Development

PEBB, Banyan Underway on 10-Acre Mixed-Use Project in Delray Beach, Florida

by John Nelson July 11, 2023

DELRAY BEACH, FLA. — PEBB Enterprises and Banyan Development have started construction on Atlantic II, a 10-acre mixed-use project located at 8778 W. Atlantic Ave. in Delray Beach. Upon completion, which is scheduled for mid-2024, the development will feature a 10,000-square-foot, multi-tenant retail building, 100,000 square feet of self-storage space and a car wash outparcel. The outparcel is currently under contract for sale, and Paradise Grills has signed a lease to occupy 6,000 square feet in the retail building. Liberty Investment Properties, which develops self-storage properties, is partnering with the joint venture on the development.

July 11, 2023

Development Florida Multifamily Southeast

Thompson Thrift to Develop 257-Unit Apartment Community in Sarasota, Florida

by John Nelson July 11, 2023

SARASOTA, FLA. — Thompson Thrift has announced plans for the development of The Concord, a 257-unit apartment community to be constructed on 8.5 acres in Sarasota. Upon completion, the property will feature units in one-, two- and three-bedroom layouts. Amenities at the community will include a fitness center, heated swimming pool, outdoor entertainment and grilling areas, a dog run and pet spa, social hub and work-from-home suites. Completion of the development is scheduled for fall 2024.

July 11, 2023

California Development Healthcare Western

PMB Opens UC Davis Rehabilitation Hospital in Sacramento

by Jeff Shaw July 11, 2023

SACRAMENTO, CALIF. — PMB has opened the UC Davis Rehabilitation Hospital in Sacramento. The 52-bed inpatient rehabilitation facility is located on the UC Davis Sacramento campus and offers comprehensive rehabilitation services for patients with various conditions. The hospital features state-of-the-art facilities, private rooms, therapy gyms and a therapeutic courtyard. The new facility was announced as part of a joint venture agreement between UC Davis Health and Lifepoint Rehabilitation, a business unit of Lifepoint Health. Lifepoint Rehabilitation will manage the day-to-day operations of the inpatient rehabilitation facility. The architect was Taylor Design, while the general contractor was McCarthy Building Cos.

July 11, 2023

Arizona Development Healthcare Office Western

AZGYN to Redevelop Former Banner Urgent Care Facility in Mesa, Arizona

by Jeff Shaw July 11, 2023

MESA, ARIZ. — Arizona Gynecology Associates (AZGYN) is renovating a former Banner urgent care facility in Mesa. The 4,307-square-foot medical office building will undergo exterior and interior upgrades, including the addition of an X-ray suite and a dedicated women’s urgent care center. The expanded location will triple AZGYN’s footprint in Mesa and provide enhanced healthcare services to the community. Renovations are underway for completion by the end of the year. JLL’s Mari Lederman and Katie McIntyre represented AZGYN in the acquisition. Chad Shipley and Rommie Mojahed of SVN represented the building seller, Summit Properties Group LLC.

July 11, 2023

Development Hospitality Massachusetts Northeast

Shawmut Design & Construction Completes Renovation of Boston’s Four Seasons Hotel

by Taylor Williams July 11, 2023

BOSTON — Shawmut Design & Construction has completed the renovation of the Four Seasons Boston, a 273-room hotel located roughly midway between the state capital’s Back Bay and downtown areas. The project team upgraded the lobby and arrival area and added new art installations. A new lounge and restaurant called Coterie also recently opened at the property. An entity doing business as FSH Boylston Inc. owns the hotel.

July 11, 2023

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes 11,886 SF Renovation for M Physicians in St. Louis Park, Minnesota

by Kristin Harlow July 11, 2023

ST. LOUIS PARK, MINN. — Kraus-Anderson has completed an 11,886-square-foot renovation for the University of Minnesota Physicians (M Physicians) in St. Louis Park, a suburb of Minneapolis. The clinic is located on the second floor of the Park Place East building at 5775 Wayzata Blvd. Designed by HDR Architects, the project was completed in two phases in order to keep the clinic open during the remodel. The reimagined clinic features a new waiting area and rooms for consults and exams as well as remodeled conference rooms. Additional upgrades include new light fixtures, carpet, tile, flooring, paint and a new wall layout.

July 11, 2023

Development Midwest Minnesota Office

NELSON Worldwide Designs New Amenity Space at Office Building in Suburban Minneapolis

by Kristin Harlow July 11, 2023

GOLDEN VALLEY, MINN. — Architect NELSON Worldwide has designed a new shared amenity space at Golden Hills, an office building in the Minneapolis suburb of Golden Valley. The firm reconfigured the layout by removing an underutilized café and transforming it into a tenant lounge, grab-and-go market and game room. Dubbed 701 Local, the amenity space totals 1,700 square feet. There are multiple seating options and games such as air hockey.

July 11, 2023

Arizona Build-to-Rent Development Multifamily Single-Family Rental Top Stories Western

Empire Group Obtains $88.5M Construction Financing for Build-to-Rent Residential Community in Phoenix

by John Nelson July 11, 2023

PHOENIX — Empire Group, a multifamily and commercial real estate development firm based in Scottsdale, Ariz., has obtained an $88.5 million construction loan for the development of Village at Bronco Trail. The 354-unit build-to-rent (BTR) community will be situated on a 30-acre site at 29th Avenue and Sonoran Desert Drive on the city’s north side. Empire Group expects to deliver the first swath of single-family homes at Village at Bronco Trail in 2024. Homes will average 920 square feet and amenities will include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces.  Each home will have a private yard; kitchen with quartz countertops, stainless steel appliances and backsplashes; full-size washers and dryers; and upgraded smart-home features and technology. The property will be situated within two miles of the chip manufacturing plant for Taiwan Semiconductor Manufacturing Co., which is a $40 billion facility and a major economic demand driver for the North Phoenix residential market. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Empire Group. The direct lender was not disclosed, but the mortgage brokerage firm was able to secure multiple term sheets from lenders during due diligence. “The BTR …

July 11, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $48M Affordable Housing Community in McKinney, Texas

by Taylor Williams July 10, 2023

MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.

July 10, 2023

Development Loans Multifamily Seniors Housing Texas

Ziegler Arranges $25.3M Bond Financing for Seniors Housing Project in San Antonio

by Taylor Williams July 10, 2023

SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.

July 10, 2023

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