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Build-to-RentConference CoverageDevelopmentFeaturesMultifamilyNorth CarolinaSingle-Family RentalSouth CarolinaSoutheastSoutheast Feature Archive

Speed to Market is ‘Almost the Only Priority’ for Multifamily Developers Looking to Avoid Cost Risks, Say InterFace Panelists

by John Nelson

CHARLOTTE, N.C. — Multifamily developers are pushing their chips in and aggressively looking for new development deals, especially for sites in and around high-growth markets in the Southeast. Michael Tubridy, senior managing director of Crescent Communities, said his firm isn’t leaving anything to chance and is looking to move quickly on development opportunities. “We’re trying to get as many units on the ground today as possible, because tomorrow will be more expensive,” said Tubridy. “I like the chances of today’s cost environment a lot better than I like the unknown of where we’ll be a year from now or two years from now. Putting a premium on speed to market is something that we are much more focused on; it’s almost the only priority right now.” Tubridy’s comments came during the development panel at InterFace Carolinas Multifamily 2022. The half-day event was held on April 14 at the Hilton Uptown Charlotte hotel and attracted more than 260 attendees from all facets of the multifamily industry in North Carolina and South Carolina. Michael Saclarides, director of Cushman & Wakefield’s Multifamily Advisory Group, moderated the discussion. Crescent Communities is far from the only multifamily developer pursuing ground-up construction opportunities in earnest. In …

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Affordable HousingDevelopmentLoansMultifamilySoutheastTennessee

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

by John Nelson

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …

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DevelopmentHospitalitySouth CarolinaSoutheast

Jalaram Hotels Opens 81-Room Holiday Inn Express Gaffney in South Carolina

by John Nelson

GAFFNEY, S.C. — Jalaram Hotels Inc. has opened the Holiday Inn Express Gaffney, an 81-room hotel located in Gaffney, a South Carolina town along Interstate 85 that is equidistant between Greenville and Charlotte. Providence, R.I.-based TPG Hotels, Resorts & Marinas operates the hotel, which is situated across from the Gaffney Outlet Mall. The Holiday Inn Express Gaffney features meeting space, complimentary breakfast, Wi-Fi, a business center, fitness center and an outdoor swimming pool. Jalaram Hotels is based in St. Augustine, Fla., and has several hotels in northeast Florida in its ownership and management portfolio.

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DevelopmentIndustrialTexas

Killam Development Breaks Ground on 175-Acre Sharyland Business Park in Rio Grande Valley

by Taylor Williams

MISSION, TEXAS — Locally based firm Killam Development has broken ground on Sharyland Business Park, a 175-acre industrial development located in the Rio Grande Valley city of Mission. The development comprises 15 parcels and could span up to 3 million square feet of industrial space across an undetermined number of buildings. Sharyland Business Park will be located within a larger master-planned community that extends into nearby McAllen and will house residential and commercial uses, as well as parks and hiking trails.

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DevelopmentIndustrialMidwestMissouri

Contegra Construction Completes 70,000 SF Headquarters for Diode Dynamics Near St. Louis

by Kristin Harlow

ST. CHARLES, MO. — Contegra Construction has completed a 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics at Fountain Lakes Commerce Center in St. Charles, a northwest suburb of St. Louis. Diode Dynamics, an automotive LED lighting manufacturer, is relocating from Earth City and plans to add 36 new positions over the next five years. The company currently employs 90 people. The new property in St. Charles features a showroom, two drive-in engineering bays, an electronics manufacturing area, engineering laboratory, two-story office space and a warehouse with a clear height of 30 feet. Joining Contegra on the project were Remiger Design, BAX Engineering, SSC Engineering, Kaemmerlen Electric, O.J. Laughlin Plumbing Co. Inc., Wiegmann Associates and Bi-State Fire Protection Corp. Bank of Franklin County provided project financing. James Delgado of Cozad Commercial Real Estate and David Zobel of Danna McKitrick PC represented Diode Dynamics.

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DevelopmentIllinoisMidwestOffice

Skender Completes Office Buildout for Milwaukee Tool at Chicago’s Old Post Office

by Kristin Harlow

CHICAGO — Skender has completed the interior office buildout for Milwaukee Tool at the Old Post Office in Chicago. The 70,000-square-foot space is located on the third floor and features 10,000 square feet of research and development lab space as well as 60,000 square feet of open and private offices. The office component also includes a large collaboration area called the Beehive, plus a training room and multiple conference rooms. The office is Milwaukee Tool’s first outside of Wisconsin. Skender collaborated with owner’s representative JLL, architects Nelson and SPS and engineering firm McGuire. Skender also entered into an official partnership with Milwaukee Tool to streamline access to its power tools and products for future projects.

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DevelopmentHospitalityIllinoisMidwestMixed-UseTop Stories

Bally’s Wins Bid to Build $1.7B Casino in Former Tribune Printing Plant in Chicago

by Jeff Shaw

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination.  The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …

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DevelopmentFloridaLeasing ActivityRetailSoutheast

Elev8 Fun to Replace Former Sears at Simon’s Treasure Coast Square Mall in Jensen Beach, Florida

by John Nelson

JENSEN BEACH, FLA. — Simon Property Group has signed Elev8 Fun to a 115,000-square-foot lease to backfill a former Sears department store at Treasure Coast Square Mall in Jensen Beach, a suburb of Port St. Lucie. The entertainment venue will feature go-carts, arcade games, laser tag, 12 bowling lanes and axe throwing, as well as party rooms, meeting space and a restaurant with a full bar. This location will be the third Florida venue for Elev8 Fun, which has identified 15 potential locations at malls and shopping centers around the state for its expansion. PrimeTime Amusements, a gaming machine supplier based in Fort Lauderdale, is a partner in the new Elev8 Fun location at Treasure Coast Square Mall.

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DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Duke Realty Signs Newline Interactive to 113,400 SF Industrial Lease Near Port of Savannah

by John Nelson

GARDEN CITY, GA. — Duke Realty Corp. has signed Newline Interactive, a manufacturer of touch display screens and other interactive communication hardware, to a 113,400-square-foot industrial lease approximately two miles from the Port of Savannah. The tenant will fully occupy a speculative facility currently under development at 15 Aviation Court in Garden City, which is situated on a nearly 10-acre site. The facility is designed to achieve LEED certification and will feature a clear height of 30 feet, 30 dock doors and 32 trailer parking spots. Cushman & Wakefield | Gilbert & Ezelle served as the tenant representative for the lease negotiations, and Brian Sutton represented Duke Realty internally. The lease with Newline brings Duke Realty’s 8.2 million-square-foot portfolio in the Savannah area to full occupancy.

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River-Oaks-Houston
DevelopmentMixed-UseRetailTexas

Festival Cos. Unveils Renovation Plans for 250,000 SF River Oaks District in Houston

by Taylor Williams

HOUSTON — The Festival Cos. has unveiled renovation plans for River Oaks District, a 250,000-square-foot mixed-use development located at 4444 Westheimer Road in Houston. The 14-acre property was developed in 2015 and offers office space and luxury residential units alongside retail and restaurants. Enhancements will include the construction of a public park on the property’s western side, the redevelopment of the central plaza and the addition of three restaurants (Bari, Little Hen and Oio De Agua) with outdoor dining space. Construction is set to begin this month, with completion slated for the fall. Additionally, several new retailers are set to open this year, including Assouline bookstore, Jenni Kayne, La Vie Style House, Icon Luxury Sound, LoveShackFancy, Lunya, Lahgo, Teressa Foglia, The Conservatory, Yellow Korner and Zimmermann.

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