Development

Beach, Swain to Develop Center Point Mixed-Use Project in Wilmington, North Carolina

by John Nelson December 7, 2022

WILMINGTON, N.C. — A joint venture between an affiliate of The Beach Co. and Swain & Associates plans to develop Center Point, a mixed-use project adjacent to Mayfaire Town Center in Wilmington. Phase I of the campus will include 351 apartments, 45,655 square feet of retail space and 6,941 square feet of live/work space. The co-developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to lease the retail component of Center Point, which will be located across from Landfall Shopping Center and The Forum. A construction timeline was not disclosed.

December 7, 2022

Development Multifamily Seniors Housing Texas

Ryan Cos., Castletop Capital Break Ground on 222-Unit Seniors Housing Project in Austin

by Taylor Williams December 7, 2022

AUSTIN, TEXAS — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and will offer 186 independent and assisted living units and 36 memory care units. Residences will range in size from 450 to 1,600 square feet. Amenities will include a bistro, library, performance theater, spa, fitness center, salon, pool, therapy rooms, chapel and outdoor amenity spaces. Completion is slated for late 2024.

December 7, 2022

Affordable Housing Development Hawaii Multifamily Western

Ikaika ‘Ohana, Hunt Capital Open 89-Unit Affordable Multifamily Property in Lahaina, Hawaii

by Amy Works December 7, 2022

LAHAINA, HAWAII — Ikaika ‘Ohana and Hunt Capital Partners, in collaboration with Urban Housing Communities, have opened Kaiaulu o Kupuohi, an affordable housing community in Lahaina. Located at 258 Kupouhi St., Kaiaulu o Kupuohi features 89 apartments divided into 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units. The apartments are reserved for families earning up to 60 percent of the area median income. Onsite amenities include a community center, management, tot lot, barbecue/picnic area, laundry facilities and ample parking. Goodfellows Bros. and Maryl Group Construction served as general contractors and Design Partners served as project architect. ThirtyONe50 Management operates the asset. The total cost for Kaiaulu o Kupuochi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawaii state Low-Income Housing Tax Credit (LIHTC) equity for the project. Other funding sources include the Bank of Hawaii, which provided a $27.6 million construction loan and an $8.2 million construction-to-permanent loan; the Hawaii Housing Finance and Development Corp., which provided $17.1 million in Rental Housing Revolving Funds; Maui County, which provided a $6.4 million permanent loan; and Ikaika ‘Ohana, which provided a $725,952 permanent loan.

December 7, 2022

Arizona Development Industrial Top Stories Western

Taiwanese Semiconductor Manufacturer Announces $28B Expansion at North Phoenix Plant

by John Nelson December 7, 2022

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a second plant in North Phoenix. The move will increase the company’s investment at the Arizona manufacturing site from $12 billion to $40 billion and create 4,500 permanent jobs, in addition to 10,000 construction jobs. The expansion represents the largest foreign direct investment in Arizona history and one of the largest foreign direct investments in the history of the United States, according to TSMC. Semiconductors, or computer chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. The company is also in the planning stages for an onsite water reclamation plant that, when finished, will allow the TSMC Arizona site to achieve near-zero liquid discharge. The announcement was made yesterday at the opening of TSMC’s first semiconductor factory. President Joe Biden, Arizona Gov. Doug Ducey, U.S. Commerce Secretary Gina Raimondo, Governor-elect Katie Hobbs, Phoenix Mayor Kate Gallego, members of Arizona’s congressional delegation, TSMC chairman Dr. Mark Liu and TSMC founder Dr. Morris Chang attended the ceremony. Also attending and speaking at the event was Tim Cook, CEO of Apple. Cook said the …

December 7, 2022

Development Illinois Midwest Office

DeJames Builders Breaks Ground on 15,000 SF Office for Baird & Warner in Naperville, Illinois

by Kristin Harlow December 6, 2022

NAPERVILLE, ILL. — DeJames Builders has broken ground on a 15,000-square-foot office for real estate services company Baird & Warner in Naperville. The office, located at 1528 Aurora Ave., is designed to house up to 500 Baird & Warner agents when it opens in 2023. The new office will accommodate all three of Baird & Warner’s business lines — brokerage, mortgage lending and title insurance — under one roof. The project team includes developer RX Health & Science Trust and architect OKW Architects. Baird & Warner’s current Naperville office is located at 836 W. 75th St. The firm maintains several offices throughout Chicagoland.

December 6, 2022

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson December 6, 2022

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

December 6, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

Development North Carolina Office Southeast

Chartwell, Jefferson River Capital Begin Redevelopment of Office Campus in Raleigh

by John Nelson December 6, 2022

RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.

December 6, 2022

Development Multifamily Texas

Sueba USA Breaks Ground on 335-Unit Ivy Lofts Apartments in Metro Houston

by Taylor Williams December 6, 2022

PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.

December 6, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

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