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DevelopmentIllinoisLeasing ActivityMidwestRestaurantRetail

Big Fish Hospitality to Open The Prospect Restaurant at Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.

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DevelopmentFloridaMultifamilySoutheast

Integra Investments Delivers 280-Unit Wrecker’s Cay Apartments in Key West, Florida

by John Nelson

KEY WEST, FLA. — Integra Investments has delivered Wrecker’s Cay Apartments, a 280-unit workforce housing community located at 6125 2nd St. on Key West’s Stock Island. The stabilized property features a variety of floor plans, including one-, two- and three-bedroom apartments. Of those, 70 are designated low-income units, 98 median-income units and 112 moderate-income units. Designed by PQH Group, Wrecker’s Cay features a children’s playground, fitness center, waterfront clubhouse with a catering kitchen, pavilion with an outdoor kitchen and a resort-style pool. According to the property website, potential residents can apply to lease a one-bedroom unit for $2,460 per month or a two-bedroom apartment for $2,769 per month.

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DevelopmentKentuckyRetailSoutheast

Hoar Construction Completes Renovation, Expansion of Oxmoor Center Mall in Louisville

by John Nelson

LOUISVILLE, KY. — Hoar Construction has completed the 25,000-square-foot renovations on the southern wing of Oxmoor Center, a regional mall in east Louisville. The project, which also included a 30,000-square-foot addition and 27 acres of surface parking, is on the site of the mall’s former Sears that closed in 2018. Replacing the former department store is a recently opened Topgolf and nine new tenant shell spaces. Hoar’s project team included Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Owned by Brookfield Properties, Oxmoor Center spans nearly 900,000 square feet and features retailers including Macy’s, Dick’s Sporting Goods, Von Maur, The Lego Store, Apple and Sephora, among others.

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CaliforniaDevelopmentRetailWestern

Wood Investments to Convert Former Kmart into 80,000 SF Shopping Center in Big Bear Lake, California

by Jeff Shaw

BIG BEAR LAKE, CALIF. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center.  Upon completion, Big Bear Lake Shopping Center will be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space.  Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024.  Charley Simpson of Colliers International represented Wood in the purchase. Nick Wirick, Chris Beauchamp and Miranda Montgomery of Lee & Associates are handling leasing at the center.

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DevelopmentMultifamilyTexas

Wood Partners to Develop 650-Unit Multifamily Project in Bastrop, Texas

by Taylor Williams

BASTROP, TEXAS — Atlanta-based multifamily developer Wood Partners has acquired 26 acres in Bastrop, about 30 miles east of Austin, for the construction of a 650-unit project. The site is located within a larger mixed-use development by Houston-based Pearl River Cos. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented Pearl River Cos. in the disposition of the land. Wood Partners plans to break ground in the coming weeks and expects for construction to last 24 to 36 months. Information on floor plans and amenities was not disclosed.

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The-Stacks-Oklahoma-City
DevelopmentOklahomaRetailTexas

Medallion Group Breaks Ground on 34,000 SF Retail Project in Oklahoma City

by Taylor Williams

OKLAHOMA CITY — Locally based developer The Medallion Group has broken ground on The Stacks, a 34,000-square-foot retail project in Oklahoma City. The site is located just east of Garth Brooks Boulevard on NW 10th Street. Tenants that have already committed to the development include Mediterranean restaurant Cava, fast-casual eatery Pickleman’s and locally based food-and-beverage concept The Surf Bar. Additional retail and medical users will be announced later this year. The Stacks is scheduled to open in the first half of 2024.

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190-Chapel-Ave.-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Joint Venture Breaks Ground on 401-Unit Multifamily Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.

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Miami-Station-1
DevelopmentFloridaMixed-UseSoutheastTop Stories

Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B

by Katie Sloan

MIAMI — Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected to close later this year. The site offers 800 feet of direct frontage along Biscayne Bay, adjacent to Miami’s Museum Park and roughly midway between Miami Beach and Miami International Airport. A mixed-use property is planned for the site, details of which were not disclosed. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young brokered the sale, and a team led by Suzanne Amaducci at law firm Bilzin Sumberg provided counsel to Genting. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity in the transaction.  “The scale and location of this site offers the opportunity to do something spectacular — something that all of Miami can take pride in — and we will deliver nothing short of that,” says Martin. “For now, our team is focused on understanding the full potential of …

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CivicDevelopmentTexas

Harrison, Walker & Harper Breaks Ground on $17M Academic Project in Pattonville, Texas

by Taylor Williams

PATTONVILLE, TEXAS — General contractor Harrison, Walker & Harper has broken ground on a $17 million project for the Prairiland Independent School District in the northeastern Texas community of Pattonville. The project includes the construction of a 46,000-square-foot multi-purpose facility for the high school campus that will house athletics facilities and event space, as well as a 21,000-square-foot career and technical education center. Those pieces of the project are valued at roughly $11.5 million and $5.5 million, respectively. Architecture and engineering firm Parkhill is also a partner on the project. A tentative completion date was not released.

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DevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Begin Construction on $37.4M Seniors Housing Project in Bradenton, Florida

by John Nelson

BRADENTON, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024. Funding sources for Astoria on 9th include Fifth Third Bank, Capital One (via Freddie Mac), Bradenton CRA and Raymond James, as well as a State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund (NHTF) loan; and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL. The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton …

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