Development

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Development Florida Industrial Southeast

Graham & Co. to Develop 262,440 SF Industrial Park in Tampa

by John Nelson January 25, 2023

TAMPA, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres at the intersection of U.S. Highway 301 and Florida Palm Drive in Tampa. The developer plans to build a 262,440-square-foot, three-building industrial park on the site called East Tampa Commerce Center. The three facilities will range in size from 85,500 to 91,440 square feet and feature 32-foot clear heights within a concrete tilt-wall structure. Set to deliver in early 2024, the buildings will be available for single-tenant users or could be divided into smaller suites to accommodate multiple tenants. The development team includes the previous landowner and development partner, an entity doing business as Palm River JLM Center Ltd., as well as Graham & Co.’s affiliate Graham Capital. Other members of the project team include general contractor ARCO/Murray and civil engineer Kimley-Horn. Truist provided an undisclosed amount of construction financing for the project. Additionally, included in the land acquisition was a separate purchase of an existing industrial facility located at 9208 Palm River Road.

January 25, 2023

Development Industrial New York Northeast Self-Storage

Diversified Properties Breaks Ground on 495-Unit Self-Storage Facility in Montgomery, New York

by Taylor Williams January 25, 2023

MONTGOMERY, N.Y. — New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing construction of the project, which is scheduled for an October completion. CubeSmart is the proposed operator of the facility.

January 25, 2023

Development Illinois Midwest Retail

McHugh Construction Breaks Ground on FlyOver Flying Ride Attraction at Chicago’s Navy Pier

by Kristin Harlow January 25, 2023

CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.

January 25, 2023

Development Illinois Midwest Office

IWG to Open Four New Flexible Workspace Locations in Illinois

by Kristin Harlow January 25, 2023

CHICAGO, ALGONQUIN AND SWANSEA, ILL. — IWG has unveiled plans to open four new flexible workspaces in Illinois. The new locations include a Spaces center and an HQ center in Chicago as well as Regus centers in Algonquin and Swansea. All four locations will offer IWG’s full suite of facilities, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services. IWG says the new Illinois locations reflect the growing demand for flexible workspaces in large cities and smaller communities alike. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.

January 25, 2023

Colorado Development Multifamily Western

Dinerstein Cos. Plans 371-Unit Atlas Longmont Multifamily Community in Longmont, Colorado

by Amy Works January 25, 2023

LONGMONT, COLO. — The Dinerstein Cos. has unveiled its plans to develop Atlas Longmont, an apartment property located at 301 First Ave. in Longmont. Situated on 12 acres, Atlas Longmont will feature 371 studio, one-, two- and three-bedroom apartments ranging from 541 square feet to 1,411 square feet. The 300,000-square-foot property will consist of 10 three-story buildings, one four-story residential building and a two-story leasing and amenity building. Community amenities will include an outdoor pool, multiple spas, a clubhouse, roof deck and coworking space. An affiliate of The Dinerstein Cos. plans to break ground on the asset later this year, with initial units being delivered in early 2025 and a target completion date of early 2026.

January 25, 2023

Development Hospitality Mixed-Use Nevada Restaurant Retail Western

LRE & Cos. Reveals Plans for 13-Acre Fernley Promenade Mixed-Use Development in Fernley, Nevada

by Amy Works January 25, 2023

FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.

January 25, 2023

Development Industrial Nevada Top Stories Western

Tesla to Invest $3.6B for Electric Battery, Truck Factories at Gigafactory Nevada Campus

by John Nelson January 25, 2023

SPARKS, NEV. — Electric car manufacturing giant Tesla Inc. (NASDAQ: TSLA) plans to invest $3.6 billion to expand Gigafactory Nevada, an advanced manufacturing campus in the Reno suburb of Sparks that Tesla launched in 2014. The company’s investment will include two new factories — a battery manufacturing facility and a truck factory — that can support approximately 3,000 new team members. At the battery facility, Tesla plans to produce enough of its patented 4680 battery cells for 1.5 million light-duty vehicles annually. The facility will have the capacity for 100 Gigawatt hours (GWh) annually. The truck factory represents the first high-volume factory for Semi, Tesla’s fully electric combination truck that was announced in 2017. The company’s Semi trucks can travel up to 500 miles on a single charge and run on less than 2 kilowatt hours (kWh) per mile, which Tesla says gives companies using commercial transportation a sustainable freight option. The first Semi trucks were delivered in December 2022 to PepsiCo, according to CNBC. Gigafactory Nevada currently spans 5.4 million square feet and represents a $6.2 billion investment for Tesla to date. Annually Tesla produces 7.3 billion battery cells, 1.5 million battery packs, 3.6 million electric vehicles and 1 …

January 25, 2023

Development Loans Multifamily Texas

Resia Receives $96.5M in Construction Financing for Houston Multifamily Project

by Taylor Williams January 24, 2023

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has received $96.5 million in construction financing for Resia Ten Oaks, a 573-unit multifamily project in Houston. Santander Bank provided the senior loan, with Valley Bank also included among the syndicate of lenders. Additionally, Artemis Real Estate Partners provided preferred equity. Resia Ten Oaks will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a multi-purpose clubhouse. Sitework on the project began in July 2022, and full completion is scheduled for the fourth quarter of 2024.

January 24, 2023

Affordable Housing Development Multifamily Texas

Texas Inter-Faith to Develop 85-Unit Affordable Seniors Housing Project in Houston

by Taylor Williams January 24, 2023

HOUSTON — Nonprofit organization Texas Inter-Faith Housing Corp. will develop Westheimer Garden Villas, an 85-unit affordable seniors housing project in Houston. The majority of the property’s one- and two-bedroom units will be reserved for renters aged 55 and above who earn up to 30, 50, and 60 percent of the area median income. Amenities will include a community room and a fitness center. Total development costs are estimated at $23 million. Hunt Capital Partners provided $13.8 million in Low-Income Housing Tax Credit equity for the project, which is slated for a spring 2024 completion.

January 24, 2023

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