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Development

Colbri-Commons-East-Palo-Alto-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

MidPen, EPACANDO Open 136-Unit Affordable Housing Community in East Palo Alto, California

by Amy Works

EAST PALO ALTO, CALIF. — MidPen Housing and the East Palo Alto Community Alliance Neighborhood Organization (EPACANDO) have opened Colibri Commons, a 136-unit affordable housing community at 965 Weeks St. in East Palo Alto. The property’s 136 studio, one-, two-, three- and four-bedroom units are reserved for tenants earning no more than 60 percent of the area median income. Community amenities include a community room, an outdoor play area and free onsite services such as nutrition classes, adult education and after-school programming. MidPen Property Management is the property manager. Financing for Colibri Commons was provided through multiple public and private sources. The project team included David Baker Architects and Blach Construction.

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Data CentersDevelopmentIndustrialLoansMidwestMissouri

Google Unveils $15B Infrastructure Investment in New Florence, Missouri

by Kristin Harlow

NEW FLORENCE, MO. — Google has unveiled plans to invest $15 billion in building infrastructure in New Florence, about 75 miles west of St. Louis. The data center project will create thousands of construction jobs over the build period and hundreds of direct operational roles once the facility is up and running. Google is collaborating with the Construction Laborers and Contractors Joint Training Fund of Eastern Missouri to support the Laborers and Contractors Training Center. The project will enable the center to train more than 2,300 construction laborers, including 1,500 apprentices, over the next two years. In accordance with Missouri’s consumer protections in Senate Bill 4, which Gov. Kehoe signed into law in 2025, Google will continue to pay for 100 percent of the power the data center uses and any new infrastructure costs that are directly driven by its operations. To date, Google has contracted to bring more than one gigawatt of new generation capacity to Missouri, and through its partnership with Ameren, the company is supporting the development of more than 500 megawatts of additional capacity. To further address energy affordability, Google has also announced a $20 million Energy Impact Fund to support programs that drive down monthly …

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Affordable HousingDevelopmentIndianaLoansMidwestMultifamily

Merchants Capital Provides $99M in Debt, Tax Credit Equity for Indiana Workforce Housing Community

by Kristin Harlow

FORT WAYNE, IND. — Merchants Capital has provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit workforce housing community now leasing in Fort Wayne. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that opened last month. Merchants Capital secured a $34.4 million Freddie Mac non-LIHTC forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. The Elex offers one-, two- and three-bedroom units, with 207 units rented at market rate and 89 affordable units set aside for residents earning between 30 and 80 percent of the area median income. Affordability is supported via LIHTC equity syndicated by Merchants Capital, state tax credits and tax-increment financing bonds. Named in tribute to The Elex Club, a pioneering women’s organization formed by General Electric’s female employees, The Elex represents Phase II of The Electric Works redevelopment, which is comprised of 18 historical buildings, office space, education and innovation space, retail, residential, hotel and entertainment venues developed across …

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DevelopmentIndianaIndustrialMidwest

Ambrose Breaks Ground on Two-Building Spec Industrial Park in Metro Indianapolis

by Kristin Harlow

GREENWOOD, IND. — Ambrose has broken ground on Indianapolis Logistics Park – South, a 16-acre, two-building industrial park in Greenwood, a suburb directly south of Indianapolis. Building I will offer approximately 105,000 square feet, including a 2,900-square-foot office area. Building II will feature roughly 150,000 square feet, including a 3,200-square-foot office area. Both buildings are being develop on a speculative basis with a clear height of 32 feet. Substantial completion is slated for year-end 2026. The project team includes Compass Commercial Construction, Curran Architecture and Kimley-Horn. JLL is handling leasing and marketing. Pinnacle Bank provided a construction loan.

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Castle-Hotel-Framingham
DevelopmentHospitalityMassachusettsNortheast

Partnership Completes Renovation of 371-Room Hotel in Framingham, Massachusetts

by Taylor Williams

FRAMINGHAM, MASS. — A partnership between two regional hospitality firms, Colwen Hotels and XSS Hotels, has completed the renovation of a 371-room hotel in Framingham, a western suburb of Boston. Originally opened in 1975 as the Sheraton Tara Hotel and known locally as the “Castle Hotel”, the property now houses three Marriott-branded, integrated hospitality operations under the following brands: Renaissance Framingham Hotel & Conference Center, Fairfield Inn & Suites Framingham and TownePlace Suites Framingham. The renovation featured refreshed public areas, technology-forward meeting spaces and three reinvented food-and-beverage concepts, as well as updated furnishings and bathrooms in all rooms and suites.

