Development

Peak Realty Begins Pre-Leasing for Mavrek Development’s New Luxury Apartment Building in Chicago

by Kristin Harlow March 29, 2023

CHICAGO — Peak Realty has begun pre-leasing efforts for Portrait, a new luxury apartment building from Mavrek Development in Chicago’s Uptown neighborhood. Located at 948 W. Sunnyside Ave., the property includes 59 units and 6,500 square feet of first-floor retail space. The pet-friendly development features amenities such as a coworking space, fitness center and covered parking. Peak Realty’s sister company, Peak Properties LLC, will manage the building. Completion is slated for June. Monthly rents start at $1,792, according to the property’s website.

March 29, 2023

Arizona Development Loans Multifamily Western

Ascent Companies, Vanderbuild Receive $44.9M in Construction Financing for Amavida Apartments in Marana, Arizona

by Jeff Shaw March 29, 2023

MARANA, ARIZ. — Ascent Companies and Vanderbuild have received $44.9 million in construction financing for Amavida, a 200-unit apartment community in Marana. The community will be situated northwest of Tucson. The developers are planning to break ground on Amavida in the next few weeks. It will include a clubhouse, fitness center, pool, entertainment lawns, barbecues and dog parks. Amavida will also feature a 3.5-acre private park, an amenity not offered by any other multifamily property in the Tucson area. Brandon Harrington and Tyler Woodard of Northmarq’s debt and equity team secured the financing.

March 29, 2023

Arizona Development Industrial Western

Stevens-Leinweber Construction Completes 160,000 SF Phoenix Logistics Center Two

by Jeff Shaw March 29, 2023

PHOENIX — Stevens-Leinweber Construction has completed a 160,000-square-foot custom build-out at Phoenix Logistics Center (PLC) Two in Phoenix. The new space is designed to meet the manufacturing and distribution needs of new tenant Georgia-Pacific LLC and its HP PageWide T1190 Press, the world’s largest high-volume digital pre-print solution for corrugated packing. Built originally on a speculative basis, PLC Two offers 40-foot clear height, 70-foot speed bays, a 190-foot truck court, 160 dock-high doors and six grade-level doors. It is leased to Georgia-Pacific and Owens Corning, which occupies the building’s remaining space.

March 29, 2023

Development Hospitality Midwest Missouri Retail Top Stories

Construction to Begin This Summer on $350M Oasis at Lakeport Entertainment District in Osage Beach, Missouri

by Kristin Harlow March 29, 2023

OSAGE BEACH, MO. — SkyView Partners and Tegethoff Development, along with Fred Ross, owner of Big Thunder Marine, are set to begin construction this summer on Oasis at Lakeport in Osage Beach within Missouri’s Lake of the Ozarks. The $350 million family resort and entertainment district will span 25 acres. The development team most recently announced an agreement with Marriott International for the construction of a 400-room, full-service Marriott Hotels property as part of the project. The hotel, to be managed by Texas-based Aimbridge Hospitality, will feature a 26,000-square-foot conference center, full-service spa, outdoor pool, fitness center, pickleball courts and restaurants. The hotel will be located adjacent to a 50,000-square-foot, fully enclosed waterpark to be constructed by OpenAire. American Resort Management will operate the waterpark. Construction of both the hotel and waterpark is slated for completion in 2026. An amusement park and 1,000-space parking garage are scheduled to open in summer 2024. Amusement offerings will include roller coasters, thrill rides and family rides, as well as a 200-foot-tall observation wheel. Oasis at Lakeport is being developed along the Lakeport property acquired by Big Thunder Marine in 2021. Big Thunder Marine is a boat dealer in Lake of the Ozarks. The …

March 29, 2023

Development Multifamily Texas

Toll Brothers, Pondmoon Break Ground on 285-Unit Multifamily Project in Frisco

by Taylor Williams March 28, 2023

FRISCO, TEXAS — A joint venture between Pennsylvania-based developer Toll Brothers Inc. (NYSE: TOL) and Pondmoon Capital USA has broken ground on Mirra, a 285-unit multifamily project in Frisco. The building will rise five stories and total 330,000 square feet. Mirra will offer studio, one- and two-bedroom units that will be furnished with granite countertops, stainless steel appliances, custom cabinetry and tile backsplashes. Private terraces and balconies will also be available in select units. Amenities will include a pool, fitness center, leasing office, outdoor lounge with grilling stations, billiards room and a resident clubroom. Santander Bank provided a $49.5 million construction loan for the project, completion of which is slated for 2024.

March 28, 2023

Development Life Sciences Massachusetts Northeast

BioMed Realty Tops Out 497,000 SF Life Sciences, Office Project in Somerville, Massachusetts

by Taylor Williams March 28, 2023

SOMERVILLE, MASS. — BioMed Realty, a San Diego-based subsidiary of Blackstone, has topped out Phase I of Assembly Innovation Park, a project in the Boston suburb of Somerville that will add 497,000 square feet of life sciences and office space to the local supply. The development will ultimately consist of three buildings and include retail space and open green space. Perkins & Will designed Assembly Innovation Park, and John Moriarty & Associates is serving as the general contractor. Vertical construction on the $514 million first phase began in August of last year, and full completion is scheduled for next year.

March 28, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark to Undertake $13M Renovation at Metro Boston Seniors Housing Property

by Taylor Williams March 28, 2023

NEWTON, MASS. — Benchmark Senior Living will undertake a $13 million renovation project at Evans Park at Newton Corner, a seniors housing property located on the western outskirts of Boston. The assisted living and memory care community was originally built in the early 1990s. Bechtel Frank Erickson designed the project, and South Coast Improvement will serve as general contractor. All spaces will feature interior design by Boston-based Stefura Associates. Completion is slated for early 2024.

March 28, 2023

Development Seniors Housing Southeast

Watermark, ZOM Open 154-Unit Seniors Housing Community in West Palm Beach

by John Nelson March 28, 2023

WEST PALM BEACH, FLA. — Watermark Retirement Communities and ZOM Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. Spanning over 245,000 square feet, The Watermark at West Palm Beach encompasses studios, one-bedroom and two-bedroom apartments offering independent living, assisted living and memory care services. The community is directly across the street from the new Brightline train station that allows easy access to Fort Lauderdale and Miami.

March 28, 2023

California Development Restaurant Retail Western

Eureka Opens 4,504 SF Restaurant in Aliso Viejo, California

by Jeff Shaw March 28, 2023

ALISO VIEJO, CALIF. — Eureka! has opened a 4,504-square-foot restaurant at The Commons at Aliso Viejo, a retail center in Aliso Viejo. Justin McMahon of JLL represented both the landlord, Buie Communities, and Eureka! in the lease negotiations.

March 28, 2023

Development Midwest Missouri Office

Brinkmann Constructors Breaks Ground on New Headquarters for First Bank in Creve Coeur, Missouri

by Kristin Harlow March 28, 2023

CREVE COEUR, MO. — Brinkmann Constructors has broken ground on the new office headquarters for First Bank in Creve Coeur, a western suburb of St. Louis. The project consists of two office buildings totaling 169,000 square feet as well as a retail bank branch. First Bank’s original headquarters, built in 1967, was demolished in order to make space for the new headquarters. Completion is slated for spring 2024. The project team includes Lamar Johnson Collaborative, IMEG Corp., CEDC Civil Engineering Design Consultants and Cobalt Construction Consulting.

March 28, 2023

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