WINTHROP, MASS. — Locally based developer The Procopio Cos. has completed The Somerset, a 29-unit multifamily project in Winthrop, located on the eastern outskirts of Boston. The complex offers one- and two-bedroom units ranging in size from 500 to 1,300 square feet and includes 1,119 square feet of retail space. Residences are furnished with quartz countertops, private decks and in-unit washers and dryers, and communal amenities include a fitness center, onsite parking and bike storage space. The Somerset opened with 35 percent of the units leased. Rents start at $2,650 per month for a one-bedroom unit.
CHICAGO — Skender has completed construction of a new 200,000-square-foot office and retail building located at 345 N. Morgan St. in Chicago’s Fulton Market neighborhood. Sterling Bay was the developer. The building is 85 percent leased with tenants expected to start taking occupancy in March. The development features private outdoor terraces on each floor, a 5,000-square-foot roof deck, a bar and lounge, fitness center, coworking library and several conference spaces. Eckenhoff Saunders Architects was the project architect.
WYOMING, MICH. — Thompson Thrift has acquired 29 acres in the Grand Rapids suburb of Wyoming with plans to build a 344-unit luxury apartment complex. Completion is slated for late 2023. Located near the intersection of Wilson Avenue and 64th Street, the property will be named The BLVD at Wilson Crossings. Amenities will include a clubhouse, pool, fitness center, dog park, pickleball courts, green space and grilling stations. The project marks Thompson Thrift’s second Grand Rapids-area community following The Grove, which opened in fall 2021.
EDMONDS, WASH. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. The project is scheduled to open in late 2023. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already reached age 65 and older, a number that will continue to climb as baby boomers age.
CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …
LOS ANGELES — A joint venture between Lowe and Related Fund Management has completed the development of a nine-story office building in the Arts District of downtown Los Angeles. Located at 2130 Violet St., the building features four floors of office space atop 3,300 square feet of ground-floor retail space and four levels of parking. The 113,000-square-foot property offers open 14-foot-high floorplates, floor-to-ceiling glass, and efficient systems and solar panels allowing for reduced utility costs. Additionally, the asset includes balconies and terraces on every floor with ample space for open-air events and meetings, operable windows and balcony doorways allowing for increased outdoor air circulation, and an outdoor rooftop deck with skyline views. The building also features touchless systems and upgraded HVAC with high-capacity air filtration and outside air ventilation. Mike Condon Jr., Pete Collins, Brittany Winn, McKenna Gaskill and Scott Menkus of Cushman & Wakefield are leasing agents for the building.
HOUSTON — Locally based development and management firm Finial Group has begun construction on a 90,328-square-foot industrial project in Houston that represents Phase III of Independence Business Park. The third phase will consist of three freestanding, crane-served buildings with 10 percent office finishes. Completion is slated for the third quarter of 2023. Construction of Phase II of Independence Business Park, which comprised two buildings totaling 145,185 square feet, began in late 2020.
BOUND BROOK, N.J. — Citizens Bank has provided a $32.4 million construction loan for The Rail at Bound Brook, a 143-unit multifamily project in Northern New Jersey. The property will house studio, one- and two-bedroom units with an average size of 811 square feet, as well as 650 square feet of ground-floor retail space. Amenities will include a clubhouse, game room, yoga studio, courtyard and coworking space. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year, floating-rate loan on behalf of the borrower, a joint venture between Denholtz Properties and Redwood Real Estate Group.
ATLANTA — Barings plans to convert approximately 45,000 square feet of vacant office space at 3445 Peachtree in Atlanta’s Buckhead district to speculative suites. Spread across five spaces within the 14-story, 287,000-square-foot office building, these suites will range in size from 3,000 square feet to a full 23,000-square-foot floor. Furniture will be provided within some of these spaces and each spec suite will include exposed ceiling duct work and floor plans that invite collaboration. New tenants will also have access to several Class A amenities available to all 3445 Peachtree tenants. No construction timeline was disclosed. According to research from CBRE, metro Atlanta currently has 500,000 square feet of spec suites under construction, which represents about 28 percent of the market’s existing inventory of spec suite space (1.8 million square feet).
TIFFIN, IOWA — The Ders Group LLC has broken ground on a two-story PinSeekers golf venue at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The 49,022-square-foot venue will feature 56 heated bays and Toptracer ball tracking technology, which uses high-speed cameras and computer algorithms to provide instant feedback on golf swings. The facility, which will be open year-round, also features 18 holes of mini golf, a full-service restaurant and two bars. Completion is slated for summer 2023. Innovative Construction Solutions is serving as the general contractor for the $29 million project. Park Place is a 450-acre development consisting of residential, retail, entertainment and dining space.