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DevelopmentMultifamilyTexas

Stillwater Capital to Develop Multifamily Community at $1B Link Mixed-Use Project in Metro Dallas

by Taylor Williams

FRISCO, TEXAS — Locally based developer Stillwater Capital will develop a 352-unit multifamily project at The Link, a 240-acre mixed-use development in Frisco. The Link, which has a total price tag of about $1 billion, connects to the PGA of America’s new, 600-acre headquarters campus via a pedestrian promenade and a network of public green spaces. The new multifamily community will offer townhome- and cottage-style residences and amenities such as a pool, fitness center, golf simulator, putting green and a courtyard with a fire pit. Construction is slated to begin this spring and to be complete in summer 2025.

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DevelopmentIndustrialTexas

Pontikes, McNair Interests Break Ground on Two Industrial Facilities Totaling 630,128 SF in Baytown, Texas

by Taylor Williams

BAYTOWN, TEXAS — A partnership between two locally based firms, Pontikes Development and McNair Interests, has broken ground on a pair of rail-served industrial facilities totaling 630,128 square feet in the eastern Houston suburb of Baytown. Building 3 at Port 10 Logistics Center will span 450,873 square feet and is expected to be complete in the third quarter. Building 5 will total 179,255 square feet and is scheduled for a fourth-quarter delivery. JLL is leasing both projects. A fourth building totaling 452,266 square feet has also been proposed at Port 10 Logistics Park.

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Affordable HousingDevelopmentMultifamilyTexas

DiversyFund Completes Renovation of 174-Unit Multifamily Property in San Antonio

by Taylor Williams

SAN ANTONIO — DiversyFund, a fintech and investment platform focused on multifamily assets, has completed the renovation of Mission Villas, a 174-unit multifamily property in San Antonio. According to Apartments.com, the complex was built in 1965 and offers studio and one-bedroom units, as well as amenities such as a pool, playground and outdoor grilling and dining areas. Renovations included upgrades to the kitchens and bathrooms of all units and improvements to building exteriors.

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CivicDevelopmentNew HampshireNortheast

City of Nashua Opens 53,340 SF Arts Center in New Hampshire

by Taylor Williams

NASHUA, N.H. — The City of Nashua, located in southern New Hampshire, has opened a 53,340-square-foot performing arts center, art gallery and event center in its downtown area. Boston-based ICON Architecture designed the project, which involved the demolition of an existing building on the site and the maintenance of a second structure to house the new center. The four-story venue now features a 753-seat theater, a section of which has a retractable seating system that can create a general admissions or private banquet area, as well as a communal gallery and an outdoor terrace.

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DevelopmentMultifamilyNew JerseyNortheast

Prime City Breaks Ground on 31-Unit Multifamily Project in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — Locally based developer and general contractor Prime City has broken ground on SICA Lofts, a 31-unit multifamily project that will be located in the coastal New Jersey community of Long Branch. The site originally housed the home of the Lincoln Can Manufacturing Co. and later the Shore Institute of Contemporary Arts, from which the property derives its titular acronym. The project will feature one-bedroom units with an average size of 750 square feet and 2,500 square feet of ground-floor retail space. Manasquan Bank provided a $7.5 million, floating-rate construction loan for the project, which is scheduled for a third-quarter 2024 completion.

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DevelopmentIndustrialNorth CarolinaSoutheast

Beacon Partners Breaks Ground on 511,000 SF Industrial Project in Metro Raleigh

by John Nelson

KNIGHTDALE, N.C. — Beacon Partners has broken ground on Knightdale Gateway, a 511,000-square-foot industrial park about 15 miles east of Raleigh in Wake County. Slated for completion in the second quarter of 2024, the project will feature two Class A buildings with 36-foot clear heights. The assets will include a 221,363-square-foot building anchored by the new 195,056-square-foot headquarters facility for Kitchen Cabinet Distributors (KCD) and a 289,632-square-foot building with frontage along U.S. Highway 64. Al Williams and Michael Morgan of JLL represented KCD in the lease transaction, and Tim Robertson with Beacon Partners represented the landlord internally. Williams, along with JLL colleague Matt Winters, will handle the leasing assignment for the remaining space at Knightdale Gateway. The design-build team includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Fifth Third Bank is providing an undisclosed amount of construction financing to Beacon Partners for the project.

