Development

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Development Industrial Texas

Clay Development Underway on 523,640 SF Distribution Center in Southwest Houston

by Taylor Williams June 15, 2023

HOUSTON — Locally based firm Clay Development is underway on construction of Main Central I, a 523,640-square-foot distribution center in Houston. The 33.4-acre site is located at the intersection of South Main/U.S. Highway 90 and the Fort Bend Toll Road on the city’s southwest side. Main Central I will feature a cross-dock configuration, 36-foot clear heights, parking for 151 trailers and 109 employee vehicles and an ESFR sprinkler system. Completion is scheduled for the third quarter. Clay Development has tapped Cushman & Wakefield to assist with its internal marketing and leasing efforts.

June 15, 2023

Development Office Texas

Kaizen Development Completes 200,000 SF Office Building in McKinney, Texas

by Taylor Williams June 15, 2023

MCKINNEY, TEXAS — Kaizen Development Partners has completed a 200,000-square-foot office building within the $250 million District 121 mixed-use development in the northern Dallas suburb of McKinney. Designed by Perkins&Will, the eight-story, Class A building was developed on a speculative basis in partnership with the McKinney Economic Development Corp. Amenities include a fitness center, tenant lounge and outdoor recreational spaces.

June 15, 2023

California Development Industrial Western

Sudberry Starts Construction of Phase II of Otay River Business Park in Chula Vista, California

by Jeff Shaw June 15, 2023

CHULA VISTA, CALIF. — Sudberry has started construction on the second phase of Otay River Business Park in Chula Vista. Phase II will include two manufacturing and warehouse buildings that will total 205,335 square feet. A 97,230-square-foot building and 108,205-square-foot building will be located at 2995 and 2855 Faivre Street, respectively. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet. Sudberry’s development team includes TFW Construction, SCA Architecture, Lightfoot Planning Group, Ridge Landscape Architects (RLA) and Southland Paving. Michael Mossmer of Voit Real Estate Services is providing brokerage services.

June 15, 2023

Development Multifamily Nevada Seniors Housing Western

JV Breaks Ground on Valage Carson Valley Seniors Housing Community in Minden, Nevada

by Jeff Shaw June 15, 2023

MINDEN, NEV. — A joint venture between Greystone Housing Impact Investors LP (NYSE: GHI) and ISL Ventures has broken ground on Valage Carson Valley, a seniors housing community in Minden, a small municipality of approximately 3,000 people just east of Lake Tahoe. The property will feature 56 assisted living units and 46 memory care units. The project is scheduled for completion in fall 2024. PI Architects designed the community, which Metcalf Builders is constructing, managed by Leading Light Development and Construction Consulting. Integral Senior Living will be the operator upon completion. Centrally located in the heart of the Carson Valley, the site is within walking distance of medical services including Carson Tahoe Health.

June 15, 2023

Development Healthcare Texas

Texas Oncology Opens 50,000 SF Cancer Care Center in Amarillo

by Taylor Williams June 15, 2023

AMARILLO, TEXAS — Texas Oncology has opened a 50,000-square-foot cancer care center in Amarillo. The freestanding facility offers medical oncology, hematology, gynecologic oncology, radiation oncology, breast radiology, surgical oncology and colon and rectal surgery services. Denver-based NexCore Group developed the project, which sits on 4.8 acres and serves as the workplace for 10 physicians and more than 100 staffers.

June 15, 2023

Development Industrial Loans New York Northeast

Innovo Property Group Receives $354M in Financing for Queens Industrial Project

by Taylor Williams June 15, 2023

NEW YORK CITY — Locally based investment and development firm Innovo Property Group has received $354 million in financing for a 720,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. Innovo received construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. The breakdown of each component within the capital stack was not disclosed. Completion of the project is slated for 2025. Christopher Peck, Peter Rotchford, Tyler Peck and Nicco Lupo of JLL arranged the financing.

June 15, 2023

Development Multifamily New York Northeast

Joint Venture to Develop 295-Unit Apartment Tower in Downtown Brooklyn

by Taylor Williams June 15, 2023

NEW YORK CITY — A joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina will develop a 295-unit apartment tower at 55 Willoughby St. in downtown Brooklyn. The building will house 206 market-rate apartments and 89 affordable housing units, as well as 3,500 square feet of retail space. Amenities will include a fitness center, rooftop terrace, lounge, media room and coworking space. Jeffrey Julien, Chris Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian and Alex Staikos of JLL arranged floating-rate construction debt through Santander Bank and City National Bank for the project. The team also structured joint venture equity with Boston-based investment firm The Davis Cos. Demolition work is underway, and the project is slated for a third-quarter 2025 delivery.

June 15, 2023

Development Multifamily New Jersey Northeast

Vango Development Begins Leasing 60-Unit Apartment Complex in Rutherford, New Jersey

by Taylor Williams June 15, 2023

RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.

June 15, 2023

Plaza-Athenee-Nobu-Hotel-and-Spa-New-York

Development Hospitality New York Northeast Top Stories

AWC, Nobu Hospitality to Develop 145-Room Luxury Hotel on Manhattan’s Upper East Side

by Katie Sloan June 15, 2023

NEW YORK CITY — A partnership between Asset World Corp. (AWC) and Nobu Hospitality has announced plans for Plaza Athenee Nobu Hotel and Spa New York, a 145-room luxury hotel development on Manhattan’s Upper East Side. Located on 64th Street between Park and Madison avenues, the hotel will offer suites with indoor and outdoor glassed terraces. The property will also offer a townhouse rental option. Unique amenities include a traditional Japanese onsen or bathing facility, as well as a spa and wellness center. The projected development cost was undisclosed. Plaza Athenee Nobu Hotel and Spa New York will also feature a Nobu restaurant offering an omakase experience — a form of Japanese dining in which guests leave their order up to the chef. The hotel will also include a bar and lounge, and a rooftop area for private parties with a panoramic view of the New York City skyline. Scheduled for completion in 2026, AWC will oversee the overall development of the project, along with its conceptualization and design. The partnership has also announced plans for the development of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand. Thailand-based AWC is a real estate group focused on the development of hospitality …

June 15, 2023

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