Development

DH Property Holdings to Develop 94,095 SF Industrial Facility in Malden, Massachusetts

by Taylor Williams May 25, 2022

MALDEN, MASS. — Manhattan-based DH Property Holdings will develop a 94,095-square-foot industrial facility in Malden, a northern suburb of Boston. DH Property will develop the facility, which will feature a clear height of 32 feet and parking for 197 vehicles, in a joint venture with Pugh Management. Brian Pinch, Tony Coskren, Ed Jarosz, Rick Schuhwerk, Matt Pullen, Samantha Hallowell and Jim Tribble of Newmark brokered the sale of the five-acre site on which the project will be built. Construction is scheduled to begin before the end of the month.

May 25, 2022

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $102M Construction Loan for Rivr Lofts Apartments in Fort Lauderdale

by John Nelson May 25, 2022

FORT LAUDERDALE, FLA. — Aztec Group has arranged $102 million in construction financing for Rivr Lofts in Fort Lauderdale. Located in the Tarpon River Entertainment & Design District south of New River, Rivr Lofts will be a Class A high-rise featuring 352 apartments. Square Mile Capital provided the loan to the developer, Moderno Development Group, which assembled the one-acre site in 2018 and obtained entitlements in 2021. The project team includes Moss Construction and Robert Mathias of NCC Development. The site is located at the corner of SW 5th Street and SW 3rd Avenue and is within walking distance to local shopping and entertainment. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground-floor retail, onsite parking and a resident lounge and bar on the ground floor.

May 25, 2022

Development Massachusetts Mixed-Use Northeast Top Stories

Partnership Breaks Ground on 16.2 MSF Mixed-Use Redevelopment of Suffolk Downs Racetrack Near Boston

by Kristin Harlow May 25, 2022

REVERE, MASS. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM purchased the property in 2017. The 161-acre redevelopment project will connect Revere to the East Boston neighborhood. The groundbreaking marks the official launch of a joint venture partnership between HYM and National on the initial residential components of the redevelopment project. According to a news release, National’s equity participation will enable the delivery of nearly 4 million square feet of residential development (or 4,200 units) to be built at Suffolk Downs over the next eight years. The Boston Globe reports that National committed $775 million in equity financing. The first phase of construction includes a life sciences and biomanufacturing facility as well as a residential building. Named 100 Salt …

May 25, 2022

Development Industrial Texas

Stonelake Breaks Ground 619,740 SF Spec Industrial Project in Metro Austin

by Taylor Williams May 24, 2022

GEORGETOWN, TEXAS — Stonelake Capital Partners, a private equity firm with offices located in Texas and Atlanta, has broken ground on Georgetown Logistics Park, a 619,740-square-foot speculative industrial project that will be located on the northern outskirts of Austin. The development will consist of three buildings on a 48-acre site that is situated along the Interstate 35 corridor. The 426,240-square-foot cross-dock building will feature 40-foot clear heights and 82 trailer parking stalls. The 123,200-square-foot rear-load building will house 36-foot clear heights, and the 70,300 square-foot rear-load building will have 32-foot clear heights. Powers Brown Architecture is designing the project, and Zapalac Reed is serving as the general contractor. Pape Dawson is the civil engineer, and JLL is the leasing agent. Completion is slated for March 2023.

May 24, 2022

Development Multifamily Texas

Sueba USA, McCormack Break Ground on 370-Unit Multifamily Project in West Houston

by Taylor Williams May 24, 2022

HOUSTON — A partnership between locally based developer Sueba USA and McCormack Commercial has broken ground on Kingfield Lofts, a 370-unit multifamily project that will be situated on a 14.5-acre site in West Houston. Kingfield Lofts will feature studio, one-, two- and three-bedroom units that will range in size from 480 to 2,196 square feet. Residences will be furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities will include a pool, fitness center, clubroom, conference center and a catering kitchen. Preleasing will begin in fall 2023, with full completion slated for March 2024.

