DALLAS — A partnership between two multifamily developers, Chicago-based Equity Residential (NYSE: EQR) and metro Philadelphia-based Toll Brothers (NYSE: TOL) will develop three multifamily projects totaling 1,053 units in the Dallas-Fort Worth metroplex. The Settler will be a 362-unit community in Fort Worth’s River District; Remy, located within Frisco Town Square, will total 357 units; and Lyle will comprise 334 apartments that will be constructed on the north side of Dallas. Each community will feature its own parking garage and Class A amenity package. U.S. Bank is the construction lender on The Settler, and Santander Bank provided construction financing for Remy and Lyle. Construction timelines were not disclosed.
RICHARDSON, TEXAS — General contractor Cadence McShane has broken ground on Lake Highlands Middle School, a 231,000-square-foot campus in metro Dallas that will be part of the Richardson Independent School District. The campus will comprise three buildings with traditional classrooms and administrative spaces, as well as a cafeteria, two competition gyms, a weight room, track and practice field and tennis courts. Perkins + Will is designing the school, which should be able to support about 1,500 students. Completion is slated for fall 2024.
CHARLOTTE, N.C. — Portman has unveiled plans for 2161 Hawkins, a transit-oriented, mixed-use development in Charlotte’s South End. In addition to 370 apartments, the 24-story property will feature 18,700 square feet of ground-floor retail space and a plaza and greenspace that will connect 2161 Hawkins to The Line, Portman’s Class A office tower that opened earlier this year. The two towers will also be connected via a fourth-floor sky bridge. The Atlanta-based company will break ground on the 1.5-acre site for 2161 Hawkins in October, with delivery slated for third-quarter 2024. Planned community amenities include concierge service, a rooftop pool, coworking spaces, game room, climbing wall and indoor/outdoor fitness centers. Committed tenants for 2161 Hawkins’ retail space include the popular Sycamore Brewery, local restaurateur Dressler’s new concept Chapter 6, neighborhood market Savi Provisions and fitness concept GritBox Fitness. Foundry Commercial is handling leasing the retail component for 2161 Hawkins.
BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …
DALLAS — Locally based hospitality developer Sam Moon Group is underway on construction of a 267-room hotel in the Dallas Arts District that will operate under the JW Marriott brand. The 23-story hotel will be located at 800 N. Harwood St. and will house three food-and-beverage concepts, as well as a cocktail lounge, meeting and conference areas, a fitness center and a ballroom. Guests will also have access to a sky lobby on the 11th floor. HKS Inc. served as the project architect, with DPR Construction as the general contractor. Completion is slated for next spring. The hotel will be the first in Dallas to operate under the JW Marriott brand.
CONROE, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold Watermark at Grand Central Park, a 288-unit apartment community in Conroe, about 40 miles north of Houston. Built in 2021, the garden-style property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, clubhouse, lounge, coffee bar and walking trails. Jennifer Ray of Walker & Dunlop represented Thompson Thrift in the transaction. San Diego-based CEG Multifamily purchased the community for an undisclosed amount
HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has broken ground on Urban District 290, a 238,200-square-foot industrial project in Houston. The site is located near the corner of State Highway 290 and Bingle Road on the city’s northwest side. The development will consist of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space, ample car parking and ESFR sprinkler systems. Completion is slated for the second quarter of 2023. CBRE has been tapped as the leasing agent.
ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …
AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and Kairoi Residential has broken ground on Waterline, a 74-story mixed-use tower in downtown Austin. The site is located near the nexus of Waller Creek and Lady Bird Lake. Plans for the 1,022-foot building currently call for 352 luxury apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. Kohn Pedersen Fox (KPF) is the architect for Waterline. Canadian pension fund PSP Investments is also an equity partner on the project. Eastdil Secured arranged an undisclosed amount of construction financing for the development through Blackstone Mortgage Trust. Completion is slated for late 2026. The partnership is also developing Sixth & Guadalupe, a 66-story tower in downtown Austin that is scheduled to open next year.
NEW YORK CITY — Locally based developer and private equity firm Delshah Capital has completed 22 Chapel Street, a 180-unit multifamily project in downtown Brooklyn. The transit-served property consists of 125 market-rate apartments and 55 affordable housing units in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a social lounge, library and coworking space, children’s play area and a communal kitchen. The affordable housing component will be restricted to households earning up to 130 percent of the area median income. CetraRuddy Architecture designed the project, while OTL and Titanium Construction provided general contracting and construction management services.