Development

Manna Development Group Completes Spec Medical Office Building in Encinitas, California

by Amy Works November 15, 2022

ENCINITAS, CALIF. — Manna Development Group has completed construction of a multi-tenant medical office building in Encinitas. Located at 777 N. El Camino Road, the property is the first speculatively built non-owner/user medical office building in 15 years in the city, according to the developer. Totaling 12,200 square feet, the property will feature a 5,675-square-foot ground floor and a 6,502-square-foot second floor. Both floors can be divided into multiple suites. Additionally, the asset will offer reserved and on-site parking. The building is slated for delivery in mid-November. Peter Curry, Brooks Campbell and Owen Curry of Cushman & Wakefield are handling leasing efforts for the property.

November 15, 2022

Development Multifamily Texas Top Stories

Wilson Capital Proposes 80-Story Apartment Tower in Austin, Texas

by Jeff Shaw November 15, 2022

AUSTIN, TEXAS — Wilson Capital, an Austin-based real estate development firm, has unveiled plans for Wilson Towers, an 80-story apartment building in Austin. Totaling 450 residential units and rising 1,035 feet, the development would become the tallest building in Texas upon completion. The property is located at 410 E. Fifth St. in the heart of Austin’s downtown. It is less than a block from the MetroRail Downtown station, three blocks from the Congress Avenue retail and restaurant district, and six blocks from the Texas State Capitol building. Construction is scheduled to begin this summer. According to local real estate publication Towers, the project is a massive expansion upon previously released redevelopment plans for the site of Avenue Lofts, a 38-unit condominium property. Wilson Capital acquired the property via a negotiated buyout of the condos early this year. The record-breaking redevelopment plan would position Wilson Tower to rise 13 feet taller than the Waterline project located just a few blocks away, reports Towers. The property will feature residences ranging from studios to four-bedroom penthouses. Wilson Tower will also offer four floors of amenities for residents such as a cocktail lounge, movie theater, pool deck and an entire floor dedicated to pet …

November 15, 2022

Content Partner Development Features Industrial Midwest Mixed-Use Multifamily Northeast Northmarq Office Retail Southeast Texas Western

Project Destined: Training a New and Diverse Generation for Real Estate Careers

by Sarah Daniels November 15, 2022

For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …

November 15, 2022

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Opens $21M Affordable Housing Community in Tallahassee

by John Nelson November 14, 2022

TALLAHASSEE, FLA. — Housing Trust Group has completed Lafayette Gardens, a $21 million affordable housing community located in the Woodland Drives neighborhood of Tallahassee. Comprising 5.8 acres, the property features 96 units in single- and multi-bedroom layouts. The project team included architectural firm FK Architecture, general contractor Hennessy Construction Services, interior designer Stiles Interiors and landscape architect Wood + Partners. Community amenities include a clubhouse, pool, playground, media center, fitness center, bike/walk trail and a dog park. Chase Bank provided a $15 million construction loan for the project, Raymond James provided $16.1 million in 9 percent low-income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac loan.

November 14, 2022

Development Loans Louisiana Retail Southeast

Schelin Uldricks Secures $13.9M Construction Loan for Shopping Center in Lake Charles, Louisiana

by John Nelson November 14, 2022

LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.

November 14, 2022

Development Multifamily Seniors Housing Texas

MedCore Partners, ACRON USA Break Ground on 150-Unit Seniors Housing Project in Metro Houston

by Taylor Williams November 14, 2022

CYPRESS, TEXAS — MedCore Partners and ACRON USA have broken ground on Phase II of Spring Cypress Senior Living, located on the northwestern outskirts of Houston. The project will add 138 active adult and independent living units, as well as 12 memory care units, to the local supply. Phase I of Spring Cypress Senior Living, which was co-developed with Houston-based National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Integral Senior Living will operate the property upon completion.

November 14, 2022

Development Hospitality Texas

Aloft Opens 124-Room Hotel in Arlington

by Taylor Williams November 14, 2022

ARLINGTON, TEXAS — Aloft Hotels, which is part of the Marriott Bonvoy family of brands, has opened an 124-room hotel in Arlington. Aloft Dallas Arlington is a pet-friendly establishment that offers an onsite restaurant and bar, grab-and-go food options, a lounge with billiards and live music, an outdoor pool, fitness center and 750 square feet of meeting and event space. Locally based firm Stonewood Hotels owns and manages the property.

November 14, 2022

Civic Development New York Northeast

NYC SCA Acquires Land in The Bronx for 100,000 SF Elementary School

by Taylor Williams November 14, 2022

NEW YORK CITY — The New York City School Construction Authority (SCA) has acquired a 21,870-square-foot parcel across from Van Cortlandt Park in The Bronx for the development of a 100,000-square-foot elementary school. Known as PS X515, the school will support approximately 700 students in grades pre-K through 5 and will feature a gym, library, occupational and speech therapy rooms and art, science and music rooms. DIGroup Architecture is designing the school, which is scheduled to open in fall 2027.

November 14, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

Development Leasing Activity Multifamily Utah Western

Safehold Arranges $26.5M Ground Lease for Multifamily Development in South Salt Lake, Utah

by Amy Works November 14, 2022

SOUTH SALT LAKE, UTAH — Safehold (NYSE: SAFE) has arranged a $26.5 million ground lease to facilitate the ground-up development of One Burton, an apartment community in South Salt Lake’s new downtown district. Abstract Development Group, an affiliate of a New York-based multifamily real estate owner, will develop the 180-unit community within a Qualified Opportunity Zone.

November 14, 2022

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