Development

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson August 22, 2022

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

August 22, 2022

Development Illinois Industrial Midwest

PCCP, Midwest Industrial Funds Underway on 245,000 SF Project in McCook, Illinois

by Kristin Harlow August 22, 2022

MCCOOK, ILL. — A joint venture between PCCP and Midwest Industrial Funds is underway on the development of a 245,000-square-foot, Class A industrial facility in McCook. Located at 8701 W. 53rd St., the project will feature a clear height of 36 feet, 40 exterior docks, two drive-in doors, 271 car parking spaces and a 130-foot truck court. Completion is slated for spring 2023. CBRE National Partners advised on the joint venture between the two firms.

August 22, 2022

Development Multifamily New Jersey Northeast Retail Top Stories

Unibail-Rodamco-Westfield Plans Redevelopment of 2.1 MSF Regional Mall in Northern New Jersey

by Taylor Williams August 22, 2022

PARAMUS, N.J. — Unibail-Rodamco-Westfield (URW), a shopping center owner-operator based in France, has unveiled plans to redevelop Westfield Garden State Plaza, a 2.1 million-square-foot regional mall in the Northern New Jersey community of Paramus. According to Forbes, Westfield Garden State Plaza remains one of the best-performing regional malls in the country. But about 10 years ago, URW began planning a long-term redevelopment to distinguish the property from and compete with American Dream, Triple Five Group’s entertainment-heavy mega-mall that is located within the Meadowlands sports complex in nearby East Rutherford. To that end, URW executive vice president Geoff Mason says that the redevelopment is about transitioning the mall into a mixed-use destination where living, working and leisure all come together. The first phase of the redevelopment will center on the construction of 550 luxury apartments that will be integrated with the existing shopping and dining establishments via open green space. Phase I will also introduce a “main street’ outdoor district featuring restaurants and everyday convenience- and services-oriented retailers. Ownership also plans to upgrade the existing infrastructure that connects to public transit services. Construction is scheduled to begin in 2024, with the first residential units becoming available for occupancy in 2026. The …

August 22, 2022

Content Partner Development Features Industrial Midwest NAI Northeast Southeast Texas Western

Industrial Retailers, Warehouse Users Rely on Ports, Rails to Provide Variety During Economic Uncertainty

by Sarah Daniels August 22, 2022

Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …

August 22, 2022

Development Healthcare Texas

Adolfson & Peterson Tops Out 52,000 SF Healthcare Expansion Project in El Paso

by Taylor Williams August 19, 2022

EL PASO, TEXAS — General contractor Adolfson & Peterson has topped out a 52,000-square-foot healthcare project in El Paso that is an expansion of the Rio Vista Behavioral Hospital. The project will add 40 beds, outdoor recreation spaces, an outpatient center and 14,000 square feet of parking space to the existing facilities. Full completion is slated for spring 2023. Tennessee-based Acadia Healthcare Co. Inc. owns Rio Vista Behavioral Hospital.

August 19, 2022

Affordable Housing Development Loans Multifamily New York Northeast

Regions Provides Financing for 255-Unit Transformational Housing Project in Brooklyn

by Taylor Williams August 19, 2022

NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.

August 19, 2022

Development New York Northeast Office

RFR Holding Debuts $25M Amenity Center at Seagram Building in Midtown Manhattan

by Taylor Williams August 19, 2022

NEW YORK CITY — Locally based firm RFR Holding has debuted The Playground + Conference Center, a $25 million amenity complex within The Seagram Building, located at 375 Park Ave. in Midtown Manhattan. The 35,000-square-foot space is a restructuring of the 38-story building’s underground parking garage and features a 3,500-square-foot fitness center, an open multi-sport court, climbing wall, boardroom and a training room. The sport court can support basketball, volleyball or soccer and can also be converted into a 150-person theater for town hall meetings or large-screen presentations. The Playground also houses locker rooms and a hydration lounge and has an onsite fitness director.

August 19, 2022

Development Michigan Midwest Multifamily Student Housing

Landmark Properties Breaks Ground on Two-Building Student Housing Community Near University of Michigan

by Kristin Harlow August 19, 2022

ANN ARBOR, MICH. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building student housing community located adjacent to the historic Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments, including 19 affordable housing units, in studio through five-bedroom configurations. Shared amenities will include 4,150 of ground floor retail space, outdoor terraces, study rooms for office work and group learning and a rooftop deck. The project is scheduled for completion in fall 2024.

August 19, 2022

Development Midwest Missouri Multifamily

Mia Rose Holdings, Midas Capital to Develop 144-Unit Apartment Complex in Lake St. Louis

by Kristin Harlow August 19, 2022

LAKE ST. LOUIS, MO. — Mia Rose Holdings and Midas Capital are developing a 144-unit apartment complex in Lake St. Louis, a northwest suburb of St. Louis. Completion is slated for December 2023. Midas Construction is the general contractor and Rosemann & Associates PC is the architect. The property manager will be 2B Residential. Amenities will include a pool, sun deck, outdoor lounge, barbecue area, clubhouse, coffee bar, fitness center and golf simulator. The development’s 60 two-bedroom units and 84 one-bedroom units will be spread across four buildings. The two-bedroom units will average 1,135 square feet while the one-bedroom units will measure approximately 825 square feet.

August 19, 2022

Development Loans Multifamily North Carolina Southeast

CBRE Arranges $50.6M Construction Loan for Multifamily Redevelopment Project in Chapel Hill, North Carolina

by John Nelson August 19, 2022

CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.

August 19, 2022

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