Development

Century-Plaza-Los-Angeles

LOS ANGELES — Reuben Brothers, a private equity and real estate investment firm, has completed the development of Century Plaza, a $2.5 billion mixed-use project in the Century City area of Los Angeles. Sales and marketing of the development’s two 44-story residential towers totaling 268 for-sale residences will commence this fall. Designed by Pei Cobb Freed & Partners, the buildings offer residential amenities such as a pool, business center, outdoor dining spaces, a dog park and a children’s playroom. Century Plaza also features the reimagined Fairmont Century Plaza hotel, which comprises 400 guestrooms and 85 suites, as well as amenities such as a pool, spa and a fitness center. The hotel also houses multiple food-and-beverage options. The development’s retail component, The Shops at Century Plazas, consists of 100,000 square feet of shopping, dining and entertainment space. This piece of the development also includes a landscaped promenade and public green spaces with art installations. Additional updates on leasing activity within the retail component will also be announced this fall. “With its combination of luxury residences, trend-setting retail spaces and the iconic Fairmont Century Plaza at its core, the team is not only transforming Century Plaza but establishing LA’s newest luxury enclave,” says …

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MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

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The-Settler-Apartments-Fort-Worth

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out The Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Full completion is slated for this fall.

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TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.

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LITTLE ROCK, ARK. — The Arkansas Symphony Orchestra (ASO) has broken ground on its Stella Boyle Smith Music Center, an $11.8 million project in Little Rock’s East Village. Scheduled for completion in September 2024, the facility will total 20,000 square feet and will feature music classrooms and practice spaces. Witsell Evans Rasco Architects designed the center, and Bailey Construction will serve as the general contractor. Major donors for the project include The Stella Boyle Smith Trust, Susie and Charles Morgan, Gus Vratsinas, Terri and Chuck Erwin, the Windgate Foundation, E. Lee Ronnel, Simmons Bank, the State of Arkansas and members of the ASO board of directors.

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ALLEN, TEXAS —Locally based developer JaRyCo has broken ground on FarmWORKs One, a 102,000-square-foot office building that is part of Phase I of The Farm, a 135-acre mixed-use project in the northeastern Dallas suburb of Allen. The building will offer various features that promote health and wellness, such as outdoor workspaces with Wi-Fi connectivity on every floor, oversized elevators, additional restrooms on every level and high-efficiency air filtration systems. Avison Young will handle leasing of the building. Delivery is slated for next summer.

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187-Davidson-Ave.-Somerset-New-Jersey

SOMERSET, N.J. — San Francisco-based Prologis will develop a 436,900-square-foot industrial project in the Northern New Jersey community of Somerset. The site at 187 Davidson Ave. spans 47 acres. Building features will include a clear height of 40 feet, 190-foot truck court depths and ample car and trailer parking spaces. Delivery is slated for the second half of 2024. Noah Balanoff, Mark Hay and Jacquelyn Severino of Colliers represented Prologis in its acquisition of the land from an undisclosed seller. Colliers has also been retained as the project’s leasing agent.

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AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.

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PADDOCK LAKE, WIS. — Ashish Merchant, an operator of the Culver’s restaurant chain, has purchased 1.6 acres of vacant land on Highway 83 in Paddock Lake, about 15 miles west of Kenosha. The sales price was undisclosed. Tom Treder of Founders 3 Real Estate Services represented the buyer. The seller was PL 83 Development Inc., an affiliate of Bear Development. There are nearly 900 Culver’s restaurants across the United States. The first location opened in Wisconsin in 1984.

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KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

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