Development

Fields Grade, Alpine Residential Top Out 24-Story Multifamily Building in Jersey City

by Taylor Williams January 17, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has topped out a 24-story multifamily building at 270 Johnston Ave. in Jersey City. The building will house 169 apartments in studio, one-, two- and three-bedroom formats, as well as 9,000 square feet of retail space. Ten units will be reserved as affordable housing. Amenities will include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. is serving as the general contractor. Completion is slated for early 2024.

January 17, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Breaks Ground on 169-Bed TOPAZ Apartments Near San Diego State University

by Amy Works January 17, 2023

SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.

January 17, 2023

Data Centers Development Oregon Top Stories Western

Crane, Principal Asset Management to Develop Data Center Campus Near Portland, Oregon

by John Nelson January 17, 2023

FOREST GROVE, ORE. — Crane Data Centers Inc. and Principal Asset Management plan to develop a data center campus in Forest Grove, a suburb of Portland. The campus will be situated near the Hillsboro data center ecosystem, which houses data centers for users including Meta, Twitter and Microsoft, among others. The estimated development cost for the project was not disclosed. “We’re honored to partner with Principal Real Estate Investors to develop a new data center campus in the Portland market,” says Matt Pfile, CEO of Crane. “This strategic partnership with Crane and data center investment in the Portland area is an exciting project for all parties involved and makes for an excellent addition to our current portfolio of data centers,” says Ben Wobschall, managing director of real estate at Principal Asset Management. The first phase of the project includes a data center spanning approximately 300,000 square feet on a 35-acre site. The facility will have an initial capacity of 50 megawatts (MW) with plans to expand to over 100 MW, according to the developers. The two-story property will have 30-foot clear heights with flooring that can support 400 pounds per square foot, according to Crane. The construction timeline for Phase …

January 17, 2023

Development Florida Mixed-Use Southeast

Related Group Forms Joint Venture to Develop Bahia Mar Mixed-Use Project in Fort Lauderdale

by John Nelson January 16, 2023

FORT LAUDERDALE, FLA. — The Related Group has finalized a joint venture agreement with Tate Capital and Rok Enterprises Inc. to co-develop Bahia Mar, a long-awaited, waterfront mixed-use complex in Fort Lauderdale. Designed by Arquitectonica, the development will include a luxury hotel and resort with 60 for-sale condominiums; 350 apartments across four high-rises; a yacht marina with 245 slips; 87,000 square feet of commercial space, including offices, shops and restaurants; a half-mile pedestrian boardwalk; green space; and 160,000 square feet of space across 7.3 acres to accommodate the Fort Lauderdale International Boat Show (FLIBS). Bahia Mar will serve as the permanent hosting site for FLIBS, which is the world’s largest boat and yacht show. The construction timeline was not disclosed.

January 16, 2023

Development Georgia Industrial Southeast

MDH Partners, Hight Knox Deliver 420,750 SF Warehouse in Shannon, Georgia

by John Nelson January 16, 2023

SHANNON, GA. — MDH Partners and Hight Knox Properties have delivered Hillman Group Building, a 420,750-square-foot warehouse situated on nearly 60 acres at 6695 New Calhoun Highway NE in Shannon. The property was a build-to-suit for The Hillman Group, a building solutions and hardware supplier firm based in Cincinnati. Currently the firm operates three separate facilities in the Georgia cities of Rome, Smyrna and Adairsville. The new Shannon warehouse will support 200 jobs, including 144 transferring from an existing location. Hillman Group Building features 210 parking spaces, 107 exterior dock doors and 36-foot clear heights.

January 16, 2023

Development Loans Multifamily New Mexico Seniors Housing Western

JLL Arranges $51.8M Construction Financing for Ativo Seniors Housing Community in Albuquerque

by Amy Works January 16, 2023

ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community will benefit from the nearby Rio Grande River and Recreation Area, which offers an expansive network of walking trails and various parks along with the Petroglyph National Monument and an 18-hole golf course. Alanna Ellis led the JLL Capital Markets debt advisory team.

January 16, 2023

Arizona Development Loans Multifamily Western

CBRE Secures $38.6M Construction Loan for Aerie Northwest Multifamily Project in Tucson

by Amy Works January 16, 2023

TUCSON, ARIZ. — CBRE has secured $38.6 million in financing for the construction of Aerie Northwest, an apartment property located at the southeast corner of North La Cholla Boulevard and North Fountains Avenue in northwest Tucson. Bruce Francis, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Capital Markets’ debt and structured finance team in Phoenix secured the financing for the undisclosed developer. The loan features full-term interest-only payments and an 80 percent loan-to-cost ratio. Situated on 12.2 acres, Aerie Northwest will feature 17 two-story buildings offering a total of 144 one-, two- and three-bedroom apartments. Community amenities will include a pool house, pool, spa and dog park.

January 16, 2023

Colorado Development Multifamily Western

Fifield Cos. Breaks Ground on 302-Unit Arden Englewood Apartments Near Denver

by Amy Works January 16, 2023

ENGLEWOOD, COLO. — Fifield Cos. has started construction of Arden Englewood Apartments, a transit-oriented multifamily community in Englewood. Slated for completion in 2024, the four-story building is the redevelopment of the former Sports Authority headquarters parking lot, which has been vacant since 2016. Located at 3615 S. Jason St., Arden Englewood will feature 302 apartments in a mix of studio, one-, two- and three-bedroom layouts ranging from 570 square feet to 1,550 square feet. Units will offer quartz countertops, soft-close cabinetry, stainless steel appliances, spa baths, custom closet organizers and in-unit laundry. Community amenities will include a leasing office, fitness center, parking for 440 vehicles, a rooftop lounge and deck, swimming pool, hot tub, yoga garden and party room. Additional amenities will include a business center and coworking space with an outdoor patio. The project team includes KTGY as architect, Studio 10 as interior designer and W.E. O’Neil as general contractor. CIBC provided the construction loan.

January 16, 2023

Delaware Development Industrial Northeast

First Industrial Realty to Develop 358,000 SF Distribution Center in Claymont, Delaware

by Taylor Williams January 16, 2023

CLAYMONT, DEL. — Chicago-based REIT First Industrial Realty Trust has acquired 28 acres in Claymont, about 25 miles south of Philadelphia, for the development of a 358,000-square-foot distribution center. The site is located within the 425-acre First State Crossing mixed-use development. The rear-load facility will offer a clear height of 40 feet, 68 dock positions and 241 trailer parking stalls. St. Louis-based Commercial Development Co. sold the land on which the facility will be built. Completion is slated for October.

January 16, 2023

Development Massachusetts Northeast Office Top Stories

Chiofaro Plans $100M Transformation of International Place Office Complex in Downtown Boston

by Taylor Williams January 16, 2023

BOSTON — The Chiofaro Co., a locally based investment and development firm, has unveiled plans for the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are connected by a public courtyard. The complex is home to more than 90 tenants, many of which are in the legal, financial services and tech sectors. Global architecture firm Gensler is leading the design of the project, the centerpiece of which will be a 16,000-square-foot amenity center that will be known as The Aries Club. This center will house a tenant lounge, flexible workspaces, conferencing facilities, podcast rooms, mothers’ rooms, a bar and a 3,000-square-foot outdoor terrace. Chiofaro will contract a third-party hospitality management group to run The Aries Club. The capital improvement program also calls for the renovation of the entrance of One International Place with upgraded lighting and protective glass canopies to imbue the building with more hospitality-like curb appeal. Ownership will also modernize the retail storefronts at One International Place. At Two International Place, Chiofaro is planning a similar renovation of the entrance to elevate lighting, …

January 16, 2023

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