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Development

DevelopmentMidwestMultifamilyWisconsin

M&R Development Breaks Ground on 258-Unit Luxury Apartment Project Near Milwaukee

by Kristin Harlow

WAUWATOSA, WIS. — M&R Development has broken ground on 2929 on Mayfair, a 258-unit luxury apartment project in the Milwaukee suburb of Wauwatosa. M&R is co-developing the project with Campbell Capital Group. Completion is slated for August 2023. Located at 2929 N. Mayfair Road, the development will rise five stories with a variety of floor plans. The center of the community will be a three-story clubhouse and adjoining courtyard with an outdoor pool, grilling stations, pickleball court, fire pits and lounge seating. The clubhouse will feature an entertainment kitchen, coffee bar, lounge, clubroom, fitness center, yoga room, business center, pet washing station and package room. A three-level parking garage will include a car wash, electric vehicle charging stations, storage lockers and bike storage. Madison, Wis.-based Stevens Construction is the general contractor and Midlothian, Va.-based Poole & Poole Architecture is the architect. RMK Management will handle leasing and property management.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

TWG Begins Development of $59M Mixed-Income Apartment Community in Green Bay, Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — TWG has begun development of The Fort at the Railyard, a $59 million mixed-income apartment community in Green Bay. The project is a redevelopment of the historic Larsen Canning property. The 223-unit apartment community will rise five stories with 1,300 square feet of commercial space. Of the 233 units, 187 will be reserved for residents earning up to 60 percent of the area median income. Amenities will include a workout room, business center, coworking lounge, dog run and pet washing station. Merchants Bank served as the low-income housing tax credit investor and Western Alliance Bank provided construction financing. Completion is slated for the third quarter of 2024.

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DevelopmentIndustrialNew JerseyNortheast

U-Haul to Open 750-Unit Self-Storage Facility in Princeton

by Taylor Williams

PRINCETON, N.J. — U-Haul will open a 750-unit self-storage facility at an 8.8-acre undeveloped site at the intersection of U.S. Highway 380 and Boorman Lane in Princeton. U-Haul acquired the site in July. The four-story facility, which is scheduled to come on line by July 2024, will feature climate-controlled indoor storage space, outdoor drive-up buildings and a separate warehouse for U-Box portable storage containers. U-Haul will also offer truck and trailer rental services at the property and sell moving and packaging supplies as part of a retail operation.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

TD Bank Provides $22M Construction Loan for Boston Affordable Housing Conversion Project

by Taylor Williams

BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.

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DevelopmentIndustrialNew JerseyNortheast

IDI Logistics to Undertake Two Industrial Redevelopment Projects in Central New Jersey

by Taylor Williams

PISCATAWAY AND EWING, N.J. — Atlanta-based developer IDI Logistics has acquired sites totaling 32 acres in Central New Jersey for a pair of industrial redevelopment projects. Both the 14-acre site in Piscataway and the 18-acre property in Ewing currently house office buildings. IDI Logistics plans to demolish the existing structures and replace them with Class A warehouse and distribution facilities. Construction timelines for both projects are still being finalized.

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DevelopmentLoansNorth CarolinaOfficeSoutheast

JLL Arranges Construction Loan for 600 South Tryon Office Tower in Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged an undisclosed amount of construction financing for 600 South Tryon, a 24-story office tower development in Charlotte. The 415,000-square-foot building will be part of Legacy Union, a 10-acre mixed-use development that comprises the SIX50, Bank of America Tower and Honeywell’s global corporate headquarters. Campbell Roche, Travis Anderson, Taylor Allison, Kristi Leonard, Tom Stewart and Ryan Pride of JLL arranged the five-year, floating-rate loan through Square Mile Capital Management LLC on behalf of the borrower, a partnership between Lincoln Harris and the real estate business of Goldman Sachs Asset Management. 600 South Tryon, which is 25 percent preleased, will include outdoor terraces, 20,000 square feet of ground-floor retail space, upscale finishes and amenities. No construction timeline was disclosed.

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DevelopmentGeorgiaMultifamilySoutheast

Toro Development to Build 186-Unit Reid Apartments in Atlanta’s Reynoldstown District

by John Nelson

ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.

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DevelopmentFloridaIndustrialLeasing ActivitySoutheast

All Florida Paper Signs 226,698 SF Industrial Lease in Metro Miami

by John Nelson

HIALEAH, FLA. — All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant. Construction on Building D is scheduled to begin in the fourth quarter, and All Florida Paper is slated to occupy the space by mid-2023. Once completed, Beacon Logistics Park, located at NW 145th Place and NW 107th Ave., will span more than 1.3 million square feet of space.

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DevelopmentIndustrialSoutheastVirginia

Saltbox Opens 45,000 SF Co-Warehousing Facility in Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — Saltbox has opened a new 45,000-square-foot “co-warehousing” facility located at 4700 Eisenhower Drive in Alexandria, the company’s sixth location in the United States. Situated near Washington, D.C., the property features 85 flexible warehouse and office suites, as well as conference rooms, loading dock access and a photo studio for entrepreneurs. Atlanta-based Saltbox plans to double its footprint of co-warehousing assets by the end of the year with secondary assets coming to Los Angeles, Atlanta and Dallas. Last month, the company debuted its first fulfillment center in Columbus, Ohio. Saltbox houses 300 tenants across its six locations, 70 percent of which are e-commerce companies.

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AcquisitionsData CentersDevelopmentIndustrialMidwestNorth DakotaTop Stories

Bitzero to Redevelop Cold War-Era Missile Defense Site in North Dakota into Secure Data Center for $500M

by Jeff Shaw

NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …

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