COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital. The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment. Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP. A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — …
JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.
KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.
ORLANDO, FLA. — Trez Capital has provided a $42.2 million construction loan for The Ritz-Carlton Residences, Orlando, Grande Lakes project. Ben Jacobson of Trez Capital originated the loan on behalf of the borrower and project developer, Unicorp National Developments Inc. The Ritz-Carlton Residences will offer 37 three- and four-bedroom residences with pools in a gated community. Community amenities will include a private, owners-only clubhouse; full-service spa; 18-hole golf course; 11 restaurants and bars; water sports and hiking and nature trails. Located at 4012 Central Florida Parkway, the project is situated 20.2 miles from downtown Orlando and 9.3 miles from Orlando International Airport. The project is part of the Grande Lakes master-planned community, which includes the Ritz-Carlton Orlando Grande Lakes resort.
MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million. Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity. Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million. Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.
BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
MESQUITE, TEXAS — Phoenix-based developer Creation Equity has broken ground on Mesquite 635, an industrial project that will be located on the eastern outskirts of Dallas and will total roughly 556,000 square feet. Creation Equity is developing the property, which will comprise two rear-load buildings and one front-load building, in partnership with Crow Holdings Capital. Building A will span 159,728 square feet and feature 32-foot clear heights and 37 trailer parking spots. Building B will comprise 156,144 square feet and offer 32-foot clear heights and 27 trailer stalls. Building C will total 239,918 square feet and feature 36-foot clear heights and 46 trailer parks. LGE Design Group is the project architect and general contractor. Completion is slated for the second quarter of 2023.
WILDWOOD, FLA. — Fort Lauderdale, Fla.-based BLD Group and JSB Capital Group have broken ground on Wildwood Apartments, a 336-unit garden-style apartment community in Wildwood, about 51.3 miles from Orlando. Construction is slated for completion by fall 2023. Wildwood Apartments will include one-, two- and three-bedroom units with stainless steel appliances, granite countertops, wood vinyl flooring throughout living areas, tile backsplashes, full-size washers and dryers, walk-in closets, tile shower surrounds and linen closets. Community amenities will include a resort-inspired swimming pool, clubhouse, barbecue area, game room, dog park and private work booths. The community will also have a club-quality fitness studio with a yoga and Pilates studio. The community is immediately adjacent to The Villages, the 55-plus community with a population of over 130,000 residents. The apartment project is also close to a variety of commercial offerings, including Publix, Winn-Dixie and Lowe’s Home Improvement.
PHILADELPHIA — A partnership between developer Silverstein Properties, New York City-based investment firm Cantor Fitzgerald and University Place Associates has topped out 3.0 University Place, a 250,000-square-foot life sciences building in Philadelphia’s University City neighborhood. Construction of the eight-story lab and office building began in May 2021. The Sheward Partnership designed the project. Ben Franklin Technology Partners has already signed a lease to open an incubation lab and coworking facility at 3.0 University Place. The opening is scheduled for the fourth quarter.