Development

Skender Completes Renovation of 622,600 SF Office Building in Downers Grove, Illinois

by Kristin Harlow January 5, 2023

DOWNERS GROVE, ILL. — Skender has completed a comprehensive renovation of 3500 Lacey, a 622,600-square-foot office building in the Chicago suburb of Downers Grove. Built in 1992, the property formerly served as the headquarters of bread company Sara Lee. KORE Investments purchased the building in 2019. Skender worked with OKW Architects on the renovation project, which upgraded the building’s lower lobby, main lobby and fitness center. The property is also home to Esplanade Lakes Ballroom, a wedding venue operated by DoubleTree.

January 5, 2023

Connecticut Development Multifamily Northeast

Urby Nears Completion of 176-Unit Apartment Complex in Stamford, Connecticut

by Taylor Williams January 5, 2023

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, is nearing completion of a 176-unit apartment complex in Stamford, located in the southern coastal part of Connecticut. Designed by Concrete Amsterdam, the project represents the latest phase of Stamford Urby, a development that will ultimately consist of 641 units across 11 buildings. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,000 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge. The first move-ins will begin in February.

January 5, 2023

Development Multifamily South Carolina Southeast

Aventon Breaks Ground on 394-Unit Apartment Community in Charleston

by John Nelson January 5, 2023

CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Bees Ferry, a 394-unit apartment community located on a 30-acre site in Charleston’s West Ashley submarket. The development is the first project in South Carolina for the Raleigh-based developer. Situated near the intersection of Bees Ferry Road and Savannah Highway, Aventon Bees Ferry will feature one-, two- and three-bedroom apartments, as well as a community clubhouse with a fitness center and coworking spaces and two courtyards that will feature a resort-style pool, gaming lawn, pet spa and a dog park. Aventon expects to open Aventon Bees Ferry in early 2024. Other members of the development team include Watts Leaf Architects, Studio 5 Interiors Inc. and Thomas & Hutton.

January 5, 2023

Development Georgia Industrial Southeast

Stonemont Financial to Develop 903,200 SF Industrial Park in Locust Grove, Georgia

by John Nelson January 5, 2023

LOCUST GROVE, GA. — Stonemont Financial Group has purchased an infill, 113-acre site in Locust Grove with plans to develop a 903,200-square-foot industrial park. The development will break ground in the first quarter, with an expected completion of first-quarter 2024. Called Stonemont Park 75 South, the development will include three rear-load speculative warehouses ranging in sizes from 124,800 square feet to 538,720 square feet. Clear heights will vary from 32 feet to 40 feet, and the property will also include 316 trailer parking stalls and 612 car parking stalls, as well as 2,000 linear feet of frontage along I-75. Stonemont Park 75 South will sit along Highway 42 within Atlanta’s I-75 South industrial submarket. The design-build team will include Ware Malcomb (architect), Eberly & Associates (civil engineer) and Alston Construction (general contractor). Wilson Hull & Neal will serve as the leasing agent for the park on behalf of Stonemont Financial.

January 5, 2023

California Development Office Western

Irvine Co. Completes Final Phase of 1.1 MSF Spectrum Terrace Office Campus in Irvine, California

by Amy Works January 5, 2023

IRVINE, CALIF. — Irvine Co. has completed the third and final phase of Spectrum Terrace, a 1.1 million-square-foot office campus at the intersection of Interstate 405 and Highway 133 in Irvine. The fully walkable campus features nine buildings with private patios, open-air resort-style amenities, including an Olympic-length pool, and outdoor collaboration spaces. The asset is located adjacent to Irvine Spectrum Center, a massive mixed-use development centered on dining and entertainment. The final phase features three four-story buildings, totaling more than 345,000 square feet, as well as the completion of Terrace Pool, which features gathering areas with meeting-ready cabanas and poolside refreshments. Spectrum Terrace customers have access to The Commons, an outdoor gathering area with shaded workspaces; Kinetic fitness center offering a resort-style approach to workplace wellness; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and events space with folding glass walls that open up the conference room to the outdoors and attached catering kitchen, coffee bar and grab-and-go counter. Spectrum Terrace is currently 80 percent leased to a variety to tenants, including Alteryx, Coca-Cola Co., CoStar Group, iHerb and RSM.

January 5, 2023

Affordable Housing Development Florida Multifamily Southeast

HTG, Housing for Homeless Begin Construction of $30M Affordable Housing Community on Florida’s Space Coast

by John Nelson January 5, 2023

COCOA, FLA. — Housing Trust Group (HTG) and local nonprofit Housing for Homeless Inc. have broken ground on Orchid Lake, a $30 million affordable housing community in Cocoa, a city on Florida’s Space Coast. Situated in Brevard County on the Atlantic Ocean side of the state, Orchid Lake will feature 90 units reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The floor plan mix includes one-, two- and three-bedroom units ranging in size from 802 to 1,137 square feet. The property is scheduled to deliver in early 2024. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor barbecue area and a media room for residents. Housing for Homeless will also offer services to residents including adult literacy training, an employment assistance program and a financial management program. Funding sources for Orchid Lake include $15.7 million in 9 percent Low Income Housing Tax Credit equity syndicated through Raymond James Bank, as well as a $9 million loan through the State Apartment Incentive Loan program (SAIL). Other capital sources include loans from Raymond James Bank, Florida …

January 5, 2023

Development Industrial Self-Storage Texas

Bakke, Batson-Cook Break Ground on 802-Unit Self-Storage Facility in McAllen, Texas

by Taylor Williams January 4, 2023

MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. has broken ground on an 802-unit self-storage facility in the Rio Grande Valley city of McAllen. Designed by Alamo Architects and built by Independent Contractors Inc., SharyBak Storage will be a three-story building that will sit on two acres at 4901 E. Expressway 83. Frost Bank provided construction financing for the project, which is slated for a first-quarter 2024 completion. The development follows the partnership’s start of construction on a 781-unit self-storage facility in McAllen earlier this year.

January 4, 2023

Development Industrial Loans Self-Storage Texas

Cronheim Mortgage Arranges $12.9M Construction Loan for El Paso Self-Storage Project

by Taylor Williams January 4, 2023

EL PASO, TEXAS — New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter.

January 4, 2023

Development Multifamily New York Northeast

Reports: Brookfield, Park Tower Group Open 745-Unit Eagle + West Apartments in Brooklyn

by Taylor Williams January 4, 2023

NEW YORK CITY — Multiple local news outlets including Curbed New York City and New York Yimby have reported that a partnership between Brookfield Properties and Park Tower Group has opened Eagle + West, a 745-unit apartment community in Brooklyn. The latter publication notes that Eagle + West, which was designed by international architecture firm OMA, is located within the Greenpoint Landing development and comprises two towers that rise between 30 and 40 stories. According to the property website, Eagle + West features studio, one-, two- and three-bedroom units and amenities such as indoor and outdoor pools, a fitness center with yoga and spin studios, terrace with grilling stations, a game room, coworking lounge, catering kitchen and a children’s play area. Rents start at approximately $3,500 per month for a studio apartment.

January 4, 2023

Acquisitions California Development Industrial Western

Seefried Properties, USAA Buy 19 Acres for Logistics Center Development in Tracy, California

by Amy Works January 4, 2023

TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.

January 4, 2023

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