Development

TWG Unveils Plans for 166-Unit Apartment Community in Indianapolis

by Kristin Harlow May 12, 2023

INDIANAPOLIS — TWG has unveiled plans to develop 1827 Lofts, a 166-unit apartment community that will be located along the IndyGo Red Line rapid transit bus line in Indianapolis. The $45 million development is part of a master redevelopment project encompassing the city’s North Meridian Corridor. Located at 1827 N. Meridian St., the property will feature 32 studios, 81 one-bedroom units and 53 two-bedroom floor plans. Amenities will include a courtyard, pool, fitness room, dog park and rooftop lounge. The City of Indianapolis supported the project through a tax-increment financing (TIF) bond issued by the local government. The TIF requires 5 percent of the units to be reserved for individuals making up to 30 percent of the area median income. WesBanco Bank provided financing. Construction is scheduled to begin this month and be completed in May 2025.

May 12, 2023

Arizona Development Industrial Western

Mohr Capital Starts Construction of 704,472 SF West Summit Logistics Park in Surprise, Arizona

by Jeff Shaw May 12, 2023

SURPRISE, ARIZ. — Mohr Capital has started construction of West Summit Logistics Park, a 704,472-square-foot industrial property in Surprise. The project will include two Class A industrial buildings situated three miles from the Northern Parkway and five miles from Loop 101 and Loop 202. Mohr Capital is the project developer, while Rosewood is the equity partner. Ware Malcomb serves as the project architect, and Nitti/DAC, a joint venture between Nitti Builders and Del Amo Construction, serves as the general contractor.

May 12, 2023

Development Industrial Texas Top Stories

Scarborough Lane, Partners Real Estate Unveil Plans for 2,000-Acre AXIS Logistics Park in San Marcos, Texas

by Jeff Shaw May 12, 2023

SAN MARCOS, TEXAS — Texas-based Scarborough Lane Development and Partners Real Estate have announced plans for AXIS Logistics Park, a 2,000-acre industrial park in San Marcos. Formerly known as SMART Terminal, the property site is within the Texas Triangle, an urban region consisting of the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas. A development timeline for the park was not disclosed. However, approximately 735 acres of the park are currently zoned for industrial use. The property will include water and wastewater infrastructure, as well as a high-voltage (600 megawatt) electric system with a 356 kilovolt transmission line. The site’s location is near Loop 110, I-35, I-10 and SH-130. Union Pacific Railway, The BNSF Railway and the San Marcos Regional Airport are also adjacent to the property and may provide rail and shipping components to the park. “In addition to being in a strategically ideal location to serve the Texas Triangle, AXIS Logistics Park is the obvious choice for logistics and shipping by national and international manufacturers,” says John Colglazier, a partner at Partners Real Estate. “Mexico is actively working to bring manufacturing back in their country, and they will fully utilize I-35 as their main corridor through Texas …

May 12, 2023

Arizona Development Multifamily Western

Toll Brothers, The Davis Cos. Open 403-Unit Callia Apartments in Phoenix

by Jeff Shaw May 11, 2023

PHOENIX — A joint venture between Toll Brothers Apartment Living and The Davis Cos. has opened Callia, a 403-unit community in Phoenix’s midtown neighborhood. The developers broke ground on the project in 2021, with resident occupancy beginning in October 2022. Pinnacle Financial Partners and Trustmark provided a construction loan facility for the development. Callia is situated on an 8.2-acre site. Phoenix-based architect Biltform and interior designer Streetsense designed the property. Callia offers studio, one-, two- and three-bedroom apartments, as well as nine live-work units. Community features include surface parking, tuck-under garages, EV charging stations, multiple lounges, a package room with cold storage, a fitness center, coworking spaces, property-wide Wi-Fi, a dog park with a pet wash station, bike storage and a bike service station. The property also offers 1,100 square feet of ground-floor retail space.

May 11, 2023

California Development Industrial Western

Wonderful Real Estate Breaks Ground on 1.1 MSF Spec Industrial Development in Shafter, California

by Jeff Shaw May 11, 2023

SHAFTER, CALIF. — Wonderful Real Estate has broken ground on a 1.1 million-square-foot speculative development at the Wonderful Industrial Park (WIP) in Shafter. The facility will be located at 5401 Express Ave. It will be the fifth speculative development delivered by WRE over the past five years. WRE has developed and leased more than 1.3 million square feet at Wonderful Industrial Park in 2022. This includes a 1 million-square-foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000-square-foot building leased by existing tenant GAF, the nation’s largest manufacturer of roofing and waterproofing products. WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that is scheduled for delivery in the first half of 2024.

