Development

Springwood-Business-Park

SPRING, TEXAS — EastGroup Properties (NYSE: EGP), a Mississippi-based REIT, has broken ground on Springwood Business Park, a 292,000-square-foot industrial project that will be located in the northern Houston suburb of Spring. Springwood Business Park will consist of two Class A distribution buildings that can support tenants with requirements from 10,000 to 168,000 square feet. Building features will include 28- to 32-foot clear heights and combined parking for 300 cars and 57 trailers. Construction is slated for a second-quarter 2023 completion. JLL will market the development for lease.

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NASHVILLE, TENN. — Subtext, a residential development firm, has broken ground on LOCAL Midtown, a 15-story apartment building located at 1904 Hayes St. in Nashville’s Midtown district. The property will comprise 307 apartments in a mix of studios, one-, two- and three-bedroom layouts. Designed by Dynamik Design, LOCAL Midtown will feature 10,000 square feet of amenity space, including a coffee bar and micro-market on the first floor, music studio and recording booth on the fifth floor and several spaces on the sixth floor, such as a media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor will feature a sky lounge and deck with views of downtown Nashville. A five-level covered parking garage will also be available to residents. The general contractor, Brinkmann Constructors, expects to deliver LOCAL Midtown in 2024. Subtext and Brinkmann recently completed LOCAL Boise in Idaho. The new venture is the first Nashville project for both St. Louis-based firms.

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CONCORD, N.C. — Choate Construction has broken ground on a new broadcast facility for NASCAR in Concord, a northeast suburb of Charlotte. The racing organization is moving its live event productions operations from Charlotte to the new 58,000-square-foot facility, which is situated near NASCAR’s existing research-and-development property. The new tilt-wall concrete facility will house NASCAR’s TV and radio production studios, as well as a broadcast equipment room, mechanical system and chemical fire suppression systems. NASCAR’s live event production operation has more than doubled in size since 2018, according to the organization. The project team includes Redline Design Group, ACRO Development Services, Barrett Woodyard and Associates Inc. and Bennett & Pless Inc.

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Hampton-Inn-Shenandoah-Texas

SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.

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JACKSONVILLE, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres in Jacksonville’s Westside submarket for the development of a two-building, 250,800-square-foot warehouse and distribution center project. Named after its location, W. 12th/Edgewood Logistics Center is slated to break ground in early 2023 and wrap up construction by the end of the year. Equity partners in the deal include private equity firm Graham Capital and a local investment group led by Sam Easton. The industrial facilities will feature 32-foot clear heights, ESFR sprinklers and a concrete tilt-wall construction and can accommodate tenants from 25,000 square feet to full-building occupiers, according to Graham & Co. The project team includes The Conlan Co. and Randall-Paulson Architects as the project’s design/build team, and England-Thims & Miller will serve as the civil engineer. SouthState Bank is providing construction financing. Mark Scott, John Cole and Andrew Hawkins of Foundry Commercial will market the property for lease. The land acquisition marks the third transaction by Graham & Co. in Jacksonville’s Westside submarket since 2021.

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160-Water-Street-Manhattan

NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.

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MONEE, ILL. — PREMIER Design + Build Group has broken ground on Monee Logistics Center, a 621,246-square-foot speculative industrial project in Monee, a southern suburb of Chicago. The facility will feature a clear height of 40 feet, 52 dock positions, four drive-in doors, parking for 148 trailers and 410 car parking spaces. Seefried Industrial Properties Inc. is the developer, Harris Architects Inc. is the architect and SpaceCo Inc. is the civil engineer. Completion is slated for July 2023.

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ELGIN, ILL. — PANCOR has begun construction of the new $20 million headquarters for Maybach International Group in Elgin. The 62,000-square-foot project will be situated on 12 acres at 1384 Madeline Lane. Completion is slated for 2023. Plans call for roughly 47,000 square feet of warehouse and repair space and 15,000 square feet of office space. The building will feature a clear height of 24 feet, 28 docks, 10 drive-in door docks, 57 car parking spaces and 206 trailer parking spaces. Maybach is a logistics company currently based in Alsip. Kelly Disser and Mike Freitag of NAI Hiffman assisted Maybach in the site selection process. The duo consulted on the facility’s design, construction timeline and budget alongside Peter Kenny, director of project services with Hiffman National.

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LONE TREE, COLO. — OZ Architecture has completed the design of The Reserve at Lone Tree, a seniors housing community located within the RidgeGate master-planned community in Lone Tree. Experience Senior Living Development (ESLD), a NexCore company, is a partner on the project. The community will offer 124 independent living units in a nine-story building alongside 60 assisted living and 24 memory care units in an attached five-story building. The project is scheduled break ground in fourth-quarter 2022, with anticipated completion in 2024. Independent living units will be up to 1,930 square feet, while assisted living apartments will range between 430 and 1,100 square feet. RidgeGate spans 3,500 acres southeast of Denver and includes the RidgeGate Parkway Regional Transportation District (RTD) station, as well as more than 1,000 acres of parks to support an active lifestyle.

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Coal-Creek-Innovation-Park-Superior-CO

SUPERIOR, COLO. — PMB, in partnership with Montgomery Street Partners, has unveiled plans for Coal Creek Innovation Park, a $280 million speculative life sciences development in downtown Superior. Totaling 365,000 square feet between Denver and Boulder, the park will be the first speculative purpose-built life sciences project in Boulder County, according to the developers. Initial plans for the project include three office/lab buildings ranging in size from 85,000 square feet to 150,000 square feet, and a fourth building with ground-floor retail space, amenities and structured parking. The buildings will offer 16-foot floor-to-floor heights and flexible infrastructure to accommodate office, lab and R&D uses. Shared lab services, including RODI (reverse osmosis deionized) water, dedicated laboratory water, compressed air, glass wash and a lab waste system, will be available to all tenants. Additionally, the project will have a gym with showers, bike rooms and shared conference facilities. “Life sciences companies are looking to the Boulder/Denver region as a place where they can plant their flag or grow their operations,” says Erik Abrahamson, senior vice president at CBRE. “They are attracted to Colorado’s highly educated and skilled workforce and ecosystem of educational and research institutions. While historically it has been difficult to find available lab space in Boulder County, projects like …

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