops Out 132-Room Hotel at OAK Mixed-Use Project in Oklahoma City

by Taylor Williams August 8, 2023

OKLAHOMA CITY — Dallas-based Gatehouse Capital has topped out a 132-room boutique hotel that is part of Phase I of OAK, a 20-acre mixed-used project in Oklahoma City. The first phase also includes 135,000 square feet of retail and restaurant space, 320 apartments and a 7,000-square-foot central green space. Phase II will feature 100,000 square feet of office space and an additional 85,000 square feet of retail space. Full completion is slated for next September. Veritas Development is the master developer of OAK.

August 8, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Life Sciences New Jersey Northeast Office

Legacy Investing Completes 210,000 SF Life Sciences Conversion Project in Bridgewater, New Jersey

by Taylor Williams August 8, 2023

BRIDGEWATER, N.J. — Virginia-based Legacy Investing has completed a project in the Northern New Jersey community of Bridgewater that converted a 210,000-square-foot office building into a life sciences facility. The building at 77 Corporate Drive offers proximity to multiple interstates as well as Newark Liberty International Airport. A Fortune 500 global life sciences company recently signed a lease at the building, and Legacy Investing has engaged Cushman & Wakefield to market the remainder of the space for lease.

August 8, 2023

Civic Development Midwest Minnesota

Kraus-Anderson Begins $24M Renovation, Expansion of Central Middle School in Suburban Minneapolis

by Kristin Harlow August 8, 2023

WHITE BEAR LAKE, MINN. — Kraus-Anderson (KA) has begun a $24 million renovation and expansion of Central Middle School in White Bear Lake, a northeast suburb of Minneapolis. Designed by Wold Architects and Engineers, the 108,000-square-foot project will add a new gym and fitness area, expand the kitchen and cafeteria and renovate the former district office to create additional classroom spaces. There will also be updates to the classrooms, media center, flex areas and learning commons. Completion is slated for late summer 2025. KA is also completing a $5.8 million expansion at Oneka Elementary School in Hugo, Minn. Both of these projects are part of a $326 million building bond passed by White Bear Lake Area School District voters in 2019.

August 8, 2023

Development Mixed-Use New York Northeast

United Group of Cos. Begins Sitework on Mixed-Use Project in Troy, New York

by Taylor Williams August 8, 2023

TROY, N.Y. — The United Group of Cos. has begun sitework on City Station North, a mixed-use project that will be located just outside Albany in Troy. City Station North will consist of 87 market-rate apartments, 40,000 square feet of office space and a 160-space covered parking garage on a one-acre site. The office building will rise four stories and house suites starting at 2,500 square feet. Residential units will come in one- and two-bedroom floor plans and range in size from 675 to 1,277 square feet, while residential amenities will include a fitness center, rooftop terrace and a community room. Demolition of existing structures on the site is underway.

August 8, 2023

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson August 8, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

August 8, 2023

Acquisitions Content Partner Development Features Industrial Midwest NAI Northeast Southeast Texas Western

Logistics, Location, the 1.5-Year Rule Drive Industrial Tactics

by Sarah Daniels August 8, 2023

Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are. “Transportation is roughly 12 times the cost of industrial real estate,” says Adam Roth, executive vice president at NAI Hiffman. Finished products, goods and materials are sent into and out of facilities over and over again. Shipping and trucking are a stiffly recurring expense and a much higher spend than real estate. “If I can impact your transportation spend, the real estate is a much smaller factor in the supply chain. If you can address the current concern of transportation, real estate rates almost doesn’t matter, due to a location’s supply chain advantages. Real estate can be one of the best ways to combat transportation costs.” The Rule of 1.5 In practical terms, customers’ plans for transportation are a series of changes, starting at factories, going to ports or warehouses for inventory, on to major and …

August 8, 2023

Development Life Sciences Texas

McCord Development to Build 45-Acre Life Sciences Campus at Houston’s Generation Park

by Taylor Williams August 7, 2023

HOUSTON — McCord Development will build a 45-acre life sciences campus at Generation Park, the company’s 4,300-acre master-planned development in northeast Houston. Known as BioHub Two, the 500,000-square-foot campus represents the first phase of a larger life sciences development initiative at Generation Park and will house manufacturing, lab and traditional office space. McCord has concurrently invested $30 million in infrastructural upgrades to support the site. The construction timeline is contingent upon McCord securing a tenant or buyer for the site. Once a deal is secured, McCord could have buildings ready for occupancy within 18 to 24 months.

August 7, 2023

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