Development

The-Beck-Apartments-Haverhill-Massachusetts

Procopio Cos. Underway on 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams June 30, 2023

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.

June 30, 2023

100-Hood-Park-Drive-Charlestown-Massachusetts

Development Life Sciences Massachusetts Northeast

Developer Tops Out 186,000 SF Life Sciences Redevelopment in Charlestown, Massachusetts

by Taylor Williams June 30, 2023

CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.

June 30, 2023

Development Life Sciences Northeast Pennsylvania

TN Ward Completes Renovation of 180,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams June 30, 2023

PHILADELPHIA — General contractor TN Ward has completed the renovation of Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. In addition to base building renovations, two floors of lab facilities were constructed on a speculative basis. The facility now features lab-ready building infrastructure, customizable lab and office spaces and onsite lab management support services. Iron Stone Real Estate Partners owns the property. Cushman & Wakefield is marketing the renovated space for lease.

June 30, 2023

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Breaks Ground on 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams June 30, 2023

PITTSBURGH — New Jersey-based Tryko Partners has broken ground on Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. Merchants Capital secured an $11 million construction and equity bridge loan financing for the project. The Pennsylvania Housing Finance Agency also awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for some time next year.

June 30, 2023

Arizona Development Industrial Mixed-Use Multifamily Retail Top Stories Western

Indicap, Colmena Group, Langley Properties Receive Town Approval for $1B Mixed-Use Project in Gilbert, Arizona

by Jeff Shaw June 30, 2023

GILBERT, ARIZ. — The Town of Gilbert, a suburb southeast of Phoenix, has approved the zoning request for a 311-acre mixed-use development called The Ranch. Indicap, Colmena Group and Langley Properties are leading the project and estimate that development costs exceed $1 billion. Upon completion, The Ranch will offer 221 acres of light industrial space, 39 acres of commercial space, 39 acres of multifamily space and 16 acres of public green space. The industrial portion could total up to 3 million square feet of mid-bay and cross-dock buildings. The commercial space is slated to include restaurants, storage, convenience stores, office space, a fitness center, small grocer and dental office, among other uses. Plans for Residences at the Ranch, the multifamily component of the project, including two- and three-story rental homes with ground-floor retail. The 16-acre green space will include trails and landscaping for the community to use. The developers also plan to make $20 million in offsite improvements. The zoning approval marks the conclusion of 18 months of negotiations between the developers and the town government. A timeline for construction was not disclosed. — Channing Hamilton

June 30, 2023

Build-to-Rent Development Single-Family Rental Texas

Empire Group to Develop 215-Unit Build-to-Rent Project in New Braunfels, Texas

by Taylor Williams June 29, 2023

NEW BRAUNFELS, TEXAS — Arizona-based developer Empire Group will develop Village at Mayfair, a 215-unit build-to-rent residential project that will be located in the northeastern San Antonio suburb of New Braunfels. The site spans 19.7 acres within Mayfair, a 1,900-acre master-planned development. The project will feature a variety of floor plans, with residences ranging in size from 680 to 1,300 square feet. Homes will be furnished with stainless steel appliances, quartz countertops, walk-in closets and various pieces of smart technology. Residents will have access to amenities such as a pool, fitness center, spa, clubhouse, dog park and outdoor grilling and dining stations. Construction is set to begin in the fourth quarter, with the first homes expected to be available for occupancy by late 2024.

June 29, 2023

Development Florida Industrial Southeast

Terreno Realty, VSRE Break Ground on Two Metro Miami Industrial Buildings Totaling 364,000 SF

by John Nelson June 29, 2023

HIALEAH, FLA. — Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno Realty, and Rycon is serving as the general contractor. Building 39 will comprise 178,000 square feet with a private truck court, and Building 40 will total 186,000 square feet. The warehouses will feature 36-foot clear heights. Countyline Corporate Park Phase IV, which comprises 121 acres, is scheduled for completion in 2025.

June 29, 2023

Development Multifamily North Carolina Southeast

Alliance Residential Opens 344-Unit Prose New Hope Apartments in Raleigh

by John Nelson June 29, 2023

RALEIGH, N.C. — Alliance Residential has opened Prose New Hope, a 344-unit apartment community located in northeast Raleigh. The property features residences in one- and two-bedroom layouts with an average size of 1,012 square feet. Amenities at the community include a clubroom with an entertainment kitchen, saltwater pool with sun shelf seating and two outdoor grill stations, a business center, fitness center and a Luxer package system. The project team for the development included Cline Design Associates and engineer McAdams, both of which are based in Raleigh. Leasing rates begin at $1,395 per month, according to the property website.

June 29, 2023

Development Loans Multifamily South Carolina Southeast

Forum Capital Provides $10.4M Equity Investment for Multifamily Development in Beaufort, South Carolina

by John Nelson June 29, 2023

BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed.

June 29, 2023

Alaska Development Hospitality Loans Western

PACE Loan Group Arranges $5.5M in Financing for Aviator Hotel in Anchorage, Alaska

by Jeff Shaw June 29, 2023

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has arranged $5.5 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) financing for the Aviator Hotel in Anchorage. The historic hotel, located at 239 W. 4th Ave., is undergoing renovations. Once renovation is complete in 2024, the Aviator Hotel will be a high-end boutique hotel with 252 rooms and suites, a retail store, coffee shop, brewery and a bar and restaurant that will feature a year-round outdoor deck with views of Denali. The C-PACER financing is the largest of its kind to date in Alaska, according to PLG. The loan funds the renovations at the 1970s-era, three-story hotel, including energy conservation measures such as HVAC upgrades, building envelope, water fixtures, lighting and energy-efficient heating. The municipality of Anchorage launched C-PACER in May of 2021, with the first loan closing in August 2022.

June 29, 2023

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