SUNRISE, FLA. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.
BOSTON — Berkeley Investments has received approval from the Boston Planning & Development Agency to move forward with development of its 176 Lincoln mixed-use project in Boston’s Allston neighborhood. Plans call for Class A lab and R&D space, offices and apartment units. Designed by CBT, 176 Lincoln will be built on a five-acre site with two acres of landscaped open space. The two main commercial buildings will include 720,000 square feet of lab, R&D and office space. The project will also include onsite housing, including 252 apartment units with 10 live-work units for artists. The project will be situated within immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences, the Harvard Business School and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in greater Boston, according to Berkeley. “With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art, Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life sciences, medical, academic research and corporate corridor stretching through Boston and into Cambridge,” says Young Park, …
LUBBOCK, TEXAS — McGrath Real Estate Partners will develop The Saltus, a 234-unit, 736-bed student housing development located near the Texas Tech University campus in Lubbock. The project is named after the city’s namesake, Thomas Saltus Lubbock, and will serve students at Texas Tech University. The project will offer nine different floor plans ranging in size from 559 to 2,025 square feet. Shared amenities will include a pool with cabanas, pickleball courts, grilling stations, dog park and an outdoor amphitheater. Completion is slated for fall 2025.
PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.
MERRILLVILLE, IND. — Pure Development has completed a 111,734-square-foot industrial facility for Domino’s Pizza in Merrillville, a city in Northwest Indiana. The development is now open and is utilized for production, storage and distribution of pizza dough in support of Domino’s operations throughout Indiana, Illinois, Michigan and Wisconsin. Pure Development broke ground on the project in August 2021.
HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.
PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.
MISSION VIEJO, CALIF. — Project partners MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed MorningStar of Mission Viejo. The 166,000-square-foot, 132-unit senior living community is located in the Orange County city of Mission Viejo. The developers broke ground in March 2021. The community offers studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property features 13,809 square feet of outdoor space including a pool, dog run, resident garden and al fresco dining. The project introduces Whole Health Standards, a new criteria under which all future Confluent and MorningStar communities will be developed. Confluent and MorningStar have a strong history of partnering on senior living communities, with MorningStar of Mission Viejo representing the partnership’s 14th joint venture across six states. Other project partners include KTGY Architecture + Planning as architect, Snyder Langston as general contractor, David Evans and Associates as civil engineer and Thoma-Holec Design as interior designer.
DENVER – Pennrose, Rivet Development Partners and TGTHR have broken ground on 2700 Wewatta, a 56-unit affordable, supportive housing development in Denver’s Five Points neighborhood. The community will serve youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system. The new community is scheduled to open in April 2024. The one- and two-bedroom apartments will be income restricted for a minimum of 60 years to households earning up to 50 percent of the area median income, or up to $41,000 for a single-occupant household in Denver. The community is part of a larger mixed-use master plan that Golub & Co. and Denver-based Formativ are developing. Rivet was selected to develop the affordable housing component in 2021.
GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …