Development

Brasfield & Gorrie Tops Out 510-Room Omni PGA Frisco Resort

by Taylor Williams February 14, 2022

FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.

February 14, 2022

Development Industrial Loans New York Northeast

JLL Arranges $49M Acquisition Loan for Brooklyn Industrial Development Site

by Taylor Williams February 14, 2022

NEW YORK CITY — JLL has arranged a $49 million loan for the acquisition of a two-acre industrial development site in Brooklyn. The borrower, a partnership between Turnbridge Equities and Dune Real Estate Partners LP, plans to develop an 80,000-square-foot facility at the site using a portion of the proceeds from this loan. The project will also include 92,000 square feet of covered and rooftop parking space. Christopher Peck and Peter Rotchford of JLL arranged the loan through Starwood Property Trust.

February 14, 2022

Development Loans Office Washington Western

Urban Visions Receives $90M in Construction Financing for Office Development in Seattle

by Amy Works February 14, 2022

SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.

February 14, 2022

Development Indiana Midwest Mixed-Use Top Stories

New City Development Unveils Plans for $300M Mixed-Use Project in Plainfield, Indiana

by Taylor Williams February 14, 2022

PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. Phase I of the project will consist of 300 apartments with 30,000 square feet of street-level commercial space, 99 single-family homes and 500,000 square feet of logistics space. The industrial component will be known as Terminus at Hobbs Station. Phase I’s residential amenities will include a pool, fitness center, remote workspaces, a pet washing facility and various open green spaces. As part of the project, the development team is investing in local infrastructure, including a two-mile extension of the Vandalia Trail across the southern boundary of the site. The trail network will connect to a public park with pickleball courts, a playground and space for festivals and events. Additional planned infrastructure improvements include new sidewalks, landscaping, hardscaping, utilities, stormwater facilities roads and parking. Construction of Phase I is slated to begin this summer. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and …

February 14, 2022

Development Industrial New Jersey Northeast

Larken Associates Breaks Ground on 150,000 SF Industrial Project in Flemington, New Jersey

by Taylor Williams February 11, 2022

FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.

February 11, 2022

Development Multifamily New York Northeast Seniors Housing

Chelsea Senior Living Completes Expansion Project in Yaphank, New York

by Taylor Williams February 11, 2022

YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.

February 11, 2022

Development Midwest Multifamily Ohio

NorthPointe Group, PLK Communities to Build 180-Unit Apartment Complex in Delhi Township, Ohio

by Kristin Harlow February 11, 2022

DELHI TOWNSHIP, OHIO — A partnership between NorthPointe Group and PLK Communities is building Veridian Delhi Towne Square, a 180-unit apartment complex in Delhi Township, just west of Cincinnati. The project is the township’s first new, market-rate rental product in 40 years, according to the developers. PLK Construction will serve as general contractor, and PLK Communities will serve as property manager upon completion. The pet-friendly community will feature garden-style units that range in size from 600 to 1,600 square feet. The first units are slated for occupancy by summer 2023.

February 11, 2022

Development Florida Industrial North Carolina South Carolina Top Stories

Crescent Communities Breaks Ground on Three Industrial Projects Totaling 1.7 MSF

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Crescent Communities has broken ground on three industrial properties totaling 1.7 million square feet. The company plans to build eight buildings across three markets known as AXIAL Crosspoint in Greenville, S.C.; AXIAL Bonds Farm in Concord, N.C.; and AXIAL 301 Manatee in Bradenton, Fla. The firm bought the project land for an undisclosed price, and the seller of the land was not disclosed. Along with the three land transactions, Crescent Communities announced a new brand name for its industrial platform, AXIAL Industrial. The brand will first be executed through the AXIAL Bonds Farm, AXIAL Crosspoint and AXIAL 301 Manatee projects, which are all set to begin construction soon this year and are slated for completion in 2023. “With the debut of AXIAL Industrial, we will provide our clients with a one-stop platform featuring a thoughtful and diligent process for each industrial development, from land acquisition to product development for each specific location and every stage in between,” says Bryan Blythe, managing director of AXIAL Industrial at Crescent Communities’ Commercial business unit. AXIAL Bonds Farm will feature three rear-load buildings totaling 809,720 square feet. The property will also offer various-sized buildings with ample employee parking. The property …

February 11, 2022

Development Industrial Leasing Activity Southeast Virginia

Lowe’s Signs Lease for 60,000 SF Warehouse Development in Salem, Virginia

by Julia Sanders February 10, 2022

SALEM, VA. — Lowe’s Home Centers LLC has signed a lease for a 60,000-square-foot warehouse in Roanoke County’s Valley Tech Park in Salem. Roanoke, Va.-based Samet Corp. and North Carolina-based Valley Tech Partners LLC purchased the 8.5-acre site at 0 Technology Drive for the project. Construction is expected to begin in the first quarter and will be completed within a year. Boyd Johnson of Cushman & Wakefield | Thalhimer arranged the Lowe’s lease and land acquisition on behalf of the landlords.

February 10, 2022

Development Midwest Missouri Multifamily

Holland Construction Services Completes $41.2M Apartment Complex in O’Fallon, Missouri

by Kristin Harlow February 10, 2022

O’FALLON, MO. — Holland Construction Services has completed The Jewel Apartments, a $41.2 million apartment complex in O’Fallon, a western suburb of St. Louis. Tennessee-based Vita Residential was the developer. Located at 9200 Veterans Memorial Parkway, the 240-unit property consists of 10 buildings. Amenities include a clubhouse, pool, family room, fitness area and dog park. The property is currently 95 percent occupied. Vita is now finalizing development plans with Holland on a similar 240-unit project called The Jewel at Whispering Oaks in Swansea, Ill. Construction is expected to begin in May.

February 10, 2022

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