Development

Logistics Property Co. Closes $1.8B Industrial Real Estate Development Fund

by Kristin Harlow November 10, 2022

CHICAGO — Chicago-based Logistics Property Co. (LPC) has closed its second development fund with total equity commitments of $1.8 billion from several global institutional investors and co-investment by LPC. The fund is named LPC Logistics Venture Two LP (Venture II). To date, 35 percent of the fund has been allocated to investments in Atlanta, Chicago, Dallas, Denver, the Inland Empire, Pennsylvania, Phoenix and Southern Jew Jersey. LPC launched its inaugural development fund in August 2019, raising $1 billion of equity commitments. LPC has fully allocated the first fund’s equity to projects representing more than 20 million square feet across the U.S. Similar to the first fund, the goal of Venture II is to buy well-located property in U.S. markets, develop Class A industrial buildings to modern specifications, stabilize the assets, and hold to assemble a geographically diverse portfolio. Earlier this year, LPC began development of five new projects for Venture II totaling 2.3 million square feet. LPC expects to break ground before the end of the year on Palm Gateway Logistics Center in Arizona and to begin construction in 2023 on a 341,000-square-foot development in San Bernardino, Calif. MAM Real Estate, part of Macquarie Group and LPC’s majority shareholder, served …

November 10, 2022

Development Hospitality New York Northeast

Hyatt Opens 296-Room Grayson Hotel in Midtown Manhattan

by Taylor Williams November 10, 2022

NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has opened The Grayson, a 296-room hotel located at 30 W. 39th St. in Midtown Manhattan that is part of The Unbound Collection by Hyatt family of brands. Guestrooms feature exposed concrete ceilings, bathrooms with subway tiles and mini-fridges with craft cocktails. In addition, the hotel houses multiple food-and-beverage concepts, as well as a fitness center. Italian architect Marcello Pozzi designed The Grayson, and Fortune Hotel Collection developed and manages the property. Opening preview rates start at $409 per night.

November 10, 2022

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in Cambridge, Massachusetts

by Taylor Williams November 10, 2022

CAMBRIDGE, MASS. — General contractor Nauset Construction has broken ground on 605 Concord, a 49-unit multifamily project that will be located across the Charles River from Boston in Cambridge. Designed by Piatt Associates, the six-story project will include 2,500 square feet of street-level retail space. Floor plans will come in studio, one-, two- and three-bedroom formats, and 15 percent of the units will be designated as affordable housing. Completion is slated for summer 2024.

November 10, 2022

Development Florida Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Top Stories

LD&D Plans $200M Mixed-Use Development in Downtown Tampa

by Jeff Shaw November 10, 2022

TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …

November 10, 2022

Development Multifamily Texas

Legend Communities Breaks Ground on 360-Unit Residential Project in Lakeway, Texas

by Taylor Williams November 9, 2022

LAKEWAY, TEXAS — Locally based developer Legend Communities has broken ground on a 360-unit residential project in Lakeway, located northwest of Austin, that will comprise 210 age-restricted multifamily units and 150 single-family homes of various styles. The project, which will also deliver multiple pieces of new infrastructure, represents Phase I of The Square at Lohmans, a $500 million development that will include office, hospitality and retail/restaurant uses. DTJ Design provided architectural services for the project, with Carlson, Brigance & Doering Inc. serving as civil engineer. Completion of Phase I is slated for late fall 2023.

November 9, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Development Multifamily New Jersey Northeast

Diversified Properties Breaks Ground on 60-Unit Multifamily Project in Wharton, New Jersey

by Taylor Williams November 9, 2022

WHARTON, N.J. — New Jersey-based developer Diversified Properties has broken ground on a 60-unit multifamily project in the Northern New Jersey community of Wharton. Irondale at Wharton will feature studio, one- and two-bedroom apartments that will be furnished with stainless steel appliances, quartz countertops and full-sized washers and dryers, as well as a gym and underground parking. Construction is expected to be complete in late 2023.

November 9, 2022

California Development Industrial Western

Trammell Crow, CBRE Break Ground on 500,000 SF Cochrane Technology Center in Morgan Hill, California

by Amy Works November 9, 2022

MORGAN HILL, CALIF. — Trammell Crow Co., along with joint venture partner CBRE Investment Management, has broken ground on Cochrane Technology Center, a Class A industrial park in Morgan Hill. Situated on 30 acres, the speculative development will feature five buildings offering a total of 500,000 square feet. The single-phase Cochrane Technology Center will offer buildings ranging from 73,000 square feet to 138,000 square feet. The property is slated for completion in early 2024. The project team includes HPA as architect of record, Kier and Wright as civil engineer and Mille & Severson as general contractor. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will handle marketing and leasing of the property.

November 9, 2022

Development Industrial Nevada Western

Panattoni Plans 195,000 SF Industrial Facility at Spanish Springs Business Center Near Reno, Nevada

by Amy Works November 9, 2022

SPANISH SPRINGS, NEV. — Panattoni Development has released plans for 420 Ingenuity Ave., a Class A industrial building at the 594-acre, master-planned Spanish Springs Business Center in Spanish Springs, a suburb north of Reno. The 195,000-square-foot facility will offer a combination of light industrial flex space with smaller units divisible to 9,000 square feet, and larger mid-bulk industrial space with unit sizes ranging from 31,500 square feet to 141,000 square feet. Each suite will include a build-to-suit office showroom, dock-high and grade-level door access, 30-foot clear heights, 50-foot by 50-foot column spacing with 60-foot speed bays, skylights and motion sensor LED lighting. Alston Construction will serve as general contractor on the project, which is slated for delivery in fourth-quarter 2023. Groundbreaking is scheduled for this fall.

November 9, 2022

Development Hospitality South Carolina Southeast

Lowe Tops Out 225-Room Cooper Hotel in Downtown Charleston

by John Nelson November 8, 2022

CHARLESTON, S.C. — Lowe, with construction company BL Harbert International, has completed the vertical construction of The Cooper, a 225-room, waterfront hotel located at 176 Concord St. in downtown Charleston. The hotel will feature 12,000 square feet of ground-floor retail space, a 7,000-square-foot spa and fitness center, almost 20,000 square feet of indoor-outdoor event space, food-and-beverage offerings and an outdoor infinity-edge pool. Lowe is also working with the City of Charleston to expand Joe Riley Waterfront Park at the site by 400 feet. McMillan Pazdan Smith and Robert Glazier were architects for the project, with interior design by Champalimaud Design and landscape architecture by DesignWorks.

November 8, 2022

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