DALLAS — Crescent Communities, a multifamily developer with nine offices around the country, has completed a 20-story apartment high-rise project in the Turtle Creek/Oak Lawn area of Dallas. NOVEL Turtle Creek features 206 units in one-, two- and three-bedroom formats, including penthouse units on the top two floors. The fifth floor houses an outdoor deck with a pool and kitchen space, and other amenities include a fitness center, resident lounge and guest suites for visiting families. WDG Architecture designed the building, and Rogers-O’Brien Construction served as the general contractor. Rents start at $2,900 per month for a one-bedroom unit.
HOUSTON — Locally based developer Lovett Industrial is underway on construction of Nexus North Logistics Park, a 567,140-square-foot project in North Houston. Building features will include 36-foot clear heights, 104 dock-high doors, 135-foot truck court depths and ample trailer parking. Completion is slated for May 2023. MORE Architecture Studio is designing the project, with Burton Construction and AJ Lindsey LLC respectively serving as the general contractor and civil engineer. Nashville-based Pinnacle Bank provided construction financing. Boyd Commercial has been tapped as the leasing agent.
WILLIAMSBURG, VA. — Berkadia has arranged a $27.7 million joint venture equity placement to developer GW Real Estate Partners to build a new 265-unit, garden-style apartment community in Williamsburg. The $77 million property is dubbed Montage at Marquis Apartments and is slated for delivery in May 2024. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, an unnamed fund manager that provided the equity behind $48.1 million in senior debt issued by Citizens Bank. GW Builders, a wholly owned subsidiary of GW Real Estate Partners, is the general contractor for the project, which will feature one-, two- and three-bedroom apartments averaging 942 square feet in size.
JOLIET, ILL. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.
KANSAS CITY, MO. — Contegra Construction Co. is underway on a new distribution center at Blue River Commerce Center in Kansas City. The 390,943-square-foot, speculative property marks the fourth of seven planned buildings at the 226-acre industrial campus, which was launched by NorthPoint Development in 2021. The new building will feature 24 dock doors, two drive-in doors, a clear height of 40 feet, 3,000 square feet of office space and a 3,000-square-fot mezzanine served by two stairways. Completion is slated for the end of this year.
SALT LAKE CITY — A partnership between ViaWest Group and Clarion Partners has acquired 25 acres of land in Salt Lake City’s Northwest Quadrant from Gannett Enterprises for an undisclosed price. Rusty Bollow and Bobby Stevens of Colliers represented the seller, while Phillip Eilers of Cushman & Wakefield represented the buyer in the deal. ViaWest plans to develop more than 340,000 square feet of Class A industrial space on the site, divided into a 100,000-square-foot building and a 240,000-square-foot building. The development will offer direct access to interstates 5 and 215 and State Route 201. Buildings will feature highway visibility, 107 shared trailer spaces, 67 dock doors and nearly 380 parking spaces. Colliers will serve as leasing agents for the new facilities.
Aspen Heights to Redevelop Former Hospital Site in Downtown Austin into 921-Unit Multifamily Complex
AUSTIN, TEXAS — Locally based developer Aspen Heights Partners will redevelop the site of the former HealthSouth hospital in downtown Austin into a multifamily complex that will total 921 units across two towers. The site spans roughly a full city block. About 25 percent (232) of the units will be reserved as affordable housing. The development will also feature 18,000 square feet of retail and restaurant space, a 30,000-square-foot public plaza and an onsite music venue. Aspen Heights will partner with Capital A Housing and The NHP Foundation to develop and operate the affordable housing component of the project. The Austin City Council has approved the master development agreement, and the development team expects to fully complete the project by 2027.
HOUSTON — General contractor Hoar Construction has broken ground on X Houston, a 475-unit multifamily project in the city’s Museum District. Developed by X Co. and designed by Lamar Johnson Collaborative, X Houston will be a 33-story high-rise that will span 756,000 square feet and will house ground-floor retail space. Amenities will include a pool, fitness center, bar area and coworking spaces. Completion is slated for the third quarter of 2024.
SPRING, TEXAS — Landmark Properties, a student housing and multifamily developer based in Athens, Ga., will develop The Everstead at Windrose, a 194-unit build-to-rent residential project in the northern Houston suburb of Spring. Landmark is developing the project in partnership with Principal Real Estate Investors. The development will offer townhouse- and cottage-style homes with private patios/backyards, and select residences will have attached garages. Communal amenities will include a pool, fitness center, coffee bar, dog park and grilling stations. Construction is slated to begin later this month and to be complete in 2024.
ATLANTA — Lincoln Property Co. has topped out 765 Echo, a four-story, 300,000-square-foot office building set within the 19-acre Echo Street West project in Atlanta’s West Midtown district. Upon completion, the mid-rise structure will feature 29,000 square feet of tenant balconies that can host outdoor conferences, fitness space and social gatherings. The mass timber building will also feature floor plates with 15- to 20-foot windows that offer unobstructed, 360-degree views. The office building will be located adjacent to a 3,500-square-foot amenity center that will provide office tenants with flexible meeting space, an outdoor patio and a full bar. Echo Street West’s first phase that includes 765 Echo, 25,000 square feet of retail space, the 292-unit Vibe apartments, Guardian Works, Guardian Studios and the Westside Motor Lounge is on target to be complete by spring 2023. Future phases will bring additional office, retail, residential and hotel components to the site. The project team includes capital partner Bridge Investment Group; general contractors DPR Construction, Juneau Construction Co. and Merit Construction; architects RIOS, Nelson Architects and Dwell Design Studio; and retail leasing brokerages SRS Real Estate Partners and Revel. Lincoln Property Co. manages the entire project and handles office leasing.