Development

McShane, Ashlaur Break Ground on 96-Unit Mixed-Income Development in Chicago

by Kristin Harlow April 6, 2023

CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.

April 6, 2023

Civic Development New York Northeast

BOLD Charter Plans 81,590 SF School in The Bronx

by Taylor Williams April 6, 2023

NEW YORK CITY — BOLD Charter School will open an 81,590-square-foot facility in the Crotona East Park neighborhood of The Bronx. BOLD Charter has entered into a leasehold condominium arrangement with the landowner, an entity doing business as 1472 Boston Partners LLC, which will construct the eight-story building. This structure allows the nonprofit educational organization to take advantage of its tax-exempt status by committing to leasing the land for a minimum of 30 years; the leasehold term in this case is 39 years. The school will be able to support roughly 800 students in grades K through 8 and will feature 27 classrooms, a gym and a rooftop play area. Lindsay Ornstein, Stephen Powers and Casey Noel of OPEN Impact Real Estate, along with Thomas Hines of Transwestern, represented BOLD Charter School in the leasehold condominium negotiations. Nick Zweig of Locations CRE represented the landowner. The school is expected to open in time for the 2025-2026 academic year.

April 6, 2023

Development Multifamily New Jersey Northeast

Paramount Assets Opens 70-Unit Apartment Complex in Plainfield, New Jersey

by Taylor Williams April 6, 2023

PLAINFIELD, N.J. — Locally based developer Paramount Assets has opened Netherwood Flats, a 70-unit apartment complex in the Northern New Jersey community of Plainfield. The four-story building features 4,000 square feet of retail space and an 84-space parking deck. Units come in one- and two-bedroom formats and range in size from 624 to 1,427 square feet. Amenities include a fitness center, resident lounge and an elevated courtyard. Netherwood Flats opened with 50 percent of its units preleased. Rents start at $1,865 per month for a one-bedroom apartment.

April 6, 2023

Development Industrial Massachusetts Northeast

Condyne Capital Underway on 60,000 SF Industrial Project in Norton, Massachusetts

by Taylor Williams April 6, 2023

NORTON, MASS. — Locally based developer Condyne Capital Partners is underway on vertical construction of a 60,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is situated within Bluestar Business Park. Polar Design Build is handling design and construction of the project, which will feature a clear height of 32 feet, 17 dock doors, one drive-in ramp and 14 trailer parking spaces. Completion is slated for the fourth quarter.

April 6, 2023

Acquisitions Development Hospitality Louisiana Mixed-Use Restaurant Retail Southeast Top Stories

Cordish Cos. to Acquire, Redevelop Diamond Jacks Casino & Hotel in Bossier City, Louisiana

by Jeff Shaw April 6, 2023

BOSSIER CITY, LA. — The Cordish Cos. has announced an agreement to acquire Diamond Jacks Casino & Hotel, located in Bossier City in northwest Louisiana. Subject to approval by the Louisiana Gaming Control Board, Cordish plans to redevelop the property into a casino resort and entertainment destination. Closed since March 2020, the development will be the first in the state of Louisiana under Cordish’s Live! brand, which offers dining, entertainment, casino, hotel and sports-anchored entertainment spaces. The seller and acquisition price were not disclosed. Cordish was the development partner for Hard Rock Hotel & Casino properties in Hollywood and Tampa, Fla., and its assets include the Live! Casino & Hotel Maryland in Hanover, Md.; Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh; and the Texas Live! Development within the Arlington Entertainment District in North Texas, where Cordish is currently underway on $1 billion of construction adjacent to the property. Additionally, the company has new developments in Florida, Alabama, Georgia, North Carolina and Tennessee. Foundation Gaming & Entertainment LLC will partner with Cordish to complete the project. — Hayden Spiess

April 6, 2023

Affordable Housing Development Multifamily Texas

Partnership Completes 192-Unit Affordable Housing Complex in Houston

by Taylor Williams April 5, 2023

HOUSTON — A partnership between an affiliate of developer Atlantic | Pacific Cos. and The Harris County Housing Authority has completed Arbor at Wayforest, a 192-unit affordable housing complex located in Houston’s Greenspoint neighborhood. Residences are reserved for renters earning up to 30, 50 and 60 percent of the area median income. According to Apartments.com, the property features two- and three-bedroom units that range in size from 926 to 1,103 square feet and amenities such as a pool, fitness center, business center and a playground.

April 5, 2023

Development Industrial Texas

ELM Cos. to Open 125,000 SF Headquarters, Manufacturing Plant in The Colony, Texas

by Taylor Williams April 5, 2023

THE COLONY, TEXAS — ELM Cos., a provider of energy storage and infrastructure solutions, will open a new 125,000-square-foot headquarters and manufacturing facility in The Colony, a northern suburb of Dallas. The company is expanding its microgrid and solar operations from a 25,000-square-foot space in nearby Lewisville, a move that is expected to add about 65 new jobs to the local economy. Construction of the facility is underway, and ELM Cos. plans to take occupancy before the end of the year.

April 5, 2023

Development Industrial South Carolina Southeast

Pure Development to Build Two Speculative Industrial Facilities in Charleston Totaling 428,000 SF

by John Nelson April 5, 2023

CHARLESTON, S.C. — Pure Development has acquired two development sites totaling 26.4 acres within Camp Hall, an industrial campus in Charleston. The developer is planning to build two speculative warehouse facilities totaling 428,000 square feet across from the Volvo USA plant. Situated along Electric Avenue and less than two miles from I-26, the first facility will be a 306,280-square-foot warehouse with 30 dock doors, 32-foot clear heights, 20 trailer spaces and 375 auto spaces. The second facility will be a 122,180-square-foot warehouse with 13 dock doors, 32-foot clear heights and 100 auto spaces. Construction is scheduled to begin in the third quarter and wrap up in third-quarter 2024. Santee Cooper sold the development sites to Pure Development for a combined $7.4 million. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE represented the seller in the transaction. Dan Camp with Santee Cooper and Adam Seger with Pure Development also worked on the land deal.

April 5, 2023

Acquisitions Development Restaurant Retail Southeast Virginia

Uptown Alley to Open 64,000 SF Entertainment Venue in Williamsburg, Virginia

by John Nelson April 5, 2023

WILLIAMSBURG, VA. — Uptown Alley, an entertainment concept with four existing locations in the Mid-Atlantic, has purchased the former Yankee Candle building in Williamsburg. The multi-level, mixed-use building is located on a six-acre site at 2200 Richmond Road. Dawn Griggs and Rob Wright of Cushman & Wakefield | Thalhimer represented the seller, Fulton Bank, in the $4 million sale. Uptown Alley plans to open its fifth entertainment venue at the Williamsburg property, which will feature upscale bowling, duckpin bowling, an arcade and a chef-driven restaurant. The company plans to open the new venue before the end of the year.

April 5, 2023

Development Healthcare New Mexico Office Western

Meridian Buys 18 Acres in Santa Fe for Medical Office Development

by Jeff Shaw April 5, 2023

SANTA FE, N.M. — Meridian has purchased 18 acres in Santa Fe where it plans to build a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center. The land is located at 4200 Beckner Road, near Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district. The overall investment in the site exceeds $100 million, according to Meridian. This is the company’s first project in Santa Fe. Completion is scheduled for July 2024.

April 5, 2023

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