TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.
NASHVILLE, TENN. — GBT Realty Corp. has delivered Parke West, a 15-story mixed-use project located in the West End neighborhood of Nashville. Parke West features 210 residential units, 11,000 square feet of retail space and a nine-story Hilton hotel. Occupancy in the residential tower, which began leasing this summer, is approaching 15 percent. The tower features apartments in studio, one- and two-bedroom layouts. Community amenities include a dog run and washing station, coffee bar, fitness center, game room, club room and a rooftop pool. Monthly rents begin at $1,865. Current retail leases on the ground floor include Stride Fitness and Complexion, an aesthetics and skincare boutique. Both concepts will open in spring 2023 and occupy 2,611 square feet and 3,030 square feet, respectively. Opened in October of this year, the hotel is dual-branded, with 103 Hilton Garden Inn keys and 69 Home2Suites by Hilton keys. Shared amenities comprise a lobby bar and restaurant, rooftop pool deck and 4,000 square feet of flexible meeting space.
SPARTANBURG, S.C. — Hughes Commercial Property is underway on its I-26 Logistics Center, a 226,800-square-foot industrial facility located in Spartanburg. Scheduled for completion in the second quarter of 2023, the facility will feature 32-foot clear heights, 60 dock doors, two drive-in doors, 53 trailer parking spaces and 225 car parking spaces. Other industrial and distribution companies located in the park include Walmart Return Center, Master Gardener and Yusen Logistics. Harper General Contractors is coordinating construction, and Lee & Associates will manage leasing at the property.
ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.
HOUSTON — Texas-based grocer H-E-B will open a 100,000-square-foot store within Bridgeland Central, a 925-acre mixed-use development by Howard Hughes Corp. (NYSE: HHC) in northwest Houston. The store will be situated on a 23-acre tract that will also house a 49,000-square-foot office building. This piece of the larger development will be branded Village Green at Bridgeland Central. Tal McIver of McIver Properties represented H-E-B in the lease negotiations. Eric Walker of Capital Retail Partners represented Howard Hughes Corp. The grocery store and office building are both scheduled to come on line in 2024.
EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on The Maxwell, a 384-unit multifamily project in Everett, a northeastern suburb of Boston, that represents the second phase of a larger development at 85 Boston St. The Maxwell will consist of 355 market-rate apartments, 29 affordable housing units, a 460-space parking garage and 5,300 square feet of ground-floor retail space. Floor plans will feature studio, one- and two-bedroom layouts. Amenities will include a pool, gym, lounges, coworking spaces and outdoor grilling stations. Completion is slated for May 2025. Phase I of 85 Boston Street, The Mason, totals 330 units and is scheduled to open next year.
BOSTON — The Wentworth Institute of Technology, a private educational institution located in Boston, has received a $50 million, tax-exempt bond from MassDevelopment for the construction of a new athletic facility. The facility, which will be publicly accessible and will host events for youth sports, will feature a playing field that will be constructed atop a 50,000-square-foot parking structure with 330 spaces. A construction timeline was not disclosed. TD Bank subsequently purchased the bond.
MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.
AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.
AUSTIN, TEXAS — A partnership between three developers, San Antonio-based Kairoi Residential, Dallas-based Lincoln Property Co. and San Francisco-based DivcoWest, has completed vertical construction of Sixth & Guadalupe, a 66-story mixed-use tower in downtown Austin. Rising 865 feet and spanning 2.2 million square feet, Sixth & Guadalupe comprises 32 levels of multifamily units, 19 floors of Class A office space, 14 levels of parking and 10,000 square feet of ground-floor retail space. The residential component comprises 349 units in studio, one-, two- and three-bedroom formats, as well as 24 penthouses, and the office component totals roughly 589,000 square feet. Gensler designed the building, and J.E. Dunn Construction is serving as the general contractor. Construction began in late 2019 and is expected to be fully complete in late summer 2023.