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DevelopmentFloridaIndustrialSoutheast

Joint Venture to Develop 108,554 SF Cold Storage Facility in Tampa’s Ybor City Neighborhood

by John Nelson

TAMPA, FLA. — Sansone Group, Mandich Group and BentallGreenOak have formed a joint venture to develop and operate a new 108,554-square-foot cold storage facility in Tampa’s Ybor City neighborhood. The rail-served facility will be situated less than three miles from Port Tampa and the CSX Intermodal Tampa Terminal, as well as 12 miles from Tampa International Airport. Tippmann Construction is the general contractor for the project, and locally based Stifel Bank provided an undisclosed amount of construction financing to the developers. Scott Delphey and Matthew Delphey of Food Properties Group, along with Lisa Ross and Trey Carswell of Cushman & Wakefield, will lease the facility on behalf of the ownership group.

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DevelopmentFloridaHospitalitySoutheast

Key International, Shaner Open 156-Room SpringHill Suites Hotel in Jacksonville Beach, Florida

by John Nelson

JACKSONVILLE BEACH, FLA. — Key International and Shaner Hotels have opened the 156-room SpringHill Suites by Marriott Jacksonville Beach Oceanfront hotel. Shaner will operate the oceanfront hotel, which is owned by Key International. Located at 465 N. First St. in Jacksonville Beach, the hotel houses Sandbar Jax Bch, an oceanfront restaurant and bar, as well as a 24/7 lobby market for snacks and necessities and a fitness center that offers unobstructed views of the oceanfront pool. The hotel represents the first partnership between Key and Shaner and Shaner’s fifth hotel in the metro Jacksonville market.

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DevelopmentMultifamilyStudent HousingTexasTop Stories

Hoar Construction Breaks Ground on 30-Story Icon Student Housing Tower at UT Austin

by Kristin Harlow

AUSTIN, TEXAS — Hoar Construction has broken ground on Icon, a 30-story student housing tower in the West Campus neighborhood by the University of Texas at Austin. The MDL Group is the developer for the project, which is slated for completion in summer 2025. Icon will house 555 beds across 216 units ranging from one- to five-bedroom layouts. Amenities will include a rooftop pool, fitness center, game and lounge rooms, podcast studio and student workspaces. The project will also feature four levels of below-ground parking. Once completed, Icon will be one of the tallest buildings in the surrounding area, according to the general contractor. The project marks the first partnership between Hoar and MDL Group, a New York-based developer, owner and operator of student housing communities. The project team also includes Rhode Partners as architect, DCI Engineers as structural engineer and Blum Engineering as the MEP (mechanical, electrical and plumbing) engineer. The student housing sector is outperforming other real estate verticals during challenging economic conditions, according to the latest national student housing report from Yardi Matrix. Rents increased 7 percent year-over-year in March to an average of $829 per bedroom, a record high. UT Austin has the highest bed count …

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DevelopmentMultifamilySoutheastVirginia

Middleburg, Resmark to Develop 310-Unit Apartment Community in Metro Richmond

by John Nelson

GLEN ALLEN, VA. — A joint venture between Middleburg Communities and The Resmark Cos. plans to develop The Brook, a 310-unit apartment development located on a 13.5-acre site at 9002 Brook Road in Glen Allen, a suburb of Richmond. The co-developers expect to begin construction this month, with the community scheduled to open in late 2024. The Brook will comprise five four-story apartment buildings totaling 274 units, as well as six six-unit townhome buildings. Apartments will come in a mix of one-, two- and three-bedroom floor plans, and townhomes will come in two- and three-bedroom layouts. The Brook’s amenities will include an outdoor swimming pool, fitness center and yoga studio, grilling stations, dog park, pet spa and electric vehicle charging stations. Truist Bank provided an undisclosed amount of construction financing for the project.

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