May 24, 2022

Development Industrial Texas

Axiom Space to Open 106,000 SF Headquarters Facility in Houston Spaceport

by Taylor Williams May 24, 2022

HOUSTON — Axiom Space, a developer of infrastructure for space exploration, will open a new, 106,000-square-foot headquarters facility at the Houston Spaceport, a center for aerospace research and development that is located on the city’s southwest side. Developer Griffin Partners recently broke ground on the campus, which will house offices, astronaut training areas, engineering development/testing labs and a high bay production facility to house Axiom’s space station modules. Project partners include Jacobs Engineering and general contractor Turner Construction Co. Axiom Space currently employs more than 400 people, the majority of which work at its current Houston facilities. The company has plans to grow the number to 600 by the end of the year and 1,000 by 2025.

May 24, 2022

Development District of Columbia Mixed-Use Multifamily Southeast

Akridge, National Real Estate Development Break Ground on Stacks Residential Project in D.C.

by John Nelson May 24, 2022

WASHINGTON, D.C. — Akridge and National Real Estate Development have broken ground on Phase I of The Stacks, a residential development in Washington, D.C.’s Buzzard Point neighborhood. Situated along the Anacostia River in the city’s Capitol Riverfront district, The Stacks will comprise three towers featuring 1,100 apartments and 35,000 square feet of ground-floor retail space. More than 10 percent of the apartments will be income-restricted. Bank OZK provided construction financing for Phase I, which is slated to deliver in 2025. The developers tapped general contractor Clark Construction Group to build Phase I and engaged Gensler, Morris Adjmi Architects, Handel Architects, Eric Colbert & Associates, West 8, Lee & Associates, DXA, HOK and Hickok Cole for the project’s overall design. The Stacks is jointly owned by Akridge, Bridge Investment Group, Blue Coast Capital and institutional funds managed by National Real Estate Advisors, parent company of National Real Estate Development.

May 24, 2022

Development District of Columbia Leasing Activity Retail Southeast Virginia

Wegmans Opens New 81,300 SF Grocery Store in Metro D.C., Two More Planned to Open

by John Nelson May 24, 2022

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

May 24, 2022

Arkansas Development Multifamily Southeast

ERC Holdings, Mia Rose to Develop 152-Unit Pure Lowell Apartment Community in Northwest Arkansas

by John Nelson May 24, 2022

LOWELL, ARK. — Rogers, Ark.-based ERC Holdings and St. Louis -based Mia Rose Holdings have begun development of Pure Lowell, a multifamily community in the northwest Arkansas city of Lowell. The project includes new construction of 152 one- and two-bedroom units visible off I-49 and conveniently located near the corporate headquarters of J.B. Hunt and Mercy Pediatric and Mercy Behavioral Health clinics. Pure Lowell will include 109 one-bedroom units and 43 two-bedroom units spread across 115,000 square feet in 10 three-story buildings. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Community amenities will include walking trails, a resort-inspired pool, clubhouse, bicycle garage, 1,000-square-foot fitness center, technology lounge and business center, a pocket park and numerous greenspace gathering areas. The project team includes architectural firm Sharp Architects Inc., general contractor Pick-It Construction Inc. and property management firm Trinity Multifamily. First National Bank of NWA is providing construction financing for the project, which will break ground immediately. The developers expect to deliver Pure Lowell in the third quarter of 2023. ERC and Mia Rose are also co-developing the 234-unit Pure Springdale community, which is under construction 10 miles away.

May 24, 2022

Development Life Sciences Massachusetts Northeast

Berkeley Investments to Develop 200,000 SF Life Sciences Facility in Billerica, Massachusetts

by Taylor Williams May 24, 2022

BILLERICA, MASS. — Boston-based Berkeley Investments will develop Billerica Crossing, a 200,000-square-foot life sciences facility that will be located north of the state capital. Brian Morrissey, Michael Restivo, Martha Nay, Lenny Pierce and David Coffman of JLL represented Boston-based Cabot Corp. in its sale of the 18-acre tract to Berkeley Investments. Cabot owns and operates a research and development facility on the adjacent parcel. A construction timeline was not disclosed.

May 24, 2022

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