COLUMBUS, OHIO — United Way of Central Ohio has selected the AspireCOLUMBUS proposal from the Columbus Metropolitan Housing Authority (CMHA) and national nonprofit The Community Builders (TCB) for the redevelopment of its headquarters building at 360 S. Third St. The CMHA-TCB proposal is a $70 million project slated for completion in late 2025 or early 2026. Plans call for a 12-story building with 30,000 square feet of commercial space and 135 mixed-income units. Moody Nolan will lead the design. The CMHA-TCB partnership has a purchase sale agreement of $4 million to take ownership of the building. Battelle Memorial Institute Foundation donated the one-acre site to United Way of Central Ohio in 1978 for use as its headquarters. When the nonprofit decided to sell the property, it enlisted the help of a real estate task force consisting of United Way employees, board members, community volunteers and outside advisors. Funding for the redevelopment project will come from New Markets Tax Credit equity, traditional debt, CMHA funding, Low-Income Housing Tax Credit equity and potential gap funding from state and local partners.
COLUMBUS, OHIO — Lucky’s Market will join the tenant lineup at Thurber Village, a shopping center in Columbus undergoing redevelopment to include both retail and residential space. Lucky’s, a family-owned independent grocery store, will offer a mix of natural foods, fruits and vegetables. CASTO has owned Thurber Village since 2005. Redevelopment plans call for a 13,000-square-foot CVS store, a 21,000-square-foot Lucky’s store and 225 apartment units. The new CVS store will replace an existing CVS location. Construction is expected to begin this fall.
TROY, ILL. — Contegra Construction is building a 35,000-square-foot fabrication facility for Nu Way Cos. in Troy, about 20 miles northeast of St. Louis. Nu Way, a construction material and equipment supplier, says it is expanding due to the robust demand for reinforcing steel, which is widely known as rebar. Nu Way FAB, a newly formed division, will occupy the new facility, which will feature three overhead cranes and 4,000 square feet of office space. The new facility will more than quadruple Nu Way’s rebar production tonnage. Completion is slated for spring 2023. Joining Contegra on the project are J.F. Electric, Vee-Jay Cement Contracting, Illinois Electric Works and Affton Fabricating and Welding Co.
SEATTLE — Ryan Cos., as builder, and Aegis Living, as developer, unveils plans to develop a five-story assisted living and memory care community on Market Street in Seattle’s Ballard neighborhood. The team broke ground on the project in March, with opening slated for early 2024. Totaling 75,000 square feet, the community will feature 92 residential apartments, dining facilities, a movie theater, activity rooms, a wellness suite and community rooftop space. The property will also include business offices and one level of underground parking. DAHLIN is serving as architect for the project, which will be Aegis’ second senior living community in northwest Seattle. Ryan has built more than 60 senior living communities in 17 states across the country.
BRIDGEPORT, CONN. — Flaherty & Collins Properties (F&C), in partnership with RCI Group and the City of Bridgeport, has unveiled plans for a $200 million waterfront apartment community at Steelepointe Harbor, a mixed-use development along Long Island Sound. Plans call for 420 units and 10,000 square feet of retail space. Amenities will include a pool, outdoor kitchens, gathering spaces, secure parking and a dedicated dog park and pet spa. A water taxi will provide residents with service to nearby beach areas. A fitness center will offer fitness classes, a spin studio, sauna and jacuzzi. Residents will also have access to a pickleball court. Bridgeport is located 50 miles northwest of New York City. Steelepointe Harbor is accessible along the I-95 corridor and a short walk to the Bridgeport Transportation Center, which features access to the train station and the Bridgeport & Port Jefferson Ferry to Long Island. The Hartford Healthcare Amphitheatre live event venue, which opened in 2021, is less than a mile away. Previous development phases of Steelepointe Harbor included a Bass Pro Shops, Chipotle and Starbucks in late 2015, followed by the addition of Bridgeport Harbor Marina. The 220-slip marina is approaching full occupancy in its third year. …
By Rob Welker, president and partner, Hoefer Welker; and Steven Janeway, principal and commercial practice leader, Hoefer Welker As one of the biggest states, Texas regularly sees some of the largest demand in real estate development in the country. In recent years, North Texas specifically has experienced a rapid short-term increase in population, leading to a significant development boom and driving up urban and workforce construction volume, rental rates and sale values. Mixed-use developments have led the charge in commercial growth throughout the Dallas-Fort Worth (DFW) metroplex. Higher overall interest in a live-work-play lifestyle has contributed to the development of a larger number of spaces that provide corporate, retail and residential capabilities. Gone are the days when corporate campuses and multifamily complexes were predominantly in the suburbs; tenants and employers have increasingly searched for living experiences in urban environments where they can combine the three biggest facets of their lives within a single destination. This provides the convenience that tenants crave and the access to concentrated populations that retailers and office users need to be successful. The Coastal Exodus As personal and business income tax rates, regulatory hurdles and costs of living abound in coastal markets, corporations have begun relocating …
DENTON, TEXAS — Resia, a Miami-based developer formerly known as AHS Residential, has received an undisclosed amount of construction financing for a 322-unit multifamily project in the North Texas city of Denton. The unnamed project will consist of two seven-story buildings with one-, two- and three-bedroom units, as well as a pool, fitness center, clubhouse and a business center. Construction is expected to be complete in the second quarter of 2023. Regions Bank provided the financing.
HOUSTON — Locally based development and management firm Moody Rambin has broken ground on Town Centre Two, a 167,141-square-foot office building in Houston. Moody Rambin is developing the project, which is part of a two-building initiative that will be situated within the 41-acre Town and Country Village development on the city’s west side, in partnership with American National Insurance Co. Kirksey Architecture designed the eight-story building, with DBR Engineering and Hoar Construction respectively serving as the civil engineer and general contractor. Frost Bank provided construction financing. Completion is slated for the third quarter of 2023.
GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.
LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.