FLOWER MOUND, TEXAS — A partnership between Thompson Realty Capital and Trez Capital will develop a 50-acre mixed-use project in the northern metroplex city of Flower Mound. The initial phase of development calls for a 200-unit apartment complex, a 60,000-square-foot office building with underground parking and 15,000 square feet of retail/restaurant space. The development will also feature 20 acres of public parks and open green space, as well as 2.5 miles of walking trails. Cross Architects, GSO Architects and Alliance Architects are respectively designing the multifamily, retail and office components. Construction is scheduled to begin this fall, and completion of Phase I is slated for early 2024.
MONCKS CORNER, S.C. — Branch Properties has added new retailers and restaurants to the tenant lineup at Moncks Corner Marketplace, a Publix-anchored shopping center in the Charleston suburb of Moncks Corner. Branch Properties co-lists the 75,267-square-foot center with Hannah Kamba and Tim Rowley of Coldwell Banker Commercial Atlantic. Set to open at the corner of U.S. Highway 52 and Cypress Gardens Road later this summer, the shopping center’s 48,387-square-foot Publix store will feature a covered outdoor café on the second floor. Other tenants joining Moncks Corner Marketplace include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia. In addition to Moncks Corner Marketplace, Branch Properties is currently developing six other Publix-anchored centers around the Southeast.
TROY, MICH. — DraftKings Inc. and Live! Hospitality & Entertainment are opening the country’s first Sports & Social DraftKings venue at Somerset Collection in Troy this fall. Sports & Social DraftKings will offer a live sports viewing and wagering experience with a 32-foot LED media wall and gameday watch parties. Guests will be able to access DraftKings’ mobile platforms to play fantasy sports and wager on sports, including football, basketball, baseball, golf, MMA, soccer and tennis. The venue will offer a menu with a variety of gameday foods and specialty drinks. The 10,400-square-foot space will be in the standalone building adjacent to Somerset Collection South. The venue will feature a private lounge, dog-friendly outdoor patio, live music and a variety of games. ICRAVE is the project architect. Additional locations are expected to be announced in the coming months. DraftKings is a digital sports entertainment and gaming company. Sports & Social is a dining and entertainment concept developed and operated by Live! Hospitality & Entertainment, a division of The Cordish Cos. Somerset Collection is a retail destination owned by The Forbes Co. and home to 180 stores and restaurants.
BRIDGETON, MO. — IMPACT Strategies is beginning work this month on a project to convert a former Bank of America branch building into a medical marijuana dispensary for Proper Cannabis in Bridgeton, a northwest suburb of St. Louis. The 2,500-square-foot project will include renovations to both the building’s interior and exterior. The building marks the third location that IMPACT has built for Proper Brands. The $1 million project is slated for completion in November. Proper Brands also operates locations in Crestwood, Warrenton and South County, Mo.
WORCESTER, MASS. — Shawmut Design & Construction has topped out a $325 million academic building that will be part of the UMass Chan Medical School in Worcester. The nine-story, 350,000-square-foot building will primarily be used to house and conduct biomedical research. Construction originally began in November 2020 and is slated to be complete in 2024.
CONSHOHOCKEN, PA. — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Birch, a 304-unit apartment community located in the northern Philadelphia suburb of Conshohocken. The property offers studio, one- and two-bedroom units and 17,000 square feet of amenity space that houses a pool, fitness center, lounges and a golf simulator. Rents start at $1,755 per month for a studio apartment. The first move-ins will begin on Sept. 1.
ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.
CHANDLER, ARIZ. — Tech giant Intel Corp. (NASDAQ: INTC) has signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management (NYSE: BAM), a global alternative asset management firm, to fund the expansion of its Ocotillo semiconductor manufacturing campus in Chandler. Under terms of the agreement, the companies will jointly invest up to $30 billion in the buildout, with Intel providing 51 percent and Brookfield Infrastructure Partners providing 49 percent of the total project costs. Dubbed the “Semiconductor Co-Investment Program,” the partnership will create two new production facilities on the 700-acre campus, which Intel established in 1980. Santa Clara, Calif-based Intel will retain majority ownership and operating control of the two new chip factories. No construction details or timeline were disclosed. Semiconductors, or chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. “Semiconductor manufacturing is among the most capital-intensive industries in the world,” says David Zinsner, Intel’s chief financial officer. “Our agreement with Brookfield is a first for our industry, and we expect it will allow us to increase flexibility while maintaining capacity on our balance sheet to create a more distributed and …
MIDDLETOWN, DEL. — Alcohol distributor Breakthru Beverage Group has opened a 282,500-square-foot distribution facility in Middletown, located in Delaware’s New Castle County. The facility features a clear height of 36 feet and a 29,350-square-foot, temperature-controlled room for cold storage, as well as 29,790 square feet of offices, training and break rooms. Lastly, the facility houses an experience center where clients can taste new products. MRP Industrial developed the project, with Ware Malcomb and Penntex Construction respectively serving as the architect and general contractor.
LAWRENCE, MASS. — Reed Community Partners has completed Pac10 Lofts, an affordable housing project that will be located in the northern Boston suburb of Lawrence. Of the 180 units, 18 are reserved for households earning 30 percent or less of the area median income (AMI); 112 earmarked for renters earning 60 percent or less of AMI; and 40 are workforce housing units for households earning up to 80 percent of AMI. The remaining 10 residences will be rented at market rates. MassHousing recently provided $40.8 million in permanent financing for the community, which the development team expects to be fully leased by the end of the year. Rogue Architecture PLLC designed the community, and LaRosa Construction Co. served as the general contractor.