Development

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

August 3, 2022

Development Industrial Southeast Virginia

Meridian, Wickshire Break Ground on 1 MSF Industrial Facility in Winchester, Virginia

by John Nelson August 2, 2022

WINCHESTER, VA. — The Meridian Group and Wickshire Industrial have broken ground on Phase I of One Logistics Park, a 2.7 million-square-foot industrial campus located near I-81 in Winchster. The first phase comprises a 1 million-square-foot, cross-dock facility that will feature 40-foot clear heights, 50- by 54-foot column spacing, tilt-wall construction, 65-foot speed bays, 250 trailer drops and 230 parking spaces. At full buildout, the 277-acre One Logistics Park will feature distribution facilities as well as 100,000 square feet of quick-service restaurants, a gas station/convenience store and other retail options. The project team includes civil engineer Gordan, horizontal construction manager Perry Engineering and architect and general contractor Shockey. John Lesinski and Ben Luke are leading the Colliers team to market the project.

August 2, 2022

Development Florida Leasing Activity Mixed-Use Office Restaurant Retail Southeast

Tricera Capital Signs New Tenants at The Press Mixed-Use Project in West Palm Beach

by John Nelson August 2, 2022

WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.

August 2, 2022

Development Industrial Texas

Hillwood Breaks Ground on Two Spec Industrial Buildings Totaling 1.7 MSF in Fort Worth

by Taylor Williams August 2, 2022

FORT WORTH, TEXAS — Hillwood has broken ground on Westport 25 and Alliance Center North 4, two speculative industrial buildings totaling approximately 1.7 million square feet at AllianceTexas on the north side of Fort Worth. Alliance Westport 25 will be a cross-dock building with 40-foot clear heights, two 190-foot truck courts with land to expand to a third, 504 car parking spaces (expandable to 584) and 233 trailer parking spaces (expandable to 471). Alliance Center North 4 will also feature a cross-dock configuration and 40-foot clear heights, as well as 185-foot truck court depths, 180 car parks (expandable to 487) and 132 trailer parking spaces (expandable to 243). GSR Andrade Architects is designing the projects, and Peloton Land Solutions is serving as the civil engineer. Hillwood Construction Services will be the general contractor. Citizens Bank provided construction financing for Westport 25, and Comerica Bank is the construction lender for Alliance Center North 4. Construction on both buildings will begin within the next 30 days, with completion slated for the second and third quarters of 2023, respectively.

August 2, 2022

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co., P3 Markets Top Out $100M Mixed-Income Apartment Project in Chicago

by Kristin Harlow August 2, 2022

CHICAGO — The Habitat Co. and P3 Markets have topped out construction of the first building at 43 Green, a $100 million mixed-income apartment development in Chicago’s Bronzeville neighborhood. Centered around the Chicago Transit Authority’s 43rd Street Green Line station, the project represents the first equitable transit-oriented development (ETOD) on Chicago’s South Side. The project will be developed in three phases and ultimately bring 300 new apartments to the neighborhood. The first building is the largest of the three planned buildings. The 10-story asset will house 99 apartment units as well as 5,500 square feet of retail space. Half of the units will be reserved for households earning up to 60 percent of the area median income. Construction of Phase I is slated for completion in February 2023. Construction on Phase II is expected to begin later this year. Bowa Construction and McHugh Construction are jointly building the project. Landon Bone Baker is the architect. Momentum Coffee and Super Cycle will occupy retail space. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s low-income housing tax credits allocation and tax credit investor Stratford Capital. Fifth Third Bank provided debt via HUD’s 221(d)(4) …

August 2, 2022

Development Industrial Midwest Wisconsin

Zilber Property Group to Build 1.6 MSF Industrial Park in Caledonia, Wisconsin

by Kristin Harlow August 2, 2022

CALEDONIA, WIS. — Zilber Property Group has acquired a 93-acre land site with plans to build a new industrial park in Caledonia, about 20 miles south of Milwaukee. Named Caledonia Corporate Park, the project will be comprised of up to five speculative industrial buildings totaling approximately 1.6 million square feet. The development will be situated along the I-94 Corridor. Site preparation and infrastructure work will begin shortly, with construction expected to commence in the spring. Chad Navis and Rachel Agba represented Zilber on an internal basis for both the land acquisition and development entitlement process. Michael Kleber of Zilber will oversee lease-up. Pinnacle Engineering Group is the project architect and Riley Construction is the general contractor.

August 2, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes $38.6M Multifamily Project in St. Paul

by Kristin Harlow August 2, 2022

ST. PAUL, MINN. — Kraus-Anderson Development Co. has completed construction of MODA on Raymond, a $38.6 million multifamily project located at the corner of Raymond and University avenues in St. Paul. Designed by UrbanWorks Architecture, the development houses 220 market-rate apartment units and 2,314 square feet of commercial space. The six-story property is located one block from the Green Line station in the St. Anthony Park neighborhood. Units at MODA on Raymond range from 361 to 1,180 square feet. Amenities include a fitness center, outdoor courtyard, pool, clubroom, rooftop patio, convenience market, pet wash and dog run. Monthly rents start at $1,077 for studios.

August 2, 2022

Development Loans Multifamily Washington Western

Cushman & Wakefield Arranges $91.9M Construction Loan for Bellevue Station Apartment Project in Washington

by Amy Works August 2, 2022

BELLEVUE, WASH. — Cushman & Wakefield has arranged $91.9 million in construction financing for Legacy Partners and New York Life Real Estate Investors for the development of Bellevue Station, a transit-oriented multifamily property in Bellevue. Located at 1525 132nd Ave. NE in Bellevue’s Bel-Red submarket, Bellevue Station will feature 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop club room with terrace and an indoor/outdoor/games room. Additionally, the lobby will offer co-working space with open booths for residents. Upon completion in first-quarter 2025, Bellevue Station will sit along the newly expanded East Link light rail station. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the financing, which JPMorgan Chase provided. The team also arranged the joint-venture equity for the development of the project earlier this year on behalf of Legacy Partners.

August 2, 2022

Arizona Development Industrial Western

Ryan Cos., Westcore Break Ground on 906,000 SF Hatcher Industrial Park in Glendale, Arizona

by Amy Works August 2, 2022

GLENDALE, ARIZ. — Ryan Cos. and Westcore have broken ground on Hatcher Industrial Park, a two-building industrial campus located along Loop 303 corridor in Glendale. The 906,000-square-foot project will provide Class A industrial space for manufacturing, logistics and supply chain users in the West Valley. Completion of the development is slated for June 2023. Ryan Cos. is serving as builder and Ryan A+E Inc. is serving as architect. Anthony Lydon, Marc Hertberg, Riley Gilbert and Kelly Royle of JLL are marketing the project for lease.

August 2, 2022

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