Development

Vango Development Begins Leasing 60-Unit Apartment Complex in Rutherford, New Jersey

by Taylor Williams June 15, 2023

RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.

June 15, 2023

Plaza-Athenee-Nobu-Hotel-and-Spa-New-York

Development Hospitality New York Northeast Top Stories

AWC, Nobu Hospitality to Develop 145-Room Luxury Hotel on Manhattan’s Upper East Side

by Katie Sloan June 15, 2023

NEW YORK CITY — A partnership between Asset World Corp. (AWC) and Nobu Hospitality has announced plans for Plaza Athenee Nobu Hotel and Spa New York, a 145-room luxury hotel development on Manhattan’s Upper East Side. Located on 64th Street between Park and Madison avenues, the hotel will offer suites with indoor and outdoor glassed terraces. The property will also offer a townhouse rental option. Unique amenities include a traditional Japanese onsen or bathing facility, as well as a spa and wellness center. The projected development cost was undisclosed. Plaza Athenee Nobu Hotel and Spa New York will also feature a Nobu restaurant offering an omakase experience — a form of Japanese dining in which guests leave their order up to the chef. The hotel will also include a bar and lounge, and a rooftop area for private parties with a panoramic view of the New York City skyline. Scheduled for completion in 2026, AWC will oversee the overall development of the project, along with its conceptualization and design. The partnership has also announced plans for the development of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand. Thailand-based AWC is a real estate group focused on the development of hospitality …

June 15, 2023

Development Multifamily Texas

Landmark Cos. to Develop 296-Unit Multifamily Project in Corinth, Texas

by Taylor Williams June 14, 2023

CORINTH, TEXAS — Florida-based developer Landmark Cos. will build a 296-unit multifamily project in Corinth, located north of the metroplex in Denton County. Arden at Corinth will consist of two three-story apartment buildings with 268 units and four two-story townhome buildings with 28 units. Residences will be furnished with stainless steel appliances, quartz countertops, custom cabinetry and private patios and balconies. Amenities will include a pool, fitness center, dog park, clubhouse and outdoor grilling and dining areas. The first units are expected to be available for occupancy in the first quarter of next year.

June 14, 2023

Acquisitions Development Industrial Texas

Colliers Arranges Sale of 17.6-Acre Industrial Development Site in Tomball, Texas

by Taylor Williams June 14, 2023

TOMBALL, TEXAS — Colliers has arranged the sale of a 17.6-acre industrial development site within Tomball Business & Technology Park on the northwestern outskirts of Houston. Tom Condon Jr. and John Grimsley of Colliers represented the seller, The Tomball Economic Development Corp., in the transaction. Will Condrey of Cresa represented the buyer, which plans to develop two build-to-suit facilities at the site for Walsh & Albert and Metal Zinc. Both of these companies supply products for HVAC systems.

June 14, 2023

Arizona Development Multifamily Student Housing Western

Joint Venture Acquires Development Site for 648-Bed Student Housing Community Near University of Arizona

by Jeff Shaw June 14, 2023

TUCSON, ARIZ. — A joint venture between Core Spaces, Up Campus Properties and Harrison Street has acquired a development site near the University of Arizona campus in Tucson. The site will be home to a 648-bed student housing community dubbed Hub Tucson V. TSB Capital Advisors acted as financial advisor to the joint venture in the acquisition. Set for delivery in fall 2025, the community will offer 161 units in a mix of studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities will include a luxury rooftop deck with a swimming pool and grilling area; hot tub; fitness and business centers; exterior terraces; study rooms; and private parking.

June 14, 2023

California Development Industrial Western

CapRock Partners Buys 22 Acres Within World Logistics Center in Moreno Valley, California

by Jeff Shaw June 14, 2023

MORENO VALLEY, CALIF. — CapRock Partners has purchased a 22.1-acre parcel within the World Logistics Center master-planned development in Moreno Valley. The company plans to develop CapRock Global Logistics, a 500,000-square-foot, LEED-certified industrial warehouse on the site. The development will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the property will feature 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space. The property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. Stefan Pastor and Brad Yates at Stream Realty Partners represented CapRock in the sale. Mark Repstad at Southland Commercial Real Estate represented the undisclosed seller.

June 14, 2023

Arizona Development Industrial Western

Silver Creek Starts Construction of Sossaman Business Campus Industrial Complex in Mesa, Arizona

by Jeff Shaw June 14, 2023

MESA, ARIZ. — Silver Creek Development has started construction on Sossaman Business Campus, an eight-building industrial complex in Mesa. The 330,000-square-foot asset will be built on a 26-acre site at the intersection of Sossaman and Elliot roads, across from Google’s $800 million data center campus. The development will include eight free-standing speculative industrial buildings ranging from 24,000 square feet to 60,000 square feet. They will feature 28-foot clear heights, ESFR sprinklers, 1600 to 2500 amps of power, and grade-level and dock-high loading doors for each building. A groundbreaking ceremony will take place June 20, with delivery scheduled for the first quarter of 2025. Arco Mountain West, the Arizona arm of Arco Construction Co., is serving as general contractor, while ADW Architects designed the project. Mark and Luke Krison of CBRE will handle the marketing and leasing efforts.

June 14, 2023

Development Multifamily New Jersey Northeast

Brookfield, G&S Investors Break Ground on 60-Story Multifamily Tower in Jersey City

by Taylor Williams June 14, 2023

JERSEY CITY, N.J. — Brookfield Properties and G&S Investors have broken ground on a 60-story multifamily tower in Jersey City that represents Phase II of the Hudson Exchange, a mixed-use redevelopment project. Designed by Beyer Blinder Belle and built by Consigli Construction, the building will house 802 residential units and 115,000 square feet of retail space that will be anchored by grocer ShopRite. Residences will be furnished with quartz countertops, walk-in closets and individual washers and dryers. Amenities will include a rooftop pool, social lounge, fitness center, game room and a coworking lounge. Phase II of Hudson Exchange will also feature 20,000 square feet of public green space. At full build-out, Hudson Exchange will comprise 6 million square feet of development, including roughly 5,500 residential units, across 18 acres.

June 14, 2023

Affordable Housing Development Mixed-Use Multifamily North Carolina Southeast

Beechwood Receives Approval for 43-Acre Residential Development in Chapel Hill, North Carolina

by John Nelson June 14, 2023

CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.

June 14, 2023

Affordable Housing Development Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson June 14, 2023

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

June 14, 2023

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