COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area. Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.
RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …
FALLS CHURCH, VA. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a 215-unit seniors housing community in Falls Church, roughly 10 miles outside Washington, D.C. Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors. Nuveen Real Estate is providing an undisclosed amount of capital for the project. This marks the 18th seniors housing development between NexCore and ESL. Scheduled to open in spring 2027, The Reserve at Falls Church will be situated within the 1.2 million-square-foot West Falls mixed-use community. In addition to residential units, West Falls comprises retail and restaurant space, a hotel, medical office building and central outdoor gathering space. Hoffman & Associates is the master developer of the community.
MIAMI — The City of Miami’s Urban Design Review Board (UDRB) has approved the design of a new 12-story mixed-use tower in the city’s Little River neighborhood. The project team includes locally based developer B Developments and Stantec, which is serving as architect, MEP engineer and structural engineer for the development. The tower will be located on a 3.5-acre site at 79th Street and Biscayne Boulevard and feature 355 apartments, 589 parking spots and 35,500 square feet of retail space on the ground level. Set to break ground next year, the property will feature a mix of studio, one-, two- and three-bedroom apartments, as well as a beach entry pool, fitness center, outdoor dining terrace and a shaded pet area.
MIAMI — A partnership between DXD Capital and Olympus Ventures has completed a 774-unit, three-story self-storage facility located at 11210 N.W. 105th St. in Miami. Extra Space Storage manages the facility, which spans 74,388 net rentable square feet. ARCO was the general contractor for the climate-controlled storage property, and TBK Bank provided an undisclosed amount of construction financing.
WILMER, TEXAS — Logistics Property Co. has landed a full-building tenant at Building 1 of Southport Logistics Park, the Chicago-based developer’s 1 million-square-foot warehouse in the southern Dallas suburb of Wilmer. The tenant is CJ Logistics America, the supply chain subsidiary of South Korean conglomerate CJ Group. Rob Wheeler, Trevor Ragsdale, Melissa Holland and J.M. Priddy of JLL represented the tenant in the lease negotiations. Kacy Jones and John Hendricks of CBRE, along with internal agents Max Mueller, Daniel Davidson, Jonathan Snow and J.C. Hay represented the landlord. Southport Logistics Park comprises three buildings on a 252-acre site.
COLLEGE STATION, TEXAS — Dallas-based Carbon Shepherd Development has completed an 60-unit multifamily project in College Station. The property, which is operated under the company’s Woodland Cottages brand, offers one- and two-bedroom units, with private balconies/patios and attached garages available in select residences. Amenities include a pool, fitness center and a clubhouse with a game room. Rents start at $2,600 per month for a one-bedroom unit.
SAN JUAN CAPISTRANO, CALIF. — Almquist has opened River Street Marketplace, a new $70 million retail development located in San Juan Capistrano, roughly 55 miles southeast of Los Angeles. Almost all of the property’s 30 tenants have opened, with the additional openings scheduled for the coming weeks. Retailers and restaurants at the center, which totals 60,000 square feet, include Free People, Shop Common Thread, Tecovas, Fermentation Farm, Finca, Wildfire Mercantile, La Vaquera, Seager, Pick Me Flowers, May Martin, Mendocino Farms, Toes on the Nose, Salt Optics, CAPO Leisure House, Studio Pilates, McConnell’s Fine Ice Cream, The Market by The Meat Cellar, Hobie, Rowan and Ubuntu. Additionally, a miniature food hall will open soon at the development. Dubbed Rodeo River Street, the food hall will feature concepts including NOM, Parana Empanadas, Shootz Hawaiian, The Sushi Stand, Kebab Craft, Hudson’s Cookies, Bred Hot Chicken, Kozan Teahouse and Pastalia.
DEVENS, MASS. — Locally based developer King Street Properties has topped out a 210,659-square-foot advanced manufacturing project in the northwestern Boston suburb of Devens. The building at 75 Jackson Road will be the fourth such structure within the 700,000-square-foot Pathway Devens campus and will feature clear heights of 17 to 18 feet, with a maximum clear height of 38 feet in the high bay area. Preliminary sitework began this spring, and completion is slated for summer 2025. First Citizens Bank and Berkshire Bank are financing the development. The project team includes general contractor and construction manager BW Kennedy & Co., Vivo Architecture and Highpoint Engineering.
WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.