Development

Altus Realty to Convert Downtown D.C. Office Building Into Mint House Flexible Rental Space

by John Nelson July 26, 2023

WASHINGTON, D.C. — Altus Realty plans to convert an 11-story office building located at 1010 Vermont Ave. NW into Mint House Downtown Washington, D.C. Set to open in early 2025, the property will encompass 85 apartment-style flexible rental units that Mint House will operate. The spaces will be designed for guests who need accommodations ranging from two days to two months. The rooms will range from studios to two-bedroom units that will include a kitchen with a stove and dishwasher, as well as washers/dryers and work spaces. Amenities will include an onsite fitness facility, meeting space and a café. Altus Realty plans to begin repositioning the former office building this fall. The property is situated near a Metro station, McPherson Square Park, The White House and DuPont Circle. This will be the first location in downtown D.C. for Mint House, which operates 25 flexible rental destinations in 16 states. Mint House recently opened locations in Dallas; Birmingham, Ala., and St. Petersburg, Fla.

July 26, 2023

Development Industrial Leasing Activity Office South Carolina Southeast

Redline Completes Renovations at Port 26 Creative Office Building in North Charleston, Signs First Tenant

by John Nelson July 26, 2023

NORTH CHARLESTON, S.C. — Redline Property Partners has completed renovations at Port 26, an 85,000-square-foot creative office/flex building located at 2155 Eagle Drive in North Charleston. The firm purchased the former industrial facility in December 2021. Building renovations included transforming the building’s exterior, common areas and restrooms; redesigning entrances and lobbies; and creating tenant lounges, outdoor patios and a dog park. Redline also fully upgraded most of the building’s systems. Situated along I-26, Port 26 will soon be home to its first tenant, RXO, a transportation and logistics provider. Nick Tanana and Brady Dashiell of Cushman & Wakefield provide leasing services for Port 26 on behalf of Redline.

July 26, 2023

Development Multifamily Texas

JPI Breaks Ground on 450-Unit Multifamily Project in Grand Prairie, Texas

by Taylor Williams July 26, 2023

GRAND PRAIRIE, TEXAS — Locally based developer JPI has broken ground on Phase I of Jefferson Loyd Park, a multifamily project in the central metroplex city of Grand Prairie that will add 450 units to the local supply. The development will consist of eight three-story buildings on a 25-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool and a fitness center. Completion of Phase I is slated for early 2025. Construction of Phase II of Jefferson Loyd Park, which will feature 352 units, is set to commence later this year. Other project partners include Demarest (architect), Kimley-Horn (civil engineer) and Happy State Bank (construction lender).

July 26, 2023

Build-to-Rent Development Single-Family Rental Texas

Welker Properties to Develop 343-Unit Build-to-Rent Residential Project in Melissa, Texas

by Taylor Williams July 26, 2023

MELISSA, TEXAS — Dallas-based Welker Properties will develop a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project, known as Wolf Creek Farms Melissa BTR, has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025.

July 26, 2023

Development Illinois Industrial Midwest

Seefried Properties Breaks Ground on Two-Building Spec Industrial Development in Elgin, Illinois

by Kristin Harlow July 26, 2023

ELGIN, ILL. — Seefried Properties has broken ground on a two-building speculative industrial development in Elgin. The 465,360-square-foot project is slated for completion in the third quarter of 2024. The buildings will feature clear heights ranging from 32 to 36 feet, 185-foot-deep truck courts and 236 trailer parking spaces. The project team includes Harris Architects, FCL Builders and Spaceco as civil engineer. Jason West and Doug Pilcher of Cushman & Wakefield are marketing the project for lease.

July 26, 2023

Development Office Texas

Port Houston to Open 95,000 SF Headquarters Office at East River

by Taylor Williams July 26, 2023

HOUSTON — Port Houston will open a 95,000-square-foot headquarters office at East River, a 150-acre mixed-use development that is under construction in the city’s Historic Fifth Ward. The port authority purchased two tracts, and its development plans also include a 300-space parking garage that will connect to the office building via a skybridge. Construction is expected to begin in 2024 and to be complete in summer 2025. Locally based developer Midway owns East River. The port was self-represented in the land deals.

July 26, 2023

Development Retail Texas

Woodmont Breaks Ground on 12,002 SF Retail Project in North Fort Worth

by Taylor Williams July 26, 2023

FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on Berkshire Corner, a 12,002-square-foot, multi-tenant retail project in North Fort Worth. The strip center is preleased to tenants such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop and ProSmiles Dental. Completion is slated for late 2023/early 2024.

July 26, 2023

California Development Leasing Activity Retail Western

Club Studio to Open 48,000 SF Fitness Studio in Santa Monica, California

by Jeff Shaw July 26, 2023

SANTA MONICA, CALIF. — Fitness concept Club Studio has announced plans to open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.

July 26, 2023

Development New York Northeast Office

Bromley Cos. Completes $100M Renovation of Office Building in Manhattan’s Union Square

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based owner-operator Bromley Cos. has completed the $100 million renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. The repositioning added a new rooftop pavilion and bike storage room, enhanced the office and retail suites and upgraded the building infrastructure. According to New York Post, Microsoft anchors the building’s office space, having taken occupancy of floors six through 10 following completion of the project. Bromley Cos. first purchased 122 Fifth Avenue in 1979.

July 26, 2023

Development Loans Multifamily New Jersey Northeast

Titanium Realty Group Receives $42.5M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams July 26, 2023

JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.

July 26, 2023

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