Development

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Affordable Housing Colorado Development Loans Multifamily Western

BWE Secures $43.1M Construction Loan for Affordable Housing Development in Aurora, Colorado

by John Nelson April 20, 2023

AURORA, COLO. — Bellwether Enterprise (BWE) has secured $43.1 million to fund the new construction of 15 Sable Apartments, an affordable housing community in Aurora. Developed by DBG Properties and Featherstone Development, the community will be a four-story apartment complex situated on a walkable, transit-oriented site. BWE provided tax-exempt and taxable loans through its BWE Private Placement platform. The loan features an 18-year term with 40-year amortization schedule, and interest-only payments for the first six years from closing. Anthea Martin in BWE’s Denver office originated the loan through a private placement on behalf of the borrowers. The project was made possible through the support of the City of Aurora; a property tax abatement partnership with Aurora Housing Authority; a private activity bond allocation from Colorado Housing and Finance Authority; a subordinate loan from Colorado Department of Local Affairs Division of Housing; a tax credit equity investment from Arizona-based Affordable Housing Partners; and a sale of property by the Regional Transportation District.

April 20, 2023

Development Midwest Multifamily Wisconsin

Greywolf Partners Begins Development of 258-Unit Apartment Complex in Eau Claire, Wisconsin

by Kristin Harlow April 20, 2023

EAU CLAIRE, WIS. — Greywolf Partners Inc. has begun development of Station 955, a 258-unit apartment complex in Eau Claire, a city in western Wisconsin. The project at 955 W. Clairemont Ave. is situated near both the University of Wisconsin-Eau Claire and Chippewa Valley Technical College. Station 955 will offer studio, one-, two- and three-bedroom units. Amenities will include a lounge, game area, business center, fitness center, heated underground parking and an outdoor patio with courtyards. Completion is slated for fall 2024. Eau Claire-based Royal Construction is the general contractor, JSD Professional Services is providing civil and landscaping engineering services, and JLA Architects is the project architect.

April 20, 2023

Development Multifamily Texas

Greystar Begins Leasing 378-Unit Apartment Community in Houston

by Taylor Williams April 20, 2023

HOUSTON — South Carolina-based development and management firm Greystar has begun leasing Ltd. Med Center, a newly built apartment community in Houston that totals 378 units, according to Apartments.com. Located near Texas Medical Center on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and a gaming area. Information on starting rents was not disclosed.

April 20, 2023

Development Healthcare Illinois Midwest

Skender Completes Build-out of Northwestern Medicine Pain and Spine Center in Bloomingdale, Illinois

by Kristin Harlow April 20, 2023

BLOOMINGDALE, ILL. — Skender has completed the build-out of the Northwestern Medicine Center for Pain and Spine Health Bloomingdale. The multidisciplinary clinic at 245 Gary Ave. in suburban Chicago provides collaborative medical office space for pain medicine specialists, neurosurgeons, chiropractors, physical therapists and advanced practice nurses. The 12,000-square-foot project consisted of a comprehensive renovation of the first floor, including new imaging equipment, patient care areas and physical therapy specialty services. Along with the clinical build-out, the building underwent significant infrastructure improvements such as new electrical service and the replacement of four rooftop mechanical units.

April 20, 2023

Development Office Retail Texas

Triten Real Estate Completes Redevelopment of 216,500 SF Mixed-Use Complex in Dallas

by Taylor Williams April 20, 2023

DALLAS — Houston-based investment and development firm Triten Real Estate Partners has completed the redevelopment of Work/Shop, a mixed-use complex in Dallas that features 135,000 square feet of office space and 81,500 square feet of retail, restaurant and entertainment space. Work/Shop also houses 30,000 square feet of open and green space with views of the Prestonwood Country Club. The redevelopment involved major renovations to the south office building, including a redesign of the 65,000-square-foot building’s façade and common areas, as well as the addition of new amenities. Triten is also upgrading various components of the retail space. CBRE has been tapped to lease the renovated office space.

April 20, 2023

Development Florida Loans Multifamily Southeast

Concord Summit Capital Arranges $60M Construction Financing for Multifamily Development in Hollywood, Florida

by John Nelson April 20, 2023

HOLLYWOOD, FLA. — Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development. Situated near Hollywood Beach and I-95, the unnamed, seven-story multifamily community is expected to be delivered in first-quarter 2025.

April 20, 2023

Development Multifamily Southeast Virginia

Capital Square Breaks Ground on 352-Unit Apartment Development in Richmond

by John Nelson April 20, 2023

RICHMOND, VA. — Capital Square has broken ground on a 352-unit apartment development in the Scott’s Addition neighborhood of Richmond. The development site is within an opportunity zone at 2929 W. Clay St. and 2922 and 2925 W. Marshall St. The project will include three-seven story buildings developed atop podium parking with more than 5,350 square feet of ground-level retail space. The design-build team includes civil engineer Timmons Group, architect Poole & Poole Architecture, general contractor Hourigan Construction, interior designer ENV and landscape architect Marvel Designs. Construction of the development is expected to be completed by spring 2025. Locally based Capital Square has developed three other apartment communities in Scott’s Addition and has another one nearing completion.

April 20, 2023

Development Multifamily Northeast Pennsylvania Seniors Housing

IntegraCare Opens 130-Unit Seniors Housing Community in York, Pennsylvania

by Taylor Williams April 20, 2023

YORK, PA. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. Amenities include multiple onsite dining venues, fitness and therapy areas, a beer rathskeller, theater, hair salon, library, card room and various outdoor green spaces. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.

April 20, 2023

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