May 11, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Advenir Oakley to Develop 246-Unit Build-to-Rent Residential Property in Cartersville, Georgia

by John Nelson May 11, 2023

CARTERSVILLE, GA. — Advenir Oakley Capital has purchased 28 acres in Cartersville for the development of LEO at Cartersville, a 246-unit build-to-rent residential property. The $65 million project will be situated at the interchange of I-75 and Ga. Highway 20, about 38 miles northwest of Atlanta in Bartow County. Alex Phillips of Cushman & Wakefield represented both the buyer and undisclosed seller in the land transaction. Designed by Birmingham, Ala.-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one-, two- and three-bedroom cottages ranging in size from 728 to 1,510 square feet. Community amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center and a dog park. Birmingham-based Capstone Building Corp. is the general contractor for the project, which is set to break ground next month. Advenir Oakley expects LEO at Cartersville to be fully completed by August 2025, with first deliveries scheduled for December 2024.

May 11, 2023

Development Florida Hospitality Southeast

Marcus & Millichap Capital Corp. Secures $19.2M Construction Financing for South Florida Hotel

by John Nelson May 11, 2023

DORAL, FLA. — Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through the EB5 program and to oversee the development. The financing included a $12.1 million conventional bank loan and a $7.1 million PACE loan, both of which were underwritten at a 65 percent loan-to-cost ratio. The construction timeline and property details for EVEN Hotel Doral were not disclosed.

May 11, 2023

Development Life Sciences Massachusetts Northeast

RISE to Develop $200M Life Sciences Project in Medford, Massachusetts

by Taylor Williams May 11, 2023

MEDFORD, MASS. — Boston-based developer RISE, in partnership with local owner the Matarazzo Family, will develop a $200 million life sciences project in Medford, a northern suburb of Boston. The eight-story building at 4054 Mystic Valley Parkway will house 311,535 square feet of lab, research and development and office space, as well as ground-floor retail space. In addition, the facility will have a below-ground parking garage, dedicated indoor bike storage and a landscaped public plaza. Dave Douvadjian Sr. and Harrison Zucco of Newmark arranged an undisclosed amount of acquisition financing for the project. CUBE3 is the project architect, and Jacobs is the civil engineer. A construction timeline was not released.

May 11, 2023

Development Midwest Missouri

Mia Rose Holdings, Keystone Construction Complete 97,000 SF Chesterfield Sports Complex Near St. Louis

by Kristin Harlow May 11, 2023

CHESTERFIELD, MO. — Developer Mia Rose Holdings and general contractor Keystone Construction Co. have completed Chesterfield Sports Complex, a 97,000-square-foot indoor volleyball and basketball complex in the St. Louis suburb of Chesterfield. The complex will serve local, regional and premier basketball, volleyball and other sporting events. Nonprofit organization Chesterfield Sports Association owns and operates the facility, which is anticipated to attract 900,000 visitors each year with 1,000 youth athletes practicing each week and 2,500 athletes playing tournaments on the weekends. The facility features nine basketball courts that convert into 18 volleyball courts. There is also a fitness area, second-floor mezzanine for game viewing, courtside seating, lounge areas and multipurpose rooms for meetings and classes. MW Weber Architects served as the architect and Stock & Associates Consulting Engineers Inc. was the civil engineer. State Bank provided financing. Additionally, Keystone is currently constructing a 4,200-square-foot ACE Performance Lab on the first and second floors that will provide performance training and muscle recovery programs. Scheduled to open in May, this space will include Olympic lifting stations, a turf area and a recovery area. The complex’s medical provider, Mercy Sports Medicine, will use space in the performance lab to evaluate and treat athletes.

May 11, 2023

Development Industrial New York Northeast Top Stories

Coca-Cola Announces Plans for $650M Fairlife Dairy Production Facility in Central New York

by Katie Sloan May 11, 2023

WEBSTER, N.Y. — The Coca-Cola Co. has announced plans to develop a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, just west of Rochester. The 745,000-square-foot facility will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the Northeast U.S. The company expects to break ground on the project this fall, subject to final approvals and due diligence, with the facility slated for operation by the fourth quarter of 2025. The development is expected to create up to 250 new jobs upon completion. “This decision by Fairlife to expand their operations in Monroe County marks the next chapter in New York’s agricultural success story,” says New York Governor, Kathy Hochul. “New York’s dairy industry serves as a crucial economic engine for our state, and this $650 million investment from Fairlife will create jobs and drive economic impact, particularly in the Finger Lakes.” Empire State Development will provide up to $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Monroe County is also expected to apply for a $20 million Capital Grant …

May 11, 2023

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