Development

Related Midwest Begins Pre-Leasing at The Row Fulton Market Luxury Apartment Tower in Chicago

by Kristin Harlow March 13, 2023

CHICAGO — Related Midwest has begun pre-leasing at The Row Fulton Market, a 43-story, 300-unit luxury apartment tower under construction at 164 N. Peoria St. in Chicago’s Fulton Market district. The first residents are expected to take occupancy in June. Designed by Morris Adjmi Architects, with interiors by March and White Design, The Row will offer floor plans ranging from 617 to 1,933 square feet. Monthly rents will start at $2,565. Six penthouse units will start at $14,395 per month. Amenities at The Row will include a fitness center and wellness studio, entertainment suite, study, children’s play area and a pool deck with outdoor grilling areas, green space and fire pits. The Row’s fireplace lobby will be staffed by a 24-hour concierge and door attendant. Residents will have access to services such as move-in coordination, housekeeping, package storage, onsite dry cleaning and pet care. As one of Chicago’s first 80/20 buildings, created under recently passed Affordable Illinois legislation, 20 percent of The Row’s apartment units will be designated as affordable.

March 13, 2023

Development Florida Hospitality Multifamily Southeast

Urban Network Capital Group to Develop $50M Condo-Hotel Project in Miami

by John Nelson March 13, 2023

MIAMI — Urban Network Capital Group (UNCG) has announced plans for Visions at Brickell Station, a 111-unit condominium/hotel project in Miami. Upon completion, the community will feature residences in studio and one-bedroom layouts, with no rental restrictions. Owners of the units will be able to rent them out through a booking platform or participate in a professionally managed program. UNCG purchased three parcels for the project — located at 1120, 1130 and 1136 S.W. 3rd Ave. — for a total price of $8.5 million. Robert Thorne of UNCG led the acquisition. UNCG’s investment partners in the project include V&V Investments and other private investors.

March 13, 2023

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 324-Unit Affordable Housing Community in San Antonio

by Taylor Williams March 13, 2023

SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Los Arcos, a 324-unit affordable housing community that will be located within the 600-acre VIDA mixed-use development on San Antonio’s south side. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, community garden, fitness center, playgrounds, business center, children’s activity room and a clubhouse lounge. The Texas Department of Housing & Community Affairs provided $36 million in Low-Income Housing Tax Credits (LIHTC) for the financing of the project, which is scheduled for a late 2024 completion.

March 13, 2023

Development Florida Leasing Activity Mixed-Use Office Southeast

Nestle Signs Office Lease at 152,000 SF Midtown West Building in Tampa

by John Nelson March 13, 2023

TAMPA, FLA. — Nestle will relocate its Tampa headquarters to Midtown West, a 152,000-square-foot office building located within the 23-acre Midtown Tampa mixed-use development. The Switzerland-based company plans to open its new sales office later this year. Bill Reeves of Colliers represented Nestle in the lease negotiations. Lauren Coup and Brad Heeter of Highwoods Properties Inc. represented the landlord, Highwoods and Bromley Cos. The square footage of Nestle’s lease was not disclosed. Other tenants at Midtown West include RHI Magnesita, Savills, Randstad, Prudential, Primo Water and Greystar. Bromley and Highwoods have also broken ground on Midtown East, a new office building at Midtown Tampa. Upon completion, Midtown East will total 430,000 square feet across 18 floors, 143,000 square feet of which will be jointly owned by Bromley and Highwoods.

March 13, 2023

California Development Industrial Western

Patrinely Group Buys Industrial Development Site in Menifee, California for $61M

by Jeff Shaw March 13, 2023

MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.

March 13, 2023

California Development Multifamily Seniors Housing Western

Harbert South Bay Partners Plans 350-Unit The James Seniors Housing Community in Irvine, California

by Jeff Shaw March 13, 2023

IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.

March 13, 2023

Lincoln-Equities-Valley-Cottage-New-York

Development Industrial New York Northeast

Lincoln Equities Breaks Ground on 220,000 SF Spec Industrial Project in Valley Cottage, New York

by Taylor Williams March 13, 2023

VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.

March 13, 2023

Development Loans Multifamily New York Northeast Top Stories Walker & Dunlop

Walker & Dunlop Arranges $131M Construction Loan for Queens Multifamily Project

by Taylor Williams March 13, 2023

NEW YORK CITY — Walker & Dunlop has arranged a $131 million construction loan for a 240-unit multifamily project that will be located in the Long Island City area of Queens. The site at 23-10 42nd Road lies at the convergence of the borough’s Court Square and Queens Plaza districts. Preliminary sitework was completed last fall, and the development team expects to fully deliver the building in summer 2025. Apartments will be available in studio, one- and two-bedroom formats and will feature Class A finishes. Residents will have access to more than 15,000 square feet of indoor and outdoor amenities, including a fitness center, coworking spaces, sky lounge and multiple amenity terraces, all with views of the Manhattan skyline. A syndicate led by Corebridge Financial (formerly AIG) and Los Angeles-based PCCP LLC provided the floating-rate loan, specific terms of which were not disclosed. The borrower is locally based developer Werwaiss Properties, which has partnered with Albanese Development Corp. on the project. “This thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods will help create additional market-rate and attainable housing options in New York City,” says Brian Haber, managing director at PCCP. Jonathan Schwartz, Aaron Appel, …

March 13, 2023

Development Florida Multifamily Southeast

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

by John Nelson March 10, 2023

NORTH MIAMI, FLA. — Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects for the project, which marks the fourth residential development at SoLé Mia. The project is scheduled for completion in early 2025. Outdoor amenities will include a 75-foot swimming pool, yoga lawn, rooftop garden and sundeck, dog run and beach volleyball, basketball and pickleball courts. Indoor amenities will include a coffee shop, dedicated coworking spaces, a podcast recording studio, gym, golf simulator, playroom, resident lounge, dog spa and electric vehicle charging stations.

March 10, 2023

Development Florida Industrial Leasing Activity Lee & Associates Southeast

Lee & Associates Arranges 27,450 SF Industrial Lease in Tampa

by John Nelson March 10, 2023

TAMPA, FLA. — Lee & Associates South Florida has arranged a 27,450-square-foot industrial lease at a build-to-suit warehouse currently underway in Tampa. Plan IT Packaging, a Canadian packaging solutions company, will occupy the building, which is located at 4525 Oak Fair Blvd. Michael Avendano of Lee & Associates negotiated the five-year lease on behalf of the tenant. Cancician Group Inc. is the landlord. Construction of the warehouse — which will feature dock-height loading doors, heavy power and office space — is expected to be complete in March 2024.

March 10, 2023

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