Development

Evergreen Devco Opens 258-Unit Multifamily Property in Tolleson, Arizona

by Amy Works February 23, 2023

TOLLESON, ARIZ. — Evergreen Devco has opened Park Tolleson, an apartment community located at 8727 W. McDowell Road in Tolleson. The project team includes BMA Architects and Scottsdale-based MT Builders as contractor. The 258-unit property features six three-story residential buildings offering a mix of one-, two- and three-bedroom units with covered and uncovered surface parking spaces. Apartments feature wood-inspired plank flooring, quartz countertops and stainless steel appliances. The community features a single-story clubhouse, resort-style pool, spa, resident great room with billiards and shuffleboard, and pet playground with a washroom.

February 23, 2023

Development Multifamily New Jersey Northeast

Veris Residential Completes Lease-Up of 750-Unit Apartment Tower in Jersey City

by Taylor Williams February 23, 2023

JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up and stabilization of Haus25, a 750-unit apartment tower in the downtown area of Jersey City. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent occupied. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and offers studio, one-, two- and three-bedroom floor plans. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run.

February 23, 2023

Development Multifamily New Jersey Northeast

AMS Acquisitions Begins Leasing 96-Unit Multifamily Complex in East Brunswick, New Jersey

by Taylor Williams February 23, 2023

EAST BRUNSWICK, N.J. — Locally based developer AMS Acquisitions has begun leasing Summerhill Gardens, a 96-unit multifamily complex located outside of New York City in East Brunswick. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center with studio space, business center with conferencing facilities, outdoor courtyards with grilling and dining areas, playground, dog run and a resident lounge. Rents start at $2,400 per month for a one-bedroom unit.

February 23, 2023

Alabama Civic Development Hospitality Restaurant Southeast

HPM Delivers Culinary Science Center, Hotel at Auburn University

by John Nelson February 23, 2023

AUBURN, ALA. — Birmingham, Ala.-based HPM has completed construction of the Tony and Libba Rane Culinary Science Center at Auburn University. The dual-purpose, 142,000-square-foot property houses learning environments for culinary students, as well as a boutique hotel, the 1856 teaching restaurant, brewery and a food hall. HPM served as program manager on the project and provided project management support for Auburn University Facilities Management during the pre-construction and construction phases. Auburn alumnus and board of trustees member Jimmy Rane helped kickstart the project with a $12 million gift dedicated to the building’s construction. The board later approved naming the facility in honor of his parents, Tony and Libba Rane. The property is situated at the corner of East Thach Avenue and South College Street in downtown Auburn. HPM also oversaw the construction of a $10 million, six-story parking garage nearby before breaking ground on the culinary facility in 2019. The design-build team for the property include architect Cooper Carry, facility operator Ithaka Hospitality Partners, the Auburn University Facilities Management department and general contractor Bailey-Harris Construction.

February 23, 2023

Acquisitions Development Multifamily North Carolina South Carolina Southeast

Terwilliger Pappas to Develop 210-Unit Solis Birkdale Apartments in Huntersville, North Carolina

by John Nelson February 23, 2023

HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.

February 23, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Development Features Multifamily Multifamily & Affordable Housing Feature Archive

Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Jeff Shaw February 23, 2023

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for executing a successful project, but we do hope the insights that experienced developers shared with us can provide valuable guidance.” Behind the Facade: The Feasibility of Converting Commercial Real Estate to Multifamily was conducted by the National Multifamily Housing Council (NMHC) Research Foundation and the Urban Land Institute (ULI) Terwilliger Center for Housing. The report examines the viability of converting old or under-utilized commercial properties, with data gathered through interviewing the developers of 29 commercial-to-multifamily conversion projects. According to the report, costs can vary based on several factors, particularly the initial acquisition and the demographic the project targets once completed. Most developers reported successful returns on investment regardless of cost, however, …

February 23, 2023

Development Georgia Industrial Southeast

Automotive Supplier to Open $300M Manufacturing Facility in Rincon, Georgia

by John Nelson February 22, 2023

RINCON, GA. — Sewon America, a subsidiary of Korean-based automotive supplier Sewon Precision Industry Co., plans to invest $300 million for a new manufacturing facility in Rincon. Situated within the Grande View industrial park, the project is expected to support 740 new jobs in the Effingham County area. Sewon America’s new manufacturing location will produce electric vehicle body parts for automotive manufacturers, including Hyundai. Operations are expected to begin in 2025. The company opened a manufacturing facility in LaGrange, Ga., in 2008, which has since doubled in size. The Sewon America development is the latest in a string of automotive suppliers announcing projects around the Hyundai Metaplant in Bryan County, representing roughly $1.8 billion in investment to-date. This announcement fulfills Hyundai’s commitment to create jobs and investment in all four of the Savannah Harbor Interstate-16 Joint Development Authority (JDA) counties.

February 22, 2023

Build-to-Rent Development Oklahoma Single-Family Rental Texas

MMCC Arranges $14.7M in Equity for Build-to-Rent Community Near Tulsa

by Taylor Williams February 22, 2023

BIXBY, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $14.7 million in joint venture equity for a 161-unit, build-to-rent residential community in Bixby, a southern suburb of Tulsa. The development will offer one-bed duplexes and two-, three- and four-bedroom farmhouse-style homes. Residences will feature private garages and backyards, and communal amenities will include a pool, fitness center and a clubhouse. Justin Shuart and Travis Headapohl of MMCC structured the equity on behalf of the developer, a partnership led by ACRE Development Partners.

February 22, 2023

Development Healthcare Texas

Hoar Construction Breaks Ground on 142,000 SF Healthcare Project in San Angelo, Texas

by Taylor Williams February 22, 2023

SAN ANGELO, TEXAS — General contractor Hoar Construction has broken ground on a 142,000-square-foot healthcare project in the Central Texas city of San Angelo. The seven-story building will be an expansion of the 1.5 million-square-foot Shannon Medical Center, and the operator of that facility is also the lead developer of the project. The building will comprise three levels of parking and four levels of patient care facilities, including a 19,310-square-foot intensive care unit. Completion is slated for summer 2024.

February 22, 2023

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