Development

Stream Purchases 90 Acres in Kenosha, Plans to Build 934,505 SF Spec Industrial Development

by Kristin Harlow May 3, 2023

KENOSHA, WIS. — Stream Realty Partners has purchased 90 acres at 10812 Burlington Road in Kenosha. The firm plans to build Somers Trade Center, a 934,505-square-foot speculative industrial development consisting of three buildings. The project site is less than a mile from the I-94 interchange and offers direct access to Chicagoland. Patrick Russo, Dale Todd and Drue Stoehr of Stream worked on the site selection and closing. Stream will partner with Cushman & Wakefield’s Eric Fischer, who will serve as the lead leasing broker. A timeline for completion was not provided.

May 3, 2023

Development Industrial Midwest Minnesota

United Properties Begins Development of New Headquarters for Minneapolis Glass in Brooklyn Park, Minnesota

by Kristin Harlow May 3, 2023

BROOKLYN PARK, MINN. — Developer United Properties has broken ground on a new 115,000-square-foot headquarters for Minneapolis Glass Co. in Brooklyn Park, a suburb of Minneapolis. The industrial development is named 610 Junction-West. Established in 1937, Minneapolis Glass is a glass and glazing fabrication company that provides manufacturing, installation and distribution services. The new headquarters will house expanded glass and metal fabrication, global sourcing and distribution facilities, administrative offices and a consumer showroom. All 100 full-time employees will move to the new space, and the company intends to hire additional positions. Completion is slated for 2024. Project partners include the City of Brooklyn Park, Lampert Architects, Sambatek and R.J. Ryan Construction.

May 3, 2023

Development Illinois Midwest Multifamily

Structured Development Nears Completion of 10-Story Co-Living Project in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — Structured Development is nearing completion of Post Chicago, a 10-story, 431-bed co-living community in Chicago’s Lincoln Park neighborhood. The project marks the city’s largest co-living development, according to Structured. Located at 853 W. Blackhawk St., the property will be operated by co-living and residential property operator Tripalink. Designed for students, corporate transferees and others in search of flexible, turnkey housing, Post Chicago offers 107 units with bedrooms that are fully furnished and individually leased. Units have between two and four bedrooms. Monthly rents start at $1,375. Cable and high-speed internet are included in the rent, and residents also benefit from weekly cleaning service. Residents share access to a living room, kitchen, in-unit washer and dryer and bathroom for those who don’t have their own ensuite bath. Amenities include a fitness center, rooftop deck, bike room, package room and lounge areas. In addition to the co-living units, Post Chicago will offer 19 conventional unfurnished units with monthly rents starting at $1,799. Post Chicago is the second of three residential buildings totaling 487 units to be completed in a mixed-income development named Wendelin Park.

May 3, 2023

Development Illinois Midwest

Sargent Blinderman Breaks Ground on ASPIRE Center for Workforce Innovation in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — General contractor Sargent Blinderman has broken ground on the ASPIRE Center for Workforce Innovation in Chicago’s Austin neighborhood. The project is located on the former site of Emmett Elementary School at 5500 W. Madison St. The school closed in 2014. The ASPIRE Center is designed to be a one-stop shop for support services and career training and will house the Jane Addams Resource Corp (JARC) and BMO. JARC will provide free training in manufacturing, welding and mechanical assembly, while BMO will provide retail banking services. The center will also feature a café, community plaza, rooftop terrace event space and a recently opened park. Both Westside Health Authority (WHA) and Austin Coming Together (ACT) plan to expand their core services at the center. The ASPIRE Center is part of the ASPIRE Initiative, which is focused on investing and developing infrastructure to support businesses and schools, revitalize housing and boost workforce development in the Austin neighborhood. WHA and ACT lead the initiative, while leveraging support from several other partners. The project team includes architect Lamar Johnson Collaborative and project manager Project Management Advisors. The budget is roughly $40 million with over half of the costs being funded through city and …

May 3, 2023

Build-to-Rent Development Single-Family Rental Texas

Banyan Residential Breaks Ground on 234-Unit Build-to-Rent Project in Metro Austin

by Taylor Williams May 3, 2023

PFLUGERVILLE, TEXAS — Los Angeles-based developer Banyan Residential has broken ground on Banyan Everton, a 234-unit build-to-rent project in the northern Austin suburb of Pflugerville. The site spans 34.4 acres. Homes will come in three- and four-bedroom floor plans, have an average size of 1,771 and include private garages and fenced backyards. Banyan Everton will also offer a communal pool, fitness center and open green space. Completion is scheduled for the first quarter of 2024.

May 3, 2023

Development Loans Multifamily New Jersey Northeast

Wells Fargo Provides $150M Permanent Loan for Hoboken Multifamily Project

by Taylor Williams May 3, 2023

HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.

May 3, 2023

Development Massachusetts Multifamily Northeast

FoxRock Properties Begins Leasing 465-Unit Ashlar Park Apartments in Quincy, Massachusetts

by Taylor Williams May 3, 2023

QUINCY, MASS. — Locally based developer FoxRock Properties has begun leasing Ashlar Park, a four-building, 465-unit multifamily project located at the site of the former Quincy Medical Center on the southern outskirts of Boston. Ashlar Park features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, outdoor terrace, fitness center with outdoor yoga space, resident lounge, coworking space, library and a conference room. Citizens Bank provided $128.7 million in construction financing for the project. Rents start at $1,925 per month for a studio apartment.

May 3, 2023

Development Leasing Activity Northeast Retail Vermont

Heidenberg Completes Redevelopment of Vermont Mall, Signs New Tenants

by Taylor Williams May 3, 2023

BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.

May 3, 2023

Development Industrial Texas

Koontz Corp. to Develop 188-Acre Industrial Project in San Antonio

by Taylor Williams May 2, 2023

SAN ANTONIO — Locally based developer Koontz Corp. will build Frontera Logistics Supersite, a 188-acre industrial project that will be located on the south side of San Antonio. Plans currently call for up to 2.8 million square feet of manufacturing and warehouse space across eight buildings with parking for 3,350 cars and 812 trailers. Carl Olson of Olson Properties represented the undisclosed sellers in the disposition of the land, which is an assemblage of 11 parcels. Koontz Corp. was self-represented in that transaction. Beaty Palmer Architects is designing the project, and Partners Real Estate has been appointed as the marketing and leasing agent. A construction timeline has not yet been finalized.

May 2, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Walters Begins Leasing 25-Unit Affordable Housing Complex in Montvale, New Jersey

by Taylor Williams May 2, 2023

MONTVALE, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground. Full completion is slated for August.

May 2, 2023

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