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XSpace-Group-Houston
DevelopmentIndustrialLoansTexas

IPA Arranges $29M in Construction Financing for Northwest Houston Industrial Project

by Taylor Williams

THE WOODLANDS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $29 million in construction financing for an industrial project in northwest Houston. The square footage was not disclosed, but the development will have 84 condo-style units. Known as Lifestyle Industrial, the project is designed to incorporate elements of office, retail and entertainment. Adam Mengacci, Travis Headapohl and Matt Polci of IPA arranged the loan on behalf of the developer, X Space Group. The direct lender was also not disclosed.

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Newton-Crossing
DevelopmentMassachusettsMultifamilyNortheast

Garden Communities Nears Completion of 292-Unit Multifamily Project in Metro Boston

by Taylor Williams

NEWTON, MASS. — Garden Communities, a New Jersey-based owner-operator, is nearing completion of Newton Crossing, a 292-unit multifamily project that will be located on the western outskirts of Boston. Newton Crossing will comprise three buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a game room with billiards, conference rooms, flex lounge areas, a fitness center, golf simulator and a rooftop terrace. Marketing and leasing initiatives are now underway, although information on starting rents was not immediately available.

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AcquisitionsDevelopmentHospitalityIndianaMidwest

Keystone Group Buys 378-Room Sheraton Indianapolis City Centre, Plans to Transform into Renaissance Hotel

by Kristin Harlow

INDIANAPOLIS — Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel located at 31 W. Ohio St. in the heart of downtown Indianapolis. The company plans to transform the property into a Renaissance hotel, Keystone’s first hotel under Marriott International’s Renaissance Hotel’s lifestyle brand. Keystone plans to introduce a multi-phase series of enhancements to the property, including reimagining the rooftop bar and pool concept, major improvements to the 537-space public parking garage, luxury upgrades throughout all interior and exterior spaces, a signature ground-floor restaurant and new lobby coffee shop, a pedestrian skywalk connection with 120 Monument Circle, a comprehensive façade restoration, upgraded ballroom and event spaces and a reinvented arrival and lobby space. Construction is anticipated to span approximately two years. The hotel will remain fully operational throughout the transformation.

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DevelopmentIllinoisIndustrialMidwest

TCC Breaks Ground on 788,320 SF Spec Warehouse in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on Building 2 of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. The 788,320-square-foot spec warehouse is slated for completion by the third quarter of 2027. Matt Mulvihill and Phil DeBoer of CBRE are marketing the building for sale or lease. Building 2 will feature a clear height of 40 feet, 80 dock doors and 211 trailer parking stalls. The site offers proximity to both I-55 and I-80. At full build-out, Plainfield Business Center will encompass more than 8 million square feet of industrial space across 600 acres. Building 1, which also measures 788,320 square feet, was delivered earlier this year and is fully leased to RJW Logistics Group. Harris Architects and Kimley-Horn and Associates designed Plainfield Business Center, while FCL Builders is the general contractor.

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DevelopmentFloridaMultifamilySoutheast

Related Breaks Ground on $200M Multifamily Project Along St. Johns River in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Related Group has broken ground on Southbank Residences, a $200 million multifamily project located along the St. Johns River in Jacksonville. The project represents the first new luxury high-rise development on the city’s downtown riverfront in more than a decade, according to the developer. The property will feature 395 luxury apartments across two towers — the 25-story Icon Southbank and the eight-story Manor Southbank — as well as a 4,500-square-foot waterfront restaurant, 601 structured parking spaces and a 29-slip marina. Monthly rents will begin at $2,000 for a studio apartment and more than $7,000 for a three-bedroom apartment. Amenities will include a spa and wellness center with cold plunge, steam and dry sauna, massage treatment rooms and relaxation spaces; 24-hour market; speakeasy; library; private theater; game and entertainment lounge with sports simulators; a resort-style waterfront pool and spa overlooking the St. Johns River with a pool pavilion with grilling stations and a summer kitchen; Zen garden; yoga lawn; and direct access to the 1.25-mile Southbank Riverwalk. The design-build team includes Carlos Ott, MSA Architects and ID & Design International. Related Group expects to deliver Southbank Residences in 2028 or 2029.

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