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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

by John Nelson

MIAMI — Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading the project’s retail leasing along with Miami-based The Comras Co. The master developer is Miami Worldcenter Associates, which is led by Art Falcone and Nitin Motwani. Still to come at the 27-acre Miami Worldcenter are food-and-beverage options including El Vecino by chef Michael Beltran, who also operates the Brasserie Laurel restaurant at the development; Chicago’s Maple & Ash and etta restaurants; Sports & Social, a dining and entertainment concept; as well as other nationally recognized brands including Rihanna’s Savage X Fenty, Club Studio, Ray-Ban, Posman Books, Bowlero and Lucid Motors. Approximately 80 percent of the retail space has been leased at the development.

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DevelopmentHealthcareMidwestMissouri

McCarthy Breaks Ground on $52M Expansion, Renovation Project for Saint Luke’s East Ambulatory Surgery Center in Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — McCarthy Building Cos. has broken ground on a $52 million expansion and renovation project for Saint Luke’s East Ambulatory Surgery Center in the Kansas City suburb of Lee’s Summit. The center was built in 2006 to meet the growing needs of eastern Jackson County. Located at 120 NE Saint Luke’s Blvd., it is part of Saint Luke’s Health System. The 113,913-square-foot project will create additional space needed to enable offsite medical-related services to move back onto the main East campus. Work includes both the renovation of the existing two-story, 52,000-square-foot ambulatory surgery center and clinical space, as well as building a new 62,000-square-foot third-floor addition above the existing facility. Completion is scheduled for the end of 2024.

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DevelopmentIllinoisMidwestMultifamily

Peak Realty Begins Preleasing for Sage West Loop Luxury Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Peak Realty has begun pre-leasing efforts for Sage West Loop, a 196-unit luxury apartment building in Chicago’s West Loop. Tandem Development is the developer for the project, which is located at 1044 W. Van Buren St. Amenities include a fitness center, rooftop terrace, party room, dog run, coworking suites and onsite garage parking. The building is slated for occupancy this summer. Monthly rents start at $1,893, according to the property’s website. 

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DevelopmentMichiganMidwestRestaurantRetail

Elia Group Unveils Two New Dining Concepts to Open This Summer in Downtown Detroit

by Kristin Harlow

DETROIT — Elia Group has unveiled two new dining concepts, Experience Zuzu and Upstairs Bar. Both are slated to open this July in the company’s 511 Woodward building in downtown Detroit. Inspired by the destinations of Miami and Las Vegas, Experience Zuzu features eclectic Asian cuisine. Menu items include hand-rolled sushi, appetizers, wok-fired specialties and exclusive dishes from the charcoal oven and wood-fired grill. In addition to a full bar, Experience Zuzu will showcase bespoke cocktails, premium bottle service and a selection of sake, champagne and wine. The second floor will feature Upstairs Bar, a luxurious lounge and club serving craft cocktails, small plates and sushi.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane Completes 24-Unit Illinois Affordable Housing Community for Adults with Disabilities

by Kristin Harlow

WAUKEGAN, ILL. — McShane Construction Co. has completed Kirwan Apartments in the Chicago suburb of Waukegan. Over the Rainbow (OTR) was the developer. The 24-unit affordable housing development enables adults with physical disabilities to live independently. The project is named after Leo Kirwan, an OTR resident, board member and advocate for accessible housing. All units feature one bedroom and one bathroom and are barrier free. Tenants have access to a community room and laundry facilities. The three-story building is situated adjacent to OTR’s Gustafson Apartments. Weese Laungley Weese Architects provided architectural services.

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CaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailWestern

Shopoff Unveils 26-Acre Mixed-Use Redevelopment for Westminster Mall in Orange County

by Jeff Shaw

WESTMINSTER, CALIF. — Shopoff Realty Investments has released plans to redevelop the Westminster Mall into a 26-acre mixed-use property. Located in the Orange County city of Westminster, the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores. Shopoff plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks. 

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Affordable HousingArizonaDevelopmentMultifamilyWestern

Blackstone, Dominium Plan 196-Unit Casa Azure Affordable Community in Phoenix

by Jeff Shaw

PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix.  Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments.  Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Danco Buys 18 Acres in Moorpark, California for Vendra Gardens Affordable Housing Development

by Jeff Shaw

MOORPARK, CALIF. — Danco has purchased an 18-acre development site in the Ventura County city of Moorpark, with plans for a 200-unit affordable multifamily project.  The proposed development, known as Vendra Gardens, will feature 80 one-bedroom/one-bathroom units, 68 two-bedroom/two-bathroom units, and 52 three-bedroom/two-bathroom units. It will also include a 2,500-square-foot leasing building and a 2,500-square-foot amenity building.  Danco received funding for the project through tax credits by the California Debt Limit Allocation Committee and a grading permit has been issued. The units will be available for those who earn 30 to 60 percent of the area median income (AMI), which will account for 65 percent of the total project.  Lee & Associates-LA North/Ventura’s Matt Benwitt and J.C. Martin facilitated the land sale on behalf of the buyer. The seller was Essex Property Trust. 

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DevelopmentIndustrialNevadaWestern

Prism Realty to Develop 143,640 SF North Valleys Industrial Center in Reno, Nevada

by Jeff Shaw

RENO, NEV. — Prism Realty has announced plans to develop North Valleys Industrial Center, a 143,640-square-foot property in Reno.  The Class A building will be located at 9630 N. Virginia St. Prism plans to break ground this summer and complete the project in the second quarter of 2024.  The development will offer availability for a single full-building user or can be split to a minimum of 45,000 square feet to accommodate tenants seeking mid-bay space.  Plenium Builders will serve as general contractor on the project. DCG’s Joel Fountain, Nick Knecht and Baker Krukow will represent Prism Realty on all leasing activity.

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AcquisitionsDevelopmentFloridaMultifamilySoutheastTop Stories

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

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