Development

Hendy Completes Mercedes-Benz Restoration Facility in Long Beach, California

by Jeff Shaw May 25, 2023

LONG BEACH, CALIF. — Hendy has completed design work on the Mercedes-Benz Classic Center in Long Beach. The facility features 41,500 square feet of workspace, 20,000 square feet of vehicle storage, auto restoration and maintenance areas, a showroom, processing bay and retail area. The hangar-sized building was formerly an aircraft production site for aeronautic firm McDonnell Douglas, which merged with Boeing, a leading supplier of passenger aircraft. This is the world’s second Mercedes-Benz Classic Center.

May 25, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

TCB, BHA Break Ground on 223-Unit Multifamily Redevelopment Project in Boston

by Taylor Williams May 25, 2023

BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.

May 25, 2023

Development Southeast Student Housing Tennessee

University of Tennessee, RISE to Develop Three On-Campus Residence Halls Totaling 2,500 Beds

by John Nelson May 25, 2023

KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …

May 25, 2023

Development Industrial Maryland Mixed-Use Southeast

St. John Properties to Develop 110,000 SF Mixed-Use Project in Hunt Valley, Maryland

by John Nelson May 25, 2023

HUNT VALLEY, MD. — St. John Properties has purchased a 17-acre parcel at the corner of York Road and Wight Avenue in Hunt Valley, about 18 miles north of Baltimore. The locally based developer purchased the land from Noxema for an undisclosed price. Jay Wellschlager of JLL represented the seller in the transaction, and Sean Doordan and Alex Lyons represented St. John Properties internally. On the site, St. John Properties plans to build Hunt Valley Exchange, a 110,000-square-foot mixed-use complex that will feature flex and research-and-development buildings, inline shops and restaurants and retail pad sites. Construction is expected to commence immediately.

May 25, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Sprouts to Open 23,000 SF Grocery Store at Aster & Links in Downtown Sarasota, Florida

by John Nelson May 25, 2023

SARASOTA, FLA. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. The developer, Belpointe PREP LLC, is a publicly traded qualified opportunity fund based in Greenwich, Conn. Aster & Links is a Main Street-style development that comprises two high-rise buildings that will rise seven and 10 stories. The 424-unit property will include one-, two- and three-bedroom apartments and four-bedroom townhome-style penthouses, as well 900 parking spaces consisting of garage and surface parking. Amenities will include a clubroom, fitness room, center courtyard with heated saltwater pool and rooftop amenities including a community room and a private dining area for private events, as well as outdoor grills and seating. Leasing at Aster & Links is anticipated to begin in the first half of 2024. The target opening date for Sprouts was not disclosed.

May 25, 2023

Development Industrial Texas

ARCO Beverage Group Breaks Ground on 253,200 SF Distribution Center in Weslaco, Texas

by Taylor Williams May 24, 2023

WESLACO, TEXAS — ARCO Beverage Group, a division of St. Louis-based general contractor ARCO National Construction, has broken ground on a 253,200-square-foot distribution center for Glazer’s Beer & Beverage in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor will be the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development that is owned by Weslaco Economic Development Corp. Building features will include 210,000 square feet of temperature-controlled space, 36-foot clear heights, 27 dock positions and 25,000 square feet of office space. Completion is slated for the first quarter of 2024.

May 24, 2023

Development Multifamily Northeast Pennsylvania

LCOR Begins Leasing 267-Unit Apartment Building in Philadelphia

by Taylor Williams May 24, 2023

PHILADELPHIA — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The 31-story building’s unit mix comprises 44 studios, 154 one-bedroom units, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, piano lounge, private coworking space, chef’s kitchen and a children’s playroom. Move-ins will begin in late summer, and full completion is slated for the fall. Rents start at roughly $2,000 per month for a studio apartment.

May 24, 2023

Development Hospitality Michigan Midwest

ROOST Apartment Hotel Set to Open at Detroit’s Book Tower June 1

by Kristin Harlow May 24, 2023

DETROIT — Developer Bedrock and hospitality company Method Co. are set to open the ROOST apartment hotel at Book Tower in Detroit on Thursday, June 1. The extended-stay hotel concept is now accepting reservations. The development team is also unveiling Anthology, a special events platform with several different event venues. Anthology is accepting inquiries for events beginning in September. Book Tower has undergone a seven-year restoration project totaling nearly $400 million. ROOST Detroit features 117 furnished studio, one- and two-bedroom apartment hotel units. Blending the comfort and practicality of apartment living with the amenities of a boutique hotel, all the units feature full-sized kitchens, stainless steel appliances, hardwood flooring and curated finishings. ROOST guests have access to a bike share program, fitness center and 3,000 square feet of coworking space. Anthology’s event spaces include: the Conservatory Ballroom, a 2,800-square-foot space capped by a glass skylight; the Linden Room, which holds 150 people and can be utilized for pre-function space or cocktail hours; and Graystone Lane, an alleyway with food and beverage spaces on the main level and rooftop. Anthology can host personal celebrations, weddings and corporate events. Book Tower also features 229 apartment units and 52,000 square feet of office …

May 24, 2023

Acquisitions Development Midwest Retail Wisconsin

CORTA Development Acquires Former Shopko Building in Onalaska, Wisconsin, Begins Redevelopment

by Kristin Harlow May 24, 2023

ONALASKA, WIS. — CORTA Development has acquired a building formerly occupied by Shopko in Onalaska, a city in western Wisconsin. The firm has begun a redevelopment of the property, which is part of East Towne Plaza. New retailers joining the center include TJ Maxx, HomeGoods, Sierra, Ulta Beauty and Five Below. CORTA expects to complete the project prior to the end of the year. Mid-America Real Estate-WI LLC brokered the sale of the Shopko building. Mid-America has also represented CORTA in the previous acquisitions of vacant Shopko stores in Fond du Lac, Sheboygan and West Bend over the past 18 months.

May 24, 2023

Development Multifamily New Jersey Northeast

Denholtz, Redwood Break Ground on 143-Unit Multifamily Project in Bound Brook, New Jersey

by Taylor Williams May 24, 2023

BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.

May 24, 